Verbalization of Decision Strategies in Multiple‐Cue Probabilistic Inference. (17th April 2015)

• Record Type: Journal Article
• Authors: Walsh, Matthew M.; Gluck, Kevin A.
• Is Part Of: Journal of behavioral decision making. Volume 29:Number 1(2016:Jan.)
• Page Start: 78
• Page End: 91
• Publication Date: 2015-04-17
• Subjects: multiple‐cue probabilistic inference -- verbal protocols -- process measures -- take‐the‐best -- tally -- weighted additive; Decision making -- Periodicals; Managerial economics -- Periodicals; Behavior -- Periodicals; Decision Making -- Periodicals; Prise de décision -- Périodiques; Économie d'entreprise -- Périodiques; 153.83
• DOI: 10.1002/bdm.1878
• Languages: English
• ISSNs: 0894-3257

Abstract

Abstract: In multiple‐cue probabilistic inference, people choose between alternatives based on several cues, each of which is differentially associated with an alternative's overall value. Various strategies have been proposed for probabilistic inference (e.g., weighted additive, tally, and take‐the‐best). These strategies differ in how many cue values they require to enact and in how they weight each cue. Do decision makers actually use any of these strategies? Ways to investigate this question include analyzing people's choices and the cues that they reveal. However, different strategies often predict the same decisions, and search behavior says nothing about whether or how people use the information that they acquire. In this research, we attempt to elucidate which strategies participants use in a multiple‐cue probabilistic inference task by examining verbal protocols, a high‐density source of process data. The promise of verbal data is in their utility for testing detailed information processing models. To that end, we apply protocol analysis in conjunction with computational simulations. We find converging evidence across outcome measures, search measures, and verbal reports that most participants use simplifying heuristics, namely take‐the‐best. Copyright © 2015 John Wiley & Sons, Ltd.