Maximizing Scales Do Not Reliably Predict Maximizing Behavior in Decisions from Experience. (15th December 2017)

• Record Type: Journal Article
• Authors: Harman, Jason L.; Weinhardt, Justin M.; Gonzalez, Cleotilde
• Is Part Of: Journal of behavioral decision making. Volume 31:Number 3(2018)
• Page Start: 402
• Page End: 414
• Publication Date: 2017-12-15
• Subjects: maximizing -- decisions from experience -- individual differences -- decision‐making style; 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.2070
• Languages: English
• ISSNs: 0894-3257

Abstract

Abstract: In this paper, we explore the relationships between psychometric and behavioral measures of maximization in decisions from experience (DfE). In two experiments, we measured choice behavior in two experimental paradigms of DfE and self‐reported maximizing tendencies using three prominent scales of maximization. In the repeated consequentialist choice paradigm, participants made repeated choices between two unlabeled options and received consequential feedback on each trial. In the sampling paradigm, participants freely sampled from two options and received feedback on their sampling before making a single consequential choice. Individuals exhibited different degrees of maximizing behavior in both paradigms and across different payoff distributions, but none of the maximizing scales predicted this behavior. These results indicate that maximization scales address constructs that are different from the maximization behavior observed in DfE, and that these measures will need to be improved to reflect behavioral aspects of choice and search from experience. Copyright © 2017 John Wiley & Sons, Ltd.