| Publications [#275544] of John W. Payne
Papers Published
- Payne, JW; Braunstein, ML, Risky choice: An examination of information acquisition behavior.,
Memory & Cognition, vol. 6 no. 5
(September, 1978),
pp. 554-561, ISSN 0090-502X [doi]
(last updated on 2023/06/01)
Abstract: The monitoring of information acquisition behavior, along with other process tracing measures such as response times, was used to examine how individuals process information about gambles into a decision. Subjects indicated preferences among specially constructed three-outcome gambles. The number of alternatives available was varied across the sets of gambles. A majority of the subjects processed information about the gambles in ways inconsistent with compensatory models of risky decision making, such as information integration (Anderson & Shanteau, 1970). Furthermore, the inconsistency between observed information acquisition behavior and such compensatory rules increased as the choice task became more complex. Alternative explanations of risky choice behavior are considered.
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