Publications [#275544] of John W. Payne

Journal Articles

1. Payne, JW; Braunstein, ML (1978). Risky choice: An examination of information acquisition behavior.. Memory & Cognition, 6(5), 554-561. [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.