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Adaptive Strategy Selection in Decision Making

Publication ,  Journal Article
Payne, JW; Bettman, JR; Johnson, EJ
Published in: Journal of Experimental Psychology: Learning, Memory, and Cognition
January 1, 1988

The role of effort and accuracy in the adaptive use of decision processes is examined. A computer simulation using the concept of elementary information processes identified heuristic choice strategies that approximate the accuracy of normative procedures while saving substantial effort. However, no single heuristic did well across all task and context conditions. Of particular interest was the finding that under time constraints, several heuristics were more accurate than a truncated normative procedure. Using a process-tracing technique that monitors information acquisition behaviors, two experiments tested how closely the efficient processing patterns for a given decision problem identified by the simulation correspond to the actual processing behavior exhibited by subjects. People appear highly adaptive in responding to changes in the structure of the available alternatives and to the presence of time pressure. In general, actual behavior corresponded to the general patterns of efficient processing identified by the simulation. Finally, learning of effort and accuracy trade-offs are discussed.

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Published In

Journal of Experimental Psychology: Learning, Memory, and Cognition

DOI

ISSN

0278-7393

Publication Date

January 1, 1988

Volume

14

Issue

3

Start / End Page

534 / 552

Related Subject Headings

  • Experimental Psychology
  • 5204 Cognitive and computational psychology
  • 1702 Cognitive Sciences
  • 1701 Psychology
 

Citation

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Payne, J. W., Bettman, J. R., & Johnson, E. J. (1988). Adaptive Strategy Selection in Decision Making. Journal of Experimental Psychology: Learning, Memory, and Cognition, 14(3), 534–552. https://doi.org/10.1037/0278-7393.14.3.534
Payne, J. W., J. R. Bettman, and E. J. Johnson. “Adaptive Strategy Selection in Decision Making.” Journal of Experimental Psychology: Learning, Memory, and Cognition 14, no. 3 (January 1, 1988): 534–52. https://doi.org/10.1037/0278-7393.14.3.534.
Payne JW, Bettman JR, Johnson EJ. Adaptive Strategy Selection in Decision Making. Journal of Experimental Psychology: Learning, Memory, and Cognition. 1988 Jan 1;14(3):534–52.
Payne, J. W., et al. “Adaptive Strategy Selection in Decision Making.” Journal of Experimental Psychology: Learning, Memory, and Cognition, vol. 14, no. 3, Jan. 1988, pp. 534–52. Scopus, doi:10.1037/0278-7393.14.3.534.
Payne JW, Bettman JR, Johnson EJ. Adaptive Strategy Selection in Decision Making. Journal of Experimental Psychology: Learning, Memory, and Cognition. 1988 Jan 1;14(3):534–552.

Published In

Journal of Experimental Psychology: Learning, Memory, and Cognition

DOI

ISSN

0278-7393

Publication Date

January 1, 1988

Volume

14

Issue

3

Start / End Page

534 / 552

Related Subject Headings

  • Experimental Psychology
  • 5204 Cognitive and computational psychology
  • 1702 Cognitive Sciences
  • 1701 Psychology