Journal Article

It has been hypothesized that strategy selection is, in part, a function of (1) the ability of a strategy to produce an accurate response and (2) the strategy's demand for mental resources or effort. The authors examine effort and accuracy and their role in strategy selection. Several strategies that may be used to make choices under risk are simulated using a production system framework. This framework allows the estimation of the effort required to use the strategy in a choice environment, while simultaneously measuring its accuracy relative to a normative model. A series of Monte-Carlo studies varied several aspects of the choice environments, including the complexity of the task and the presence or absence of dominated alternatives. These simulations identify strategies which approximate the accuracy of normative procedures while requiring substantially less effort.

Full Text

Duke Authors

Cited Authors

  • Johnson, EJ; Payne, JW

Published Date

  • January 1, 1985

Published In

Volume / Issue

  • 31 / 4

Start / End Page

  • 395 - 414

International Standard Serial Number (ISSN)

  • 0025-1909

Digital Object Identifier (DOI)

  • 10.1287/mnsc.31.4.395

Citation Source

  • Scopus