Risky choice: An examination of information acquisition behavior

Journal Article

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. © 1978 Psychonomic Society, Inc.

Full Text

Duke Authors

Cited Authors

  • Payne, JW; Braunstein, ML

Published Date

  • 1978

Published In

Volume / Issue

  • 6 / 5

Start / End Page

  • 554 - 561

PubMed ID

  • 24203389

International Standard Serial Number (ISSN)

  • 0090-502X

Digital Object Identifier (DOI)

  • 10.3758/BF03198244