Payoff effects in sequential decision-making.

1 January 1968

journal article
Published by American Psychological Association (APA) in Journal of Experimental Psychology

Vol. 77 (2) , 249-257
https://doi.org/10.1037/h0025802

Abstract

THE HYPOTHESIS THAT SS ATTRIBUTE A UTILITY TO BEING CORRECT IS COMPARED WITH THE HYPOTHESIS THAT THEY MAINTAIN A CONSTANT CRITICAL ODDS REGARDLESS OF THE DEGREE OF BIAS IN THE PAYOFFS. 3 GROUPS OF 10 SS EACH MADE DECISIONS UNDER SYMMETRICAL PAYOFFS AND UNDER PAYOFFS WITH 2DEGREES OF BIAS. 2 GROUPS USED A NONSEQUENTIAL PROCEDURE, MAKING DECISIONS ONLY AFTER THE PRESENTATION OF ALL ITEMS OF INFORMATION. THE 3RD GROUP REVISED DECISIONS AFTER EACH ITEM OF INFORMATION. THE UTILITY HYPOTHESIS RECEIVED MILD SUPPORT; THE CONSTANT CRITICAL-ODDS HYPOTHESIS WAS REJECTED. 2 STRONG SEQUENTIAL EFFECTS WERE OBSERVED THAT ACCOUNTED FOR 81% OF NONOPTIMAL RESPONSES UNDER UNBIASED PAYOFFS FOR THE 3RD GROUP. (PsycINFO Database Record (c) 2006 APA, all rights reserved)

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