Choice under strict uncertainty: processes and preferences
Article Abstract:
The format of a task's outcome distribution and the presence or absence of time constraints for its completion governs the selection and use of choice heuristics in choice under strict uncertainty. With time constraints, decisionmakers use a loss minimization heuristic when exposed to the range format presentation of outcomes but focus on the midpoint outcome in the midpoint format. With no time constraints, compensatory tradeoffs on the displayed information are used under the range format presentation of outcomes, whereas a loss minimization heuristic is used in the midpoint format.
Publication Name: Organizational Behavior & Human Decision Processes
Subject: Psychology and mental health
ISSN: 0749-5978
Year: 1996
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Hindsight bias and inferences in choice: the mediating effect of cognitive effort
Article Abstract:
Two experiments can be used to assess whether hindsight bias has an influence on inferences about missing attribute data made when a choice is available. It can also be determined whether a rise in cognitive effort reduces the impact of hindsight bias. Results indicate that the information-processing characteristics of decision behaviour determine how well people remember the certainty of a prior inference about a missing attribute rating. It can be concluded that hindsight bias has less of an impact when more effort is put into the decision-making process.
Publication Name: Organizational Behavior & Human Decision Processes
Subject: Psychology and mental health
ISSN: 0749-5978
Year: 1993
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