Modeling choice and search in decisions from experience: A sequential sampling approach

Douglas Markant, Timothy J. Pleskac, Adele Diederich, Thorsten Pachur, Ralph Hertwig

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

12 Scopus citations

Abstract

In decisions from experience (DFE), people sample from two or more lotteries prior to making a consequential choice. Although existing models can account for how sampled experiences relate to choice, they don't explain decisions about how to search (in particular, when to stop sampling information). We propose that both choice and search behavior in this context can be understood as a sequential sampling process whereby decision makers sequentially accumulate outcome information from each option to form a preference for one alternative over the other. We formalize this process in a new model, Choice from Accumulated Samples of Experience (CHASE). The model provides a good account of choice behavior and goes beyond existing models by explaining variations in sample size under different task conditions. This approach offers a process-level framework for understanding how interactions between the choice environment and properties of the decision maker give rise to decisions from experience.

Original languageEnglish
Title of host publicationProceedings of the 37th Annual Meeting of the Cognitive Science Society, CogSci 2015
EditorsDavid C. Noelle, Rick Dale, Anne Warlaumont, Jeff Yoshimi, Teenie Matlock, Carolyn D. Jennings, Paul P. Maglio
PublisherThe Cognitive Science Society
Pages1512-1517
Number of pages6
ISBN (Electronic)9780991196722
StatePublished - 2015
Externally publishedYes
Event37th Annual Meeting of the Cognitive Science Society: Mind, Technology, and Society, CogSci 2015 - Pasadena, United States
Duration: 23 Jul 201525 Jul 2015

Publication series

NameProceedings of the 37th Annual Meeting of the Cognitive Science Society, CogSci 2015

Conference

Conference37th Annual Meeting of the Cognitive Science Society: Mind, Technology, and Society, CogSci 2015
Country/TerritoryUnited States
CityPasadena
Period23/07/1525/07/15

Keywords

  • decision field theory
  • decisions from experience
  • sequential sampling

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