Influence of an Intermediate Option on the Description-Experience Gap and Information Search
| Autor: | Varun Dutt, Neha Sharma, Shoubhik Debnath |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2018 |
| Předmět: |
05 social sciences
lcsh:BF1-990 Natural Mean Heuristic investment rare outcomes 050105 experimental psychology intermediate option Microeconomics 03 medical and health sciences common outcomes 0302 clinical medicine experience lcsh:Psychology Phenomenon Psychology description 0501 psychology and cognitive sciences Description-experience gap 030217 neurology & neurosurgery General Psychology Original Research |
| Zdroj: | Frontiers in Psychology, Vol 9 (2018) Frontiers in Psychology |
| ISSN: | 1664-1078 |
| DOI: | 10.3389/fpsyg.2018.00364/full |
| Popis: | Research shows that people tend to overweight small probabilities in description and underweight them in experience, thereby leading to a different pattern of choices between description and experience; a phenomenon known as the Description-Experience (DE) gap. However, little is known on how the addition of an intermediate option and contextual framing influences the DE gap and people's search strategies. This paper tests the effects of an intermediate option and contextual framing on the DE gap and people's search strategies, where problems require search for information before a consequential choice. In the first experiment, 120 participants made choice decisions across investment problems that differed in the absence or presence of an intermediate option. Results showed that adding an intermediate option did not reduce the DE gap on the maximizing option across a majority of problems. There were a large majority of choices for the intermediate option. Furthermore, there was an increase in switching between options due to the presence of the intermediate option. In the second experiment, 160 participants made choice decisions in problems like those presented in experiment 1; however, problems lacked the investment framing. Results replicated findings from the first experiment and showed a similar DE gap on the maximizing option in a majority of problems in both the absence and presence of the intermediate option. Again, there were a large majority of choices for the intermediate option. Also, there was an increase in switching between options due to the presence of the intermediate option. Meta-analyses revealed that the absence or presence of the intermediate option created certain differences in the strength of frequency and recency processes. Also, a single natural-mean heuristic model was able to account for the experimental results across both experiments. We discuss implications of our findings to consequential decisions made after information search. |
| Databáze: | OpenAIRE |
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