Less-is-more effects without the recognition heuristic

Journal Title: Judgment and Decision Making - Year 2010, Vol 5, Issue 4

Abstract

Inferences consistent with “recognition-based” decision-making may be drawn for various reasons other than recognition alone. We demonstrate that, for 2-alternative forced-choice decision tasks, less-is-more effects (reduced performance with additional learning) are not restricted to recognition-based inference but can also be seen in circumstances where inference is knowledge-based but item knowledge is limited. One reason why such effects may not be observed more widely is the dependence of the effect on specific values for the validity of recognition and knowledge cues. We show that both recognition and knowledge validity may vary as a function of the number of items recognized. The implications of these findings for the special nature of recognition information, and for the investigation of recognition-based inference, are discussed.

Authors and Affiliations

C. Philip Beaman, Philip T. Smith, Caren A. Frosch and Rachel McCloy

Keywords

Related Articles

Hold on to it? An experimental analysis of the disposition effect

This paper experimentally investigates a well-known anomaly in portfolio management, i.e., the fact that paper losses are realized less than paper gains (disposition effect). I confirm the existence of the disposition ef...

Now you see it now you don't: The effectiveness of the recognition heuristic for selecting stocks.

It has been proposed that recognition can form the basis of simple but ecologically rational decision strategies (Gigerenzer & Goldstein, 1996). Borges, Goldstein, Ortmann, & Gigerenzer (1999) found that constructing sha...

Why are lotteries valued less? Multiple tests of a direct risk-aversion mechanism

Recent studies have identified the uncertainty effect (UE), whereby risky prospects (e.g., a binary lottery that offers either a $50 or $100 gift certificate) are valued less than their worst possible outcome (a $50 cert...

On the descriptive value of loss aversion in decisions under risk: Six clarifications

Previous studies of loss aversion in decisions under risk have led to mixed results. Losses appear to loom larger than gains in some settings, but not in others. The current paper clarifies these results by highlighting...

The time-saving bias: Judgements, cognition and perception

Biases in people’s judgments of time saved by increasing the speed of an activity have been studied mainly with hypothetical scenarios (Svenson, 2008). The present study asked whether the classic time-saving bias persist...

Download PDF file
  • EP ID EP677743
  • DOI -
  • Views 129
  • Downloads 0

How To Cite

C. Philip Beaman, Philip T. Smith, Caren A. Frosch and Rachel McCloy (2010). Less-is-more effects without the recognition heuristic. Judgment and Decision Making, 5(4), -. https://europub.co.uk/articles/-A-677743