Post-error recklessness and the hot hand
Journal Title: Judgment and Decision Making - Year 2016, Vol 11, Issue 1
Abstract
Although post-error slowing and the “hot hand” (streaks of good performance) are both types of sequential dependencies arising from the differential influence of success and failure, they have not previously been studied together. We bring together these two streams of research in a task where difficulty can be controlled by participants delaying their decisions, and where responses required a degree deliberation, and so are relatively slow. We compared performance of unpaid participants against paid participants who were rewarded differentially, with higher reward for better performance. In contrast to most previous results, we found no post-error slowing for paid or unpaid participants. For the unpaid group, we found post-error speeding and a hot hand, even though the hot hand is typically considered a fallacy. Our results suggest that the effect of success and failure on subsequent performance may differ substantially with task characteristics and demands. We also found payment affected post-error performance; financially rewarding successful performance led to a more cautious approach following errors, whereas unrewarded performance led to recklessness following errors.
Authors and Affiliations
Paul Williams, Andrew Heathcote, Keith Nesbitt and Ami Eidels
Keywords
Related Articles
- EP ID EP678236
- DOI -
- Views 144
- Downloads 0
Cognitive ability and risk aversion: A systematic review and meta analysis
Are highly intelligent people less risk averse? Over the last two decades scholars have argued the existence of a negative relationship between cognitive ability and risk aversion. Although numerous studies support this,...
Robust consistency of choice switching in decisions from experience
Decision making is a multifaceted process but studies of individual differences in decision behavior typically use only the proportions of choices from different options as behavioral indices. I examine whether the proba...
Measuring the relative contributions of rule-based and exemplar-based processes in judgment: Validation of a simple model
Judgments and decisions can rely on rules to integrate cue information or on the retrieval of similar exemplars from memory. Research on exemplar-based processes in judgment has discovered several task variables influenc...
The effect of incomplete information on the compromise effect
Most research on the compromise effect focuses on how consumers make their decisions in a complete information scenario; however, consumers generally lack sufficient information when they make purchase decisions. This re...
I like what I know: Is recognition a non-compensatory determiner of consumer choice?
What is the role of recognition in consumer choice? The recognition heuristic (RH) proposes that in situations where recognition is correlated with a decision criterion, recognized objects will be chosen more often than...