Robust consistency of choice switching in decisions from experience
Journal Title: Judgment and Decision Making - Year 2020, Vol 15, Issue 1
Abstract
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 probability of choice switching in decisions from experience, reflecting one’s exploration strategy, is consistent across sessions and tasks. In Study 1, I re-analyzed an experiment in which participants performed six decision tasks in two sessions that were 45 days apart. Choice switching rates were highly consistent across sessions and tasks, and their consistency exceeded that of rates of risky choices. In Study 2 I conducted a similar analysis for the Technion Prediction Tournament, and also found higher consistency across tasks in switching rates than in choice rates. Additionally, in both studies, there were moderate to high correlations between switching rates at the beginning and towards the end of the task. The results thus highlight an often overlooked but highly consistent and independent aspect of human behavior.
Authors and Affiliations
Eldad Yechiam
Keywords
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