Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/32213 
Year of Publication: 
2009
Series/Report no.: 
Preprints of the Max Planck Institute for Research on Collective Goods No. 2009,17
Publisher: 
Max Planck Institute for Research on Collective Goods, Bonn
Abstract: 
Three studies sought to investigate decision strategies in memory-based decisions and to test the predictions of the parallel constraint satisfaction (PCS) model for decision making (Glöckner & Betsch, 2008). Time pressure was manipulated and the model was compared against simple heuristics (take the best and equal weight) and a weighted additive strategy. From PCS we predicted that fast intuitive decision making is based on compensatory information integration and that decision time increases with increasing inconsistency in the decision task. In line with these predictions we observed a predominant usage of compensatory strategies under all time pressure conditions and even with decision times as short as 1.7 seconds. For a substantial number of participants, choices and decision times were best explained by PCS, but there was also evidence for use of simple heuristics. The time pressure manipulation did not significantly affect decision strategies. Overall, the results highlight intuitive, automatic processes in decision making and support the idea that human information-processing capabilities are less severely bounded than often assumed.
Subjects: 
Memory-Based Decision Making
Parallel Constraint Satisfaction
Fast and Frugal Heuristics
Automatic Information Integration
Document Type: 
Working Paper

Files in This Item:
File
Size
810.07 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.