TY - JOUR
T1 - The influence of decision heuristics and overconfidence on multiattribute choice
T2 - A process-tracing study
AU - Selart, Marcus
AU - Kuvaas, Bård
AU - Boe, Ole
AU - Takemura, Kazuhisa
N1 - Funding Information:
Correspondence should be addressed to Marcus Selart, Department of Strategy and Management, Norwegian School of Economics and Business Administration, Breiviksveien 40, N-5045 Bergen, Norway. E-mail: Marcus.Selart@nhh.no This research was financially supported by grant no. F0637/97 to the first author from the Swedish Council for Research in the Humanities and Social Sciences.
PY - 2006/5
Y1 - 2006/5
N2 - In the present study it was shown that decision heuristics and confidence judgements play important roles in the building of preferences. Based on a dual-process account of thinking, the study compared people who did well versus poorly on a series of decision heuristics and overconfidence judgement tasks. The two groups were found to differ with regard to their information search behaviour in introduced multiattribute choice tasks. High performers on the judgemental tasks were less influenced in their decision processes by numerical information format (probabilities vs. frequencies) compared to low performers. They also looked at more attributes and spent more time on the multiattribute choice tasks. The results reveal that performance on decision heuristics and overconfidence tasks has a bearing both on heuristic and analytic processes in multiattribute decision making.
AB - In the present study it was shown that decision heuristics and confidence judgements play important roles in the building of preferences. Based on a dual-process account of thinking, the study compared people who did well versus poorly on a series of decision heuristics and overconfidence judgement tasks. The two groups were found to differ with regard to their information search behaviour in introduced multiattribute choice tasks. High performers on the judgemental tasks were less influenced in their decision processes by numerical information format (probabilities vs. frequencies) compared to low performers. They also looked at more attributes and spent more time on the multiattribute choice tasks. The results reveal that performance on decision heuristics and overconfidence tasks has a bearing both on heuristic and analytic processes in multiattribute decision making.
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U2 - 10.1080/09541440500173054
DO - 10.1080/09541440500173054
M3 - Article
AN - SCOPUS:33646369430
SN - 0954-1446
VL - 18
SP - 437
EP - 453
JO - European Journal of Cognitive Psychology
JF - European Journal of Cognitive Psychology
IS - 3
ER -