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COGSCI
2006

Decision Making and Confidence Given Uncertain Advice

8 years 3 months ago
Decision Making and Confidence Given Uncertain Advice
We study human decision making in a simple forced-choice task that manipulates the frequency and accuracy of available information. Empirically, we find that people make decisions consistent with the advice provided, but that their subjective confidence in their decisions shows 2 interesting properties. First, people's confidence does not depend solely on the accuracy of the advice. Rather, confidence seems to be influenced by both the frequency and accuracy of the advice. Second, people are less confident in their guessed decisions when they have to make relatively more of them. Theoretically, we develop and evaluate a type of sequential sampling process model--known as a self-regulating accumulator--that accounts for both decision making and confidence. The model captures the regularities in people's behavior with interpretable parameter values, and we show its ability to fit the data is not due to excessive model complexity. Using the model, we draw conclusions about some...
Michael D. Lee, Matthew J. Dry
Added 11 Dec 2010
Updated 11 Dec 2010
Type Journal
Year 2006
Where COGSCI
Authors Michael D. Lee, Matthew J. Dry
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