Abstract - Rakow, T., & Rahim, S.B. (2010). Developmental insights into experience-based decision making. Journal of Behavioral Decision Making, 23, 69-82.
In three experiments involving children and adults (N=324), option payoffs for sure-versus-risky choices were either described or experienced via observation of 20 outcomes. Choices revealed a description-experience gap for payoffs with rare events, implying greater impact of small probabilities (<.2) for described than for experienced choices. The size of this effect was independent of participant age. Therefore, the role of cognitive limitations in the description-experience distinction remains unclear, as the age groups would have differed in cognitive capacity. Age-related differences in “sampling style” in decisions-from-experience were observed. Pre-choice data acquisition changed markedly with age: from frequent alternation between options towards separate systematic exploration of options with increasing age. A fourth experiment, that manipulated sampling style, failed to demonstrate its link to other age-related features of choice (e.g., risk preferences). Our studies illustrate the value of developmental research for testing theoretical claims and revealing novel phenomena in
Tim Rakow - Publications
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