Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity
Decision-making competence reflects individual differences in the susceptibility to decision-making errors, measured using tasks common from behavioral decision research (e.g., framing effects, under/overconfidence, following decision rules). Prior research demonstrates that those with higher decis...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2015-05-01
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| Series: | Frontiers in Psychology |
| Subjects: | |
| Online Access: | http://journal.frontiersin.org/Journal/10.3389/fpsyg.2015.00717/full |
| _version_ | 1818560456206319616 |
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| author | Andrew M Parker Joshua A Weller Joshua A Weller |
| author_facet | Andrew M Parker Joshua A Weller Joshua A Weller |
| author_sort | Andrew M Parker |
| collection | DOAJ |
| description | Decision-making competence reflects individual differences in the susceptibility to decision-making errors, measured using tasks common from behavioral decision research (e.g., framing effects, under/overconfidence, following decision rules). Prior research demonstrates that those with higher decision-making competence report lower incidence of health-risking and antisocial behaviors, but there has been less focus on intermediate mechanisms that may impact real-world decisions, and, in particular, those implicated by normative models. Here we test the associations between measures of youth decision-making competence (Y-DMC) and one such mechanism, the degree to which individuals make choices consistent with maximizing expected value (EV). Using a task involving hypothetical gambles, we find that greater EV sensitivity is associated with greater Y-DMC. Higher Y-DMC scores are associated with (a) choosing risky options when expected value favors those options and (b) avoiding risky options when expected value favors a certain option. This relationship is stronger for gambles that involved potential losses. The results suggest that Y-DMC captures decision processes consistent with standard normative evaluations of risky decisions. |
| first_indexed | 2024-12-14T00:38:40Z |
| format | Article |
| id | doaj.art-822a3108f45f4022b51c8190d7fe7a74 |
| institution | Directory Open Access Journal |
| issn | 1664-1078 |
| language | English |
| last_indexed | 2024-12-14T00:38:40Z |
| publishDate | 2015-05-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Psychology |
| spelling | doaj.art-822a3108f45f4022b51c8190d7fe7a742022-12-21T23:24:30ZengFrontiers Media S.A.Frontiers in Psychology1664-10782015-05-01610.3389/fpsyg.2015.00717138740Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validityAndrew M Parker0Joshua A Weller1Joshua A Weller2RAND CorporationOregon State UniversityDecision ResearchDecision-making competence reflects individual differences in the susceptibility to decision-making errors, measured using tasks common from behavioral decision research (e.g., framing effects, under/overconfidence, following decision rules). Prior research demonstrates that those with higher decision-making competence report lower incidence of health-risking and antisocial behaviors, but there has been less focus on intermediate mechanisms that may impact real-world decisions, and, in particular, those implicated by normative models. Here we test the associations between measures of youth decision-making competence (Y-DMC) and one such mechanism, the degree to which individuals make choices consistent with maximizing expected value (EV). Using a task involving hypothetical gambles, we find that greater EV sensitivity is associated with greater Y-DMC. Higher Y-DMC scores are associated with (a) choosing risky options when expected value favors those options and (b) avoiding risky options when expected value favors a certain option. This relationship is stronger for gambles that involved potential losses. The results suggest that Y-DMC captures decision processes consistent with standard normative evaluations of risky decisions.http://journal.frontiersin.org/Journal/10.3389/fpsyg.2015.00717/fullDecision Makingindividual differencescompetenceRisky choiceexpected value sensitivity |
| spellingShingle | Andrew M Parker Joshua A Weller Joshua A Weller Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity Frontiers in Psychology Decision Making individual differences competence Risky choice expected value sensitivity |
| title | Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity |
| title_full | Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity |
| title_fullStr | Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity |
| title_full_unstemmed | Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity |
| title_short | Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity |
| title_sort | greater decision making competence is associated with greater expected value sensitivity but not overall risk taking an examination of concurrent validity |
| topic | Decision Making individual differences competence Risky choice expected value sensitivity |
| url | http://journal.frontiersin.org/Journal/10.3389/fpsyg.2015.00717/full |
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