AI Article Synopsis

  • Real-world decisions in fields like finance, environment, and health are significantly shaped by individual experiences, prompting renewed interest in the study of Decision-making under Experience (DfE) over the past two decades.
  • *To improve the standard experimental design in DfE research, it's suggested to incorporate more complex choice scenarios, delayed feedback, and social interactions, reflecting the intricacies of real-life environments.
  • *Integrating cognitive processes, such as how we perceive experiences and utilize memory, can enhance our understanding and prediction of DfE, potentially improving methodologies for better decision-making and policy formulation.*

Article Abstract

In many important real-world decision domains, such as finance, the environment, and health, behavior is strongly influenced by experience. Renewed interest in studying this influence led to important advancements in the understanding of these (DfE) in the last 20 years. Building on this literature, we suggest ways the standard experimental design should be extended to better approach important real-world DfE. These extensions include, for example, introducing more complex choice situations, delaying feedback, and including social interactions. When acting upon experiences in these richer and more complicated environments, extensive cognitive processes go into making a decision. Therefore, we argue for integrating cognitive processes more explicitly into experimental research in DfE. These cognitive processes include attention to and perception of numeric and nonnumeric experiences, the influence of episodic and semantic memory, and the mental models involved in learning processes. Understanding these basic cognitive processes can advance the modeling, understanding and prediction of DfE in the laboratory and in the real world. We highlight the potential of experimental research in DfE for theory integration across the behavioral, decision, and cognitive sciences. Furthermore, this research could lead to new methodology that better informs decision-making and policy interventions.

Download full-text PDF

Source
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC10790535PMC
http://dx.doi.org/10.1177/17456916231179138DOI Listing

Publication Analysis

Top Keywords

cognitive processes
20
real-world decision
8
experimental dfe
8
cognitive
6
processes
6
dfe
5
future decisions
4
decisions experience
4
experience connecting
4
connecting real-world
4

Similar Publications

Want AI Summaries of new PubMed Abstracts delivered to your In-box?

Enter search terms and have AI summaries delivered each week - change queries or unsubscribe any time!