Risk aversion in information seeking

Wakebe, Toshihiro; Satō, Tomomi; Watamura, Eiichiro; Takano, Yohtaro

doi:10.1080/20445911.2011.596825

Cited by 5 publications

(3 citation statements)

References 25 publications

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“…Research on risk attitude has received an abundance of attention across different disciplines including marketing, behavioral science, economic, and psychology (Weber et al, 2002;Wakebe et al, 2012). It affects individuals' financial decisions (Noussair et al, 2014;Oehler et al, 2018), career choices (Gaba and Kalra, 1999;Bonin et al, 2007;Jaeger et al, 2010;Argaw et al, 2017), medical decisions (Rosen et al, 2003;Arrieta et al, 2017;Massin et al, 2018), purchase and sales decisions (Okada, 2010;Shapiro, 2011;Jindal, 2015), etc.…”

Section: Introductionmentioning

confidence: 99%

Risk attitude and belief updating: theory and experiment

Huang,

Leung

2023

Front. Psychol.

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Despite the importance of risk attitude in decision-making, its role in belief updating has been overlooked. Using economic theory, we analyzed a dual-self equilibrium where an individual first updates her belief about an uncertain state and then takes an action to maximize her payoff. We showed that stronger risk aversion drives more conservative actions and thus decreases the instrumental value of information relative to the importance of belief-based utility. As a result, the relationship between risk attitude and belief updating depends on the nature of the belief-based utility. With self-relevant information, stronger risk aversion leads to more belief change, whereas with self-irrelevant information, stronger risk aversion leads to less belief change. Our experimental results concur with the theoretical predictions with two settings where subjects update their belief about their IQ and a randomly drawn number, respectively. We discuss implications on persuasion, advertisements, and political campaigns.

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Section: Introductionmentioning

confidence: 99%

Risk attitude and belief updating: theory and experiment

Huang,

Leung

2023

Front. Psychol.

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“…Exploration problems are often presented to humans as symbolic problem solving tasks. These tasks place minimal demands on physical interaction with the environment so that neither its potential costs nor its potential scaffolding function in the problem solving process can be evaluated (e.g., Wason, 1960 ; Gaschler et al, 2012 ; Wakebe et al, 2012 ). Note that in some cases, symbolic problem solving has been combined with elaborate physical interaction (e.g., Klahr and Dunbar, 1988 ).…”

Section: Introductionmentioning

confidence: 99%

Learning to explore the structure of kinematic objects in a virtual environment

et al. 2015

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The current study tested the quantity and quality of human exploration learning in a virtual environment. Given the everyday experience of humans with physical object exploration, we document substantial practice gains in the time, force, and number of actions needed to classify the structure of virtual chains, marking the joints as revolute, prismatic, or rigid. In line with current work on skill acquisition, participants could generalize the new and efficient psychomotor patterns of object exploration to novel objects. On the one hand, practice gains in exploration performance could be captured by a negative exponential practice function. On the other hand, they could be linked to strategies and strategy change. After quantifying how much was learned in object exploration and identifying the time course of practice-related gains in exploration efficiency (speed), we identified what was learned. First, we identified strategy components that were associated with efficient (fast) exploration performance: sequential processing, simultaneous use of both hands, low use of pulling rather than pushing, and low use of force. Only the latter was beneficial irrespective of the characteristics of the other strategy components. Second, we therefore characterized efficient exploration behavior by strategies that simultaneously take into account the abovementioned strategy components. We observed that participants maintained a high level of flexibility, sampling from a pool of exploration strategies trading the level of psycho-motoric challenges with exploration speed. We discuss the findings pursuing the aim of advancing intelligent object exploration by combining analytic (object exploration in humans) and synthetic work (object exploration in robots) in the same virtual environment.

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“…Under this criterion, it is argued, the common "wrong" responses become rational (Oaksford & Chater, 1996. Recently, an information-gain explanation has been extended to choices in a weighing task, where the goal was to identify an underweight member in a set of otherwise identical objects (Wakebe, Sato, Watamura, & Takano, 2012). The example recalled a different weighing task (Simmel, 1953), where apparently irrational choices did not appear to be readily explained by information gain.…”

Section: Introductionmentioning

confidence: 99%

Act first, think later: The presence and absence of inferential planning in problem solving

et al. 2013

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Planning is fundamental to successful problem solving, yet individuals sometimes fail to plan even one step ahead when it lies within their competence to do so. In this article, we report two experiments in which we explored variants of a ball-weighing puzzle, a problem that has only two steps, yet nonetheless yields performance consistent with a failure to plan. The results fit a computational model in which a solver's attempts are determined by two heuristics: maximization of the apparent progress made toward the problem goal and minimization of the problem space in which attempts are sought. The effectiveness of these heuristics was determined by lookahead, defined operationally as the number of steps evaluated in a planned move. Where move outcomes cannot be visualized but must be inferred, planning is constrained to the point where some individuals apply zero lookahead, which with n-ball problems yields seemingly irrational unequal weighs. Applying general-purpose heuristics with or without lookahead accounts for a range of rational and irrational phenomena found with insight and noninsight problems.

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Risk aversion in information seeking

Cited by 5 publications

References 25 publications

Risk attitude and belief updating: theory and experiment

Risk attitude and belief updating: theory and experiment

Learning to explore the structure of kinematic objects in a virtual environment

Act first, think later: The presence and absence of inferential planning in problem solving

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