2012
DOI: 10.1177/1555343412463922
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Understanding Preferences in Experience-Based Choice

Abstract: The objective of this article is to improve our understanding of preferences in experienced-based choice. Positioned within the framework of naturalistic decision making, this article responds to the recent call to complement the examination of experience-based choice with studies of cognition in the "wild. " We document an exploratory field study that uses applied cognitive task analysis (ACTA) to examine financial day traders' preferences. Providing real-world examples, our study illustrates how day traders … Show more

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Cited by 23 publications
(19 citation statements)
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“…By researching ‘natural’ environments where the researcher cannot manipulate rigorously defined independent variables, nor quantify objective dependent outcomes, the objectivity of research conclusions is reduced. There is a risk that researchers’ interests could bias the interpretation of the data, creating the potential for unreliable or invalid findings (Lipshitz et al ., ; McAndrew & Gore, ), as researchers continually return to and attempt to explain the data, thereby risking post‐hoc rationalization and assumed significance. Likewise, it is possible that the ability to immerse oneself in the data, with the freedom for methodological flexibility, is a strength for NDM research that primarily desires pragmatic solutions derived from the data to help practitioners.…”
Section: Discussionmentioning
confidence: 99%
See 1 more Smart Citation
“…By researching ‘natural’ environments where the researcher cannot manipulate rigorously defined independent variables, nor quantify objective dependent outcomes, the objectivity of research conclusions is reduced. There is a risk that researchers’ interests could bias the interpretation of the data, creating the potential for unreliable or invalid findings (Lipshitz et al ., ; McAndrew & Gore, ), as researchers continually return to and attempt to explain the data, thereby risking post‐hoc rationalization and assumed significance. Likewise, it is possible that the ability to immerse oneself in the data, with the freedom for methodological flexibility, is a strength for NDM research that primarily desires pragmatic solutions derived from the data to help practitioners.…”
Section: Discussionmentioning
confidence: 99%
“…The NDM paradigm NDM rejects the notion of 'right' or 'wrong' decisions and instead seeks to understand the cognitive processes associated with choice implementation by studying decision-making 'in the wild' (Gore, Banks, Millward, & Kyraikidou, 2006;McAndrew & Gore, 2013). NDM emphasizes the importance of real-world contexts, domain-specific expertise, and macrocognition in distributed and sociotechnical teams (Stanton, Wong, Gore, Sevdalis, & Strub, 2011).…”
mentioning
confidence: 99%
“…Using Hydra as a simulation platform for Naturalistic Decision Making research 'Naturalistic Decision Making' (NDM) research seeks to understand how people operate and cope with decision problems 'in the wild' (Gore, Banks, Millward, & Kyriakidou, 2006;McAndrew & Gore, 2012). Simulations offer a fruitful method for collecting NDM data in high-fidelity environments, whilst maintaining experimental control.…”
Section: Data Collection: Hydramentioning
confidence: 99%
“…Other emergent areas that require further investigation by NDM scholars include the importance of affect and expertise (Mosier & Fischer, 2010) and the exploration of new contexts and domains, such as intelligence analysis (Roth et al, 2010;Ormerod & Dando, 2014) and trading (McAndrew & Gore, 2013), where decision problems are so new and drawing upon expertise is very challenging. We are also pleased to note that there are a growing number of researchers who recognize complexity and combine NDM methods with areas traditionally studied by behavioural decision researchers and those from the heuristics and biases tradition.…”
Section: Methodological Strengths and Limitations Of Ndm Techniques Amentioning
confidence: 99%