Understanding The Basics Of Decision Making
LE3 .A278 2013
Bachelor of Arts
The goal of the current study was to examine which predictors could best explain performance on a battery of decision making tasks designed to assess whether people would exhibit heuristics and biases. Specifically, three predictors were of interest: information processing styles, numeracy, and cognitive reflection. The data were collected through questionnaires from 120 university students. The results demonstrated that both cognitive reflection and numeracy were significant predictors of performance on the decision making battery, while information processing styles could not predict anything over and above what cognitive reflection and numeracy could. The results also suggest that both cognitive reflection rates and numeracy rates are relatively low in the general population, which can have negative implications for people’s finances, health and more.
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