Sequential Evidence Accumulation in Decision Making: The Individual Desired Level of Confidence Can Explain the Extent of Information Acquisition

• Published in: Judgment and Decision Making Vol. 3; no. 3; pp. 229 - 243
• Main Authors: Hausmann, Daniel, Läge, Damian
• Format: Journal Article
• Language: English
• Published: Tallahassee Society for Judgment and Decision Making 01.03.2008; Cambridge University Press
• Series: Judgment and Decision Making
• Subjects: Cognitive psychology; Decision making; Discrimination; evidence accumulation; Expected utility; Heuristic; information acquisition; level of confidence; one-reason decision making; probabilistic cue; sequential information search; stopping rule; Task analysis; threshold models; Validity; sequential information search; stopping rule; evidence accumulation; probabilistic cue; information acquisition; threshold models; level of confidence; validity; one-reason decision making

Judgments and decisions under uncertainty are frequently linked to a prior sequential search for relevant information. In such cases, the subject has to decide when to stop the search for information. Evidence accumulation models from social and cognitive psychology assume an active and sequential i...