title: Risky choice: An examination of information acquisition behavior.
abstract: The monitoring of information acquisition behavior, along with other process tracing measures such as response times, was used to examine how individuals process information about gambles into a decision. Subjects indicated preferences among specially constructed three-outcome gambles. The number of alternatives available was varied across the sets of gambles. A majority of the subjects processed information about the gambles in ways inconsistent with compensatory models of risky decision making, such as information integration (Anderson & Shanteau, 1970). Furthermore, the inconsistency between observed information acquisition behavior and such compensatory rules increased as the choice task became more complex. Alternative explanations of risky choice behavior are considered.
authors.affiliation: Graduate School of Business Administration, Duke University, 27706, Durham, North Carolina.
authors.forename: J W
authors.initials: JW
authors.lastname: Payne
authors.forename: M L
authors.initials: ML
authors.lastname: Braunstein