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Thinking About Decisions: An Integrative Approach of Person and Task Factors

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Listed:
  • Todd McElroy
  • David L. Dickinson
  • Irwin P. Levin

Abstract

Decisions vary. They vary in both content and complexity. People also vary. An important way that people vary is how much they think about a decision. Some prior research investigating thinking and decision making largely conflicts with most traditional decision theories. For example, if considering an array of products to choose from, thinking more about the different alternative’s attributes should lead to a better decision. However, some research indicates that it may also lead to more focus on irrelevant aspects of the decision situation. We propose that this conflict exists because of a failure to consider the interaction between the individual and the decision task. To test this, we used separate methodologies that enhance or attenuate a person’s thinking. In Study 1 we selected people who were especially high or low in need for cognition (Cacioppo & Petty, 1982) and had them complete a robust decision-making inventory, which included both complex and simple tasks. In Study 2 we manipulated participant’s level of glucose, which acts as the brain’s fuel to enhance or attenuate thinking ability. Both studies support the view that more thought leads to better decisions in complex tasks but does not influence simple decisions, including those that are valence based. These findings show how the individual’s thinking interacts with the constructive elements of the task to shape decision choice. Key Words: Decision making, Thinking, A-DMC, Complex decisions, Need-forcognition, glucose

Suggested Citation

  • Todd McElroy & David L. Dickinson & Irwin P. Levin, 2019. "Thinking About Decisions: An Integrative Approach of Person and Task Factors," Working Papers 19-04, Department of Economics, Appalachian State University.
    • Handle: RePEc:apl:wpaper:19-04
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    File URL: http://econ.appstate.edu/RePEc/pdf/wp1904.pdf
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    References listed on IDEAS

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    1. Simonson, Itamar, 1989. "Choice Based on Reasons: The Case of Attraction and Compromise Effects," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 16(2), pages 158-174, September.
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    3. Anthony J. McMahon & Matthew H. Scheel, 2010. "Glucose promotes controlled processing: Matching, maximizing, and root beer," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 5(6), pages 450-457, October.
    4. Levin, Irwin P. & Gaeth, Gary J. & Schreiber, Judy & Lauriola, Marco, 2002. "A New Look at Framing Effects: Distribution of Effect Sizes, Individual Differences, and Independence of Types of Effects," Organizational Behavior and Human Decision Processes, Elsevier, vol. 88(1), pages 411-429, May.
    5. Edward T. Cokely & Colleen M. Kelley, 2009. "Cognitive abilities and superior decision making under risk: A protocol analysis and process model evaluation," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 4(1), pages 20-33, February.
    6. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
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    8. Levin, Irwin P. & Huneke, Mary E. & Jasper, J. D., 2000. "Information Processing at Successive Stages of Decision Making: Need for Cognition and Inclusion-Exclusion Effects," Organizational Behavior and Human Decision Processes, Elsevier, vol. 82(2), pages 171-193, July.
    9. Dickinson, David L. & McElroy, Todd, 2019. "Bayesian versus heuristic-based choice under sleep restriction and suboptimal times of day," Games and Economic Behavior, Elsevier, vol. 115(C), pages 48-59.
    10. Ellen Peters & Irwin P. Levin, 2008. "Dissecting the risky-choice framing effect: Numeracy as an individual-difference factor in weighting risky and riskless options," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3(6), pages 435-448, August.
    11. repec:cup:judgdm:v:3:y:2008:i:6:p:435-448 is not listed on IDEAS
    12. Subimal Chatterjee & Timothy B. Heath & Sandra J. Milberg & Karen R. France, 2000. "The differential processing of price in gains and losses: the effects of frame and need for cognition," Post-Print hal-00670450, HAL.
    13. Levin, Irwin P. & Schneider, Sandra L. & Gaeth, Gary J., 1998. "All Frames Are Not Created Equal: A Typology and Critical Analysis of Framing Effects," Organizational Behavior and Human Decision Processes, Elsevier, vol. 76(2), pages 149-188, November.
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    Cited by:

    1. David L. Dickinson & Todd McElroy, 2019. "Flying High on Glucose? Glucose Intoxication and Gender Effects in Paper Airplane Production," Working Papers 19-03, Department of Economics, Appalachian State University.

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