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Individual differences in decision-making: A test of a one-factor model of rationality

Author

Listed:
  • Vincent Berthet

    (2LPN - Laboratoire lorrain de psychologie et neurosciences de la dynamique des comportements - UL - Université de Lorraine)

  • David Autissier

    (IAE Paris-Est - Institut d'Administration des Entreprises - Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel, IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel)

  • Vincent de Gardelle

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

The study of individual differences in rational decision-making has led to two close streams of research. While the study of scores to the Adult-Decision Making Competence (A-DMC) tasks has provided evidence in favor of a general decision-making competence (DMC) factor, studies investigating individual differences in performance on heuristics and biases tasks have challenged a one-factor model of rationality. Assuming that heuristics and biases are part of DMC and considering that the A-DMC assesses just a few of them, the aim of the present study was to test whether a general DMC factor still emerges when adding four heuristics and biases tasks to the six A-DMC tasks, while ensuring satisfactory levels of score reliability. Exploratory factor analyses revealed that while performance on the A-DMC tasks can be reasonably aggregated into a general DMC measure, a two-factor model provided the best statistical and conceptual fit of the 10 tasks combined, the two factors reflecting Mindware gaps and Contaminated mindware.

Suggested Citation

  • Vincent Berthet & David Autissier & Vincent de Gardelle, 2022. "Individual differences in decision-making: A test of a one-factor model of rationality," PSE-Ecole d'économie de Paris (Postprint) hal-03532489, HAL.
    • Handle: RePEc:hal:pseptp:hal-03532489
    DOI: 10.1016/j.paid.2021.111485
    Note: View the original document on HAL open archive server: https://hal.science/hal-03532489v1
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    References listed on IDEAS

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    1. Saima Ghazal & Edward T. Cokely & Rocio Garcia-Retamero, 2014. "Predicting biases in very highly educated samples: Numeracy and metacognition," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 9(1), pages 15-34, January.
    2. Irene Scopelliti & Carey K. Morewedge & Erin McCormick & H. Lauren Min & Sophie Lebrecht & Karim S. Kassam, 2015. "Bias Blind Spot: Structure, Measurement, and Consequences," Management Science, INFORMS, vol. 61(10), pages 2468-2486, October.
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