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Confidence in judgments based on incomplete information: An investigation using both hypothetical and real gambles

Confidence in judgments based on incomplete information: An investigation using both hypothetical... This study assessed how confidence in judgments is affected by the need to make inferences about missing information. Subjects indicated their likelihood of taking each of a series of gambles based on both probability and payoff information or only one of these sources of information. They also rated their confidence in each likelihood judgment. Subjects in the Explicit Inference condition were asked to explicitly estimate the values of missing information before making their responses while subjects in the Implicit Inference condition were not. The manner in which probability information was framed was also manipulated. Experiment 1 employed hypothetical gambles and Experiment 2 employed gambles with real money. Expressed likelihood of taking gambles was higher when probability was phrased in terms of '% chance of winning' rather than '% chance of losing', but this difference was somewhat less with real gambles than with hypothetical gambles. Confidence ratings in each experiment were actually higher on incomplete information trials than on complete information trials in the Explicit Inference condition. Results were related to the general issue of confidence in judgments. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Behavioral Decision Making Wiley

Confidence in judgments based on incomplete information: An investigation using both hypothetical and real gambles

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References (18)

Publisher
Wiley
Copyright
Copyright © 1988 John Wiley & Sons, Ltd.
ISSN
0894-3257
eISSN
1099-0771
DOI
10.1002/bdm.3960010105
Publisher site
See Article on Publisher Site

Abstract

This study assessed how confidence in judgments is affected by the need to make inferences about missing information. Subjects indicated their likelihood of taking each of a series of gambles based on both probability and payoff information or only one of these sources of information. They also rated their confidence in each likelihood judgment. Subjects in the Explicit Inference condition were asked to explicitly estimate the values of missing information before making their responses while subjects in the Implicit Inference condition were not. The manner in which probability information was framed was also manipulated. Experiment 1 employed hypothetical gambles and Experiment 2 employed gambles with real money. Expressed likelihood of taking gambles was higher when probability was phrased in terms of '% chance of winning' rather than '% chance of losing', but this difference was somewhat less with real gambles than with hypothetical gambles. Confidence ratings in each experiment were actually higher on incomplete information trials than on complete information trials in the Explicit Inference condition. Results were related to the general issue of confidence in judgments.

Journal

Journal of Behavioral Decision Making – Wiley

Published: Jan 1, 1988

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