1712. Dynamics of decision making in optimal stopping: Diffusion decision model approach
Invited abstract in session MA-61: Cognitive and situational factors in supported and unsupported processes, stream Behavioural OR.
Monday, 8:30-10:00Room: Maurice Keyworth G.31
Authors (first author is the speaker)
| 1. | Ly Tran
|
| Information and Service Management, Aalto University, School of Business | |
| 2. | Ilkka Leppanen
|
| School of Business, Aalto University | |
| 3. | Tianqi Hu
|
| School of Business, Aalto University |
Abstract
Researchers in Behavioural Operational Research (BOR) and related fields often acknowledge the need to study the cognitive processes underlying decision making. However, experimental research using cognitive process models to uncover the mechanisms driving decisions remains scarce. This paper introduces the Diffusion Decision Model (DDM), a cognitive process model that structurally captures how information in preferential choice is accumulated and integrated into relative decision values that determine choices. By applying the DDM to the Classical Secretary Problem, a sequential search task with rank-dependent payoffs where participants decide whether to accept or reject candidates based solely on their relative ranks, we demonstrate how cognitive process modelling can advance BOR, offering novel insights into decision dynamics that traditional behavioural studies often overlook. We use choice and response time data to estimate hierarchical DDMs and reveal how decision-making evolves throughout the search process. Our findings highlight that drift rates — the speed of evidence accumulation — decrease as relative ranks improve, signaling greater decision difficulty for high-quality candidates. By revealing not just what decisions are made but how and why suboptimal choices arise, cognitive process modelling provides actionable insights into the cognitive roots of decision biases. We conclude by advocating for the broader integration of cognitive process models within BOR.
Keywords
- Behavioural OR
Status: accepted
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