1803. Intuition in decision making: Insights from drift diffusion modelling
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. | Tianqi Hu
|
| School of Business, Aalto University | |
| 2. | Ilkka Leppanen
|
| School of Business, Aalto University | |
| 3. | L. Alberto Franco
|
| University of Bristol Business School, University of Bristol |
Abstract
Research on intuition often produces conflicting results and suffers from reliability issues due to the lack of tools that can conclusively evaluate a person’s latent intuitive position. It has been recently proposed that a decision maker’s intuitive position can be evaluated by estimating parameters with sequential sampling models (SSMs), which provide a biologically plausible framework to measure how intuition affects decisions. In two studies we use the Drift Diffusion Model (DDM), as a type of SSM, to investigate topics where intuition is difficult to evaluate. In Study 1, we examined how the Cognitive Reflection Test (CRT) scores relate to intuition in risky decision making. Our results challenge the conventional view that high CRT scores imply less reliance on intuition and that intuition is detrimental to decision performance. In Study 2, we examined the proposition that the preference for intuition is a stable disposition across decision domains. By comparing the preference for intuition between risky and social decisions, we provide evidence against the proposition. The evidence for this unstable preference has hitherto primarily resulted from self-reports, which have a questionable ability to assess the preference for intuition. In both studies, we demonstrate that the DDM can accurately simulate the decision outcome and decision time patterns that are affected by intuition, providing evidence for the usefulness of DDM analysis in the study of intuition.
Keywords
- Behavioural OR
- Decision Analysis
- Decision Theory
Status: accepted
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