Cognitive Effort and Decision Making Strategies: A Componential Analysis of Choice.
Abstract
We examine the effort required to execute decision strategies, and propose a set of elementary information processes (EIP's) (e.g., reads, additions, comparisons) as a common language for describing these strategies. Based upon these component processes, a model for measuring the effort required to execute a decision strategy is proposed. The model suggests that effort is a weighted sum of EIP's. We test this model and several alternatives by attempting to predict 1) decision latencies, 2) subjective reports of effort, and 3) choice errors. The proposed EIP model provides good predictions and outperforms competing models for response time and subjective effort. Estimates of the time and effort associated with each EIP seem plausible and consistent with those found in other cognitive tasks. On balance, the EIP approach to conceptualizing and measuring the effort of executing a choice strategy receives strong support.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 31, 1986
- Accession Number
- ADA171068
Entities
People
- Eric J. Johnson
- James R. Bettman
- John W. Payne
Organizations
- Duke University