Aiming to choose correctly or to choose wisely? The optimality-accuracy trade-off in decisions under uncertainty
Résumé
When making a decision under uncertainty, individuals aim to achieve opti-mality. In general, an accurate decision is optimal. However, in real life situations asymmetric stakes induce an unusual divergence between optimality and accuracy. We highlight this optimality-accuracy trade-off and study its origins using two experiments on perceptual decision making. We use Signal Detection Theory as a normative benchmark. The first experiment confirms the existence of an optimality-accuracy trade-off with a leading role of accuracy. The second experiment explains this trade-off by the concern of people for being right. Abstract When making a decision under uncertainty, individuals aim to make the best
Domaines
Economies et financesOrigine | Fichiers produits par l'(les) auteur(s) |
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