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Experience matters: information acquisition optimizes probability gain.

ABSTRACT: Deciding which piece of information to acquire or attend to is fundamental to perception, categorization, medical diagnosis, and scientific inference. Four statistical theories of the value of information-information gain, Kullback-Liebler distance, probability gain (error minimization), and impact-are equally consistent with extant data on human information acquisition. Three experiments, designed via computer optimization to be maximally informative, tested which of these theories best describes human information search. Experiment 1, which used natural sampling and experience-based learning to convey environmental probabilities, found that probability gain explained subjects' information search better than the other statistical theories or the probability-of-certainty heuristic. Experiments 1 and 2 found that subjects behaved differently when the standard method of verbally presented summary statistics (rather than experience-based learning) was used to convey environmental probabilities. Experiment 3 found that subjects' preference for probability gain is robust, suggesting that the other models contribute little to subjects' search behavior.

SUBMITTER: Nelson JD

PROVIDER: S-EPMC2926803 | biostudies-literature | 2010 Jul

REPOSITORIES: biostudies-literature

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Experience matters: information acquisition optimizes probability gain.

Nelson Jonathan D JD McKenzie Craig R M CR Cottrell Garrison W GW Sejnowski Terrence J TJ

Psychological science 20100604 7

Deciding which piece of information to acquire or attend to is fundamental to perception, categorization, medical diagnosis, and scientific inference. Four statistical theories of the value of information-information gain, Kullback-Liebler distance, probability gain (error minimization), and impact-are equally consistent with extant data on human information acquisition. Three experiments, designed via computer optimization to be maximally informative, tested which of these theories best describ ...[more]

PMID: 20525915

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Project description:The aim of this study was to investigate the effect of numeracy and the emotion of fear on the decision-making process. While previous research demonstrated that these factors are independently related to search effort, search policy and choice in a decision from experience task, less is known about how their interaction contributes to processing information under uncertainty. We attempted to address this problem and to fill this gap. In the present study, we hypothesized that more numerate people would sample more information about a decision problem and that the effect of fear would depend on the source of this emotion: whether it is integral (i.e., relevant) or incidental (i.e., irrelevant) to a decision problem. Additionally, we tested how these factors predict choices. We addressed these hypotheses in a series of two experiments. In each experiment, we used a sampling paradigm to measure search effort, search policy and choice in nine binary problems included in a decision from experience task. In Experiment 1, before the sampling task we elicited incidental fear by asking participants to recall fearful events from their life. In Experiment 2, integral fear was elicited by asking participants to make choices concerning medical treatment. Decision problems and their payoff distributions were the same in the two experiments and across each condition. In both experiments, we assessed objective statistical numeracy and controlled for a change in the current emotional state. We found that more numerate people sampled more information about a decision problem and switched less frequently between alternatives. Incidental fear marginally predicted search effort. Integral fear led to larger sample sizes, but only among more numerate people. Neither numeracy nor fear were related to the number of choices that maximized expected values. However, across two experiments sample sizes predicted the number of choices that maximized experienced mean returns. The findings suggest that people with higher numeracy may be more sensitive to integral emotions; this may result in more effortful sampling of relevant information leading to choices maximizing experienced returns.

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Experience matters: information acquisition optimizes probability gain.

Publications

Experience matters: information acquisition optimizes probability gain.

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