Problem-problem solver characteristics affecting the calibration of judgments
Article Abstract:
Overconfidence taints the quality of judgment by experts who tend to allot narrower ranges to their best estimates thereby resulting in worse levels of calibration. Novices, on the other hand, provide a wider range for their best estimates and, therefore, are more likely to hit the actual outcome. Experts, however, are more able to gauge problem difficulty and are more likely to specify an appropriate range. The novices tend to underestimate the difficulty of a problem which makes them more inclined to make counterproductive changes to their decisions.
Publication Name: Organizational Behavior & Human Decision Processes
Subject: Psychology and mental health
ISSN: 0749-5978
Year: 1996
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Stopping criteria in sequential choice
Article Abstract:
Sequential choice dictates that consumers control the order in which information is acquired and tend to reduce the acceptable threshold necessary to reach a decision. This adaptive behavior in stopping criteria stems from the decision-maker who feels he has to make a trade-off between realizing the benefits of a 'correct' choice and the costs of processing more information. Consumers also demonstrate an effort-reducing heuristic which simplifies the amount of calculation required prior to application of any threshold-based stopping policy.
Publication Name: Organizational Behavior & Human Decision Processes
Subject: Psychology and mental health
ISSN: 0749-5978
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
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