Abstract
A framework is presented to better characterize the role of individual differences in information processing style and their interplay with contextual factors in determining decision making quality. In Experiment 1, we show that individual differences in information processing style are flexible and can be modified by situational factors. Specifically, a situational manipulation that induced an analytical mode of thought improved decision quality. In Experiment 2, we show that this improvement in decision quality is highly contingent on the compatibility between the dominant thinking mode and the nature of the task. That is, encouraging an intuitive mode of thought led to better performance on an intuitive task but hampered performance on an analytical task. The reverse pattern was obtained when an analytical mode of thought was encouraged. We discuss the implications of these results for the assessment of decision making competence, and suggest practical directions to help individuals better adjust their information processing style to the situation at hand and make optimal decisions.
Highlights
Studies in the field of judgment and decision making (JDM) examine the processes underlying choice behavior, and aim to help people make decisions and adapt strategies that better fit the task at hand
Based on the theoretical framework presented above, we predicted that inducing an analytical thinking mode would improve performance on an analytical task, whereas encouraging an intuitive mode of thought would improve performance on a task that was more intuitive in nature
Proponents of dual-process decision models suggest that information processing style, an individual tendency which determines to what extent decisions rely on intuitive and analytical processes (Denes-Raj et al, 1995), is a main factor in decision quality
Summary
Studies in the field of judgment and decision making (JDM) examine the processes underlying choice behavior, and aim to help people make decisions and adapt strategies that better fit the task at hand. These studies were mainly centered on aggregated behavior that reflected systematic biases and deviations from the normative benchmark (e.g., Kahneman and Tversky, 1973; Ariely, 2008). These studies provide valuable insights into the situational factors affecting the quality of decision making in general, it remains unclear how individual differences influence decision making quality (Franken and Muris, 2005). Zakay and colleagues (Ayal et al, 2011, 2012; Rusou et al, 2013) found that individual differences in processing styles directly influence decision quality
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