Abstract
Humans often have an intuitive sense of whether they made the right decision or not – our sense of confidence. In studies on metacognitive faculties, confidence is most often assessed explicitly, by asking participants how confident they are in their response being correct. While we can explicitly report our confidence, implicit methods of assessing it, such as post-decision wagering (PDW), can potentially hold many advantages over explicit reports, for example by offering a financial incentive to estimate and report confidence accurately. In PDW, a participant can place a wager on having responded correctly, with high wagers indicative of confidence. A central aspect of PDW procedures is the payoff scheme – the system of wins and losses following wagers after correct and incorrect decisions. A variety of different payoff schemes are used throughout the literature, with consequences for participants’ interpretation of the task, wagering responses and strategies, and the researchers’ ultimate interpretation of behavioral data. The present systematic review aims to give a quantitative overview of the different types of payoff systems in use in PDW, the discussions surrounding them as well as their advantages and disadvantages.
Published Version
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