Abstract
The information gain model argues that participants select alternatives with a larger expected value of information gain. The present study investigated risk aversion in information seeking to examine whether the expected value always determines information-seeking behaviour. For this investigation, we used a scale method selection task in which participants were required to select one of two scales for weighing coins in order to find an underweight coin. Two experiments showed that participants more frequently selected the alternative that provided information gain without risk, although its expected information gain was smaller. This finding indicates the presence of risk aversion in information seeking, suggesting that information-seeking behaviour is affected by risk associated with obtaining information gain.
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