Describing The Effects Of Inconsistency Between Information And Experience On Individual Risk Choices: Fitting Decision Models

In daily life,most of people's decisions are made based on a combination of descriptive information and their own experience.For example,when people buy goods online,they usually look up descriptive reviews about the goods and use their previous experience with similar goods to make decisions about whether to buy or not.For example,when people buy goods online,they usually look up descriptive reviews about the goods and use their previous experience with similar goods to make decisions about whether to buy or not.But sometimes the external description information may be false,so there is a conflict with one's own experience.Some researchers use the description-experience conflict paradigm to investigate how individuals make decisions when the description information conflicts with their own experience.They found that in the decision-making process,people first integrate the two kinds of information,and then make decisions based on this;But in the process of information integration,the weights of the two types of information are different.Among them,experiential information is the main source of information,but descriptive information will also be taken into account.However,the previous research mainly focused on the gain situation,and lacked the investigation into the characteristics of individual decision-making in the loss situation.Specifically,two question are mainly investigated:(1)In different gain and loss situations,the difference between the description information and their own experience has different impacts on individual decision-making;(2)the difference in the psychological mechanism of individual decision-making in different gain and loss situations.This research mainly investigates the above two issues through two studies.Study 1 adopts the description-experience conflict paradigm.Through the two experiments of Study 1a and Study 1b,the impact of the inconsistency of description information with one's own experience on individual risk choices was investigated under the gain and loss situations.Study 1a recruited a total of 131 subjects.The results found that: different descriptive information had no significant influence on the individual's risk choice,indicating that the individual's choice behavior in the gain situation was mainly influenced by their own experience;Study 1b recruited147 subjects.The results showed that different description information led to significant differences in individual risk choices,indicating that the selection behavior of individuals in the loss situation is more affected by the description information.Comparing the results of the two studies,it indicate that compared with the gain situation,the individuals in the loss situation are more inclined to make decisions based on the descriptive information.Study 2 uses the behavioral data obtained in Study 1 to fit the decision model parameters,verifies the research results of Study 1 through the comparison of model parameters,and further investigates the differences in the psychological mechanism of individuals in making decisions in different gain and loss situations.The results found that the weight parameter of the description information in the gain situation was significantly smaller than that in the loss situation,which further confirmed the results of Study 1.influences.Through the above experiments,this study found that:(1)Under the same experience conditions,different description information in the gain situation has no significant impact on risk selection;different description information in the loss situation has a significant impact on risk selection.(2)The weight of descriptive information and individual experience influencing decision-making is different in the gain and loss situation.Compared with the gain situation,individuals in the loss situation are more inclined to make decisions based on descriptive information.(3)Under the condition that the description information is inconsistent with their own experience,the psychological mechanisms of individuals making decisions in different gain and loss situations are different,and the subjects in the loss situation are more susceptible to immediate feedback.(4)The weight of the individual for the description information increases with the probability of obtaining/losing scores for the risk option in the description information,compared with the loss situation,the trend is more significant in the gain situation.