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ERIC Number: EJ1217768
Record Type: Journal
Publication Date: 2019-Jul
Pages: 15
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0278-7393
EISSN: N/A
Empirical Comparison of the Adjustable Spanner and the Adaptive Toolbox Models of Choice
Krefeld-Schwalb, Antonia; Donkin, Chris; Newell, Ben R.; Scheibehenne, Benjamin
Journal of Experimental Psychology: Learning, Memory, and Cognition, v45 n7 p1151-1165 Jul 2019
Past research indicates that individuals respond adaptively to contextual factors in multiattribute choice tasks. Yet it remains unclear how this adaptation is cognitively governed. In this article, empirically testable implementations of two prominent competing theoretical frameworks are developed and compared across two multiattribute choice experiments: the adaptive toolbox framework assuming discrete choice strategies and the adjustable spanner framework assuming one comprehensive adaptive strategy. Results from two experiments indicate that in the environments we tested, in which all cue information was presented openly, the toolbox makes better predictions than the adjustable spanner both in- and out-of-sample. Follow-up simulation studies indicate that it is difficult to discriminate the models based on choice outcomes alone but allowed the identification of a small subset of cases where the predictions of both models diverged. Our results suggest that people adapt their decision strategies by flexibly switching between using as little information as possible and use of all of the available information.
American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail: order@apa.org; Web site: http://www.apa.org
Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A