ERIC Number: EJ783129
Record Type: Journal
Publication Date: 2008-Jan
Reference Count: 0
Decision Making and Learning while Taking Sequential Risks
Pleskac, Timothy J.
Journal of Experimental Psychology: Learning, Memory, and Cognition, v34 n1 p167-185 Jan 2008
A sequential risk-taking paradigm used to identify real-world risk takers invokes both learning and decision processes. This article expands the paradigm to a larger class of tasks with different stochastic environments and different learning requirements. Generalizing a Bayesian sequential risk-taking model to the larger set of tasks clarifies the roles of learning and decision making during sequential risky choice. Results show that respondents adapt their learning processes and associated mental representations of the task to the stochastic environment. Furthermore, their Bayesian learning processes are shown to interfere with the paradigm's identification of risky drug use, whereas the decision-making process facilitates its diagnosticity. Theoretical implications of the results in terms of both understanding risk-taking behavior and improving risk-taking assessment methods are discussed.
Descriptors: Models, Drug Use, Learning Processes, Decision Making, Methods, Risk, Cognitive Processes
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Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Authoring Institution: N/A