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ERIC Number: EJ934621
Record Type: Journal
Publication Date: 2011-Aug
Pages: 30
Abstractor: As Provided
Reference Count: 52
ISBN: N/A
ISSN: ISSN-0096-3445
Sequentially Simulated Outcomes: Kind Experience versus Nontransparent Description
Hogarth, Robin M.; Soyer, Emre
Journal of Experimental Psychology: General, v140 n3 p434-463 Aug 2011
Recently, researchers have investigated differences in decision making based on description and experience. We address the issue of when experience-based judgments of probability are more accurate than are those based on description. If description is well understood ("transparent") and experience is misleading ("wicked"), it is preferable to experience. However, if description is not transparent, will valid ("kind") experience lead to more accurate judgments? We report 2 experiments. The first involved 7 well-known probabilistic inference tasks. Participants differed in statistical sophistication and answered with and without experience obtained through sequentially simulated outcomes. The second experiment involved interpreting the outcomes of a regression analysis when making inferences for investment decisions. In both experiments, even the statistically naive achieved accurate probabilistic inferences after experiencing sequentially simulated outcomes, and many preferred this presentation format. We conclude by discussing theoretical and practical implications. (Contains 12 figures and 6 tables.)
American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002-4242. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail: order@apa.org; Web site: http://www.apa.org/publications
Publication Type: Journal Articles; Reports - Evaluative
Education Level: Adult Education; Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Spain