The first goal of this study was to validate the Rational-Experiential Inventory (REI) and the Cognitive Reflection Test (CRT) through checking their relation to the transitivity axiom. The second goal was to test the relation between decision strategies and cognitive style as well as the relation between decision strategies and the transitivity of preferences. The following characteristics of strategies were investigated: requirements for trade-offs, maximization vs. satisficing and option-wise vs. attribute-wise information processing. Respondents were given choices between two multi-attribute options. (...) The options were designed so that the choice indicated which strategy was applied. Both the REI-R and the CRT were found to be good predictors of the transitivity of preferences. Respondents who applied compensatory strategies and the maximization criterion scored highly on the REI-R and in the CRT, whereas those who applied the satisficing rule scored highly on the REI-R but not in the CRT. Attribute-wise information processing was related to low scores in both measurements. Option-wise information processing led to a high transitivity of preferences. (shrink)

The relative input of payoffs and probabilities into risk judgment The study was designed to investigate the relative input of payoffs and probabilities into risk judgment on the basis of the analysis of information search pattern. The modified version of MouselabWeb software was used as an investigative tool. The amount, the kind and the order of information accessed by subjects to evaluate risk was collected from ordinary respondents and respondents trained in mathematics and statistics. In the latter group were 75 (...) students and young researchers working at National Aeronautics and Space Administration. The ordinary subjects were 67 Polish students of social sciences. As expected, the NASA group considered more information than ordinary students and searched for more information about probabilities. However, the ratio of information about payoffs to probabilities was close to 1 in both groups. Moreover, average risk rates were similar in both groups. It was also observed that risk rates were positively related with the amount of information about probabilities considered by subjects. (shrink)