Most models of risky decision making assume that all relevant information is taken into account (e.g., Kahneman & Tversky, 1979; von Neumann & Morgenstern, 1944). However, there are also some models supposing that only part of the information is considered (e.g., Brandstätter, Gigerenzer, & Hertwig, 2006; Gigerenzer & Gaissmaier, 2011). To further investigate the amount of information that is usually used for decision making, and how the use depends on feedback, we conducted a series of three experiments in which participants (...) choose between two lotteries and where no feedback, outcome feedback, and error feedback was provided, respectively. The result show that without feedback participants mostly chose the lottery with the higher winning probability, and largely ignored the potential gains. The same result occurred when the outcome of each decision was fed back. Only after presenting error feedback (i.e., signaling whether a choice was optimal or not), participants considered probabilities as well as gains, resulting in more optimal choices. We propose that outcome feedback was ineffective, because of its probabilistic and ambiguous nature. Participants improve information integration only if provided with a consistent and deterministic signal such as error feedback. (shrink)

It is usually assumed that individuals base their preferences for products or other items on the utility or value associated with the items. However, there is evidence that the attentional selection of an item alone already modulates the preference for that item. For instance, Janiszewski, Kuo, and Tavassoli (2013, Journal of Consumer Research) used unknown consumer products in a series of studies and found that, in a preference choice task, former target products in a visual-search task were preferred to former (...) distractor products. However, it remained unclear whether such effects can be observed when individuals have pre-existing attitudes towards products and whether attentional-selection can change the perceived value of products. Hence, the aim of the present research was to replicate the attentional-selection effect on choice with known products and examine whether selective attention affects the perceived value of products beyond choosing the items. In two experiments, we replicated the attentional-selection effect on item preference in a choice task. Items that had served as targets in the search task were preferred to previous distractors. Introducing a response deadline in the preference-choice task in Experiment 2 did not further increase this effect. However, the value of former targets was rated higher than that of former distractors. Hence, the present results indicate that attentional selection not only affects preference choices but can also increase the value of attended and selected items. (shrink)

Every day, we are confronted with a vast amount of information that all competes for our attention. Some of this information might be associated with rewards or losses. To what extent such information, even if irrelevant for our current task, not only attracts attention but also affects our actions is still a topic under examination. To address this issue, we applied a new experimental paradigm that combines visual search and a spatial compatibility task. Although colored stimuli did not modulate the (...) spatial compatibility effect more than gray stimuli, we found clear evidence that reward and loss associations attenuated this effect, presumably by affecting attention and response selection. Moreover, there are hints that differences in these associations are also reflected in a modulation of the spatial compatibility effect. We discuss theoretical implications of our results with respect to the influences of color, reward, and loss association on selective attention and response selection. (shrink)