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Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: an examination of concurrent validity

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https://ir.library.oregonstate.edu/concern/articles/4t64gq04t

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  • Decision-making competence reflects individual differences in the susceptibility to committing decision-making errors, measured using tasks common from behavioral decision research (e.g., framing effects, under/overconfidence, following decision rules). Prior research demonstrates that those with higher decision-making competence report lower incidence of health-risking and antisocial behaviors, but there has been less focus on intermediate processes that may impact real-world decisions, and, in particular, those implicated by normative models. Here we test the associations between measures of youth decision-making competence (Y-DMC) and one such process, the degree to which individuals make choices consistent with maximizing expected value (EV). Using a task involving hypothetical gambles, we find that greater EV sensitivity is associated with greater Y-DMC. Higher Y-DMC scores are associated with (a) choosing risky options when EV favors those options and (b) avoiding risky options when EV favors a certain option. This relationship is stronger for gambles that involved potential losses. The results suggest that Y-DMC captures decision processes consistent with standard normative evaluations of risky decisions.
  • This is the publisher’s final pdf. The published article is copyrighted by the author(s) and published by Frontiers Research Foundation. The published article can be found at: http://journal.frontiersin.org/journal/psychology
  • Keywords: competence, decision making, individual differences, risky choice, expected value sensitivity
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  • Parker, A. M., & Weller, J. A. (2015). Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: An examination of concurrent validity. Frontiers in Psychology, 6, 717. doi:10.3389/fpsyg.2015.00717
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  • 6
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  • This research was supported in part by grants from the National Institute on Drug Abuse (P50 DA05605, RO1 DA033322) and the National Science Foundation (SES 0213782).
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