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A dual-process model of decision-making: The symmetric effect of intuitive and cognitive judgments on optimal budget allocation.
Journal of Neuroscience, Psychology, and Economics ( IF 1.280 ) Pub Date : 2018-03-01 , DOI: 10.1037/npe0000075
Angelos Stamos , Sabrina Bruyneel , Bram De Rock , Laurens Cherchye , Siegfried Dewitte

Understanding the influence of a dual-processing system on budget waste resulting from choice inconsistencies is critical in helping individuals maximize decision utility. In 2 studies, we rely on the generalized axiom of revealed preferences to explore the severity of choice inconsistencies resulting from intuitive and cognitive judgments separately, as well as overall severity across the 2 types of judgments. We focus on choice inconsistency that leads to the inefficient use of individuals’ budget and not on the simple preference divergence that may result from the 2 types of judgments. We find that budget waste resulting from intuitive and cognitive judgments is comparable but that overall budget waste across the 2 types of judgments is significantly higher. These findings suggest that the inconsistency in choices resulting from intuitive versus cognitive judgments is responsible for significant loss of decision utility in individuals’ economic decisions, rather than choice inconsistencies resulting from a specific type of evaluation in itself. We discuss theoretical and practical implications of our findings.

中文翻译:

决策的双过程模型:直觉和认知判断对最优预算分配的对称效应。

了解双处理系统对因选择不一致而导致的预算浪费的影响对于帮助个人最大化决策效用至关重要。在 2 项研究中,我们依靠显示偏好的广义公理来探讨分别由直觉和认知判断导致的选择不一致的严重程度,以及两种类型判断的总体严重程度。我们关注导致个人预算使用效率低下的选择不一致,而不是两种判断可能导致的简单偏好差异。我们发现由直觉判断和认知判断导致的预算浪费是可比的,但两种判断类型的总体预算浪费明显更高。这些发现表明,直觉判断与认知判断导致的选择不一致是导致个人经济决策中决策效用显着丧失的原因,而不是特定类型评估本身导致的选择不一致。我们讨论了我们发现的理论和实践意义。
更新日期:2018-03-01
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