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Subjective Integration of
Probabilistic Information from
 Description and Experience

       Yaron Shlomi, PhD
      University of Maryland

            September,
              2012


   Contact info: ys.work.01@gmail.com
Outline
          n   Background
          n   Research questions
          n   Importance
          n   Method
          n   Results
              q Standard analyses

              q Model-based analyses

          n   Discussion
          n   Open questions



                                       2
Integrating Description and Experience

n   Information about the prevalence of a particular medical
    condition is often provided by two sources:
      1. Experience: information obtained directly (e.g., from your
         clinical practice)
      2. Description: information observed, abstracted and
         communicated from other sources (e.g., journal article)
n   How do people (e.g., physicians) estimate prevalence
    rates obtained from description and experience?

n   More generally, how do people integrate probabilistic
    information obtained from the two sources?
                                                       3
Description and experience:
Same or different?
n   The nature of the integration depends on how
    information from description and experienced is
    processed.
n   Differences in information source might lead to
    differences in information processing.
    q If so, the processing differences between description

       and experience will affect how information from the
       two sources is integrated.




                                              4
Description and experience:
Same or different?
n   The description-experience gap: Described and
    experienced information about risky options yield
    different patterns of choices (e.g., Hertwig & Erev, 2009).
n   The description-experience gap lends support to the
    hypothesis that the two sources are not processed in an
    identical manner.




                                                 5
Description and experience:
Same or different?
n   The description-experience gap might be due to
    differences in presentation format (Hau, Pleskac, & Hertwig, 2010):
    q Description typically provides information using

       percentage or probability formats.
    q Experience provides information about relative

       frequencies
n   Judgments based on relative frequencies are more
    accurate than those based on percentages or
    probabilities (Gigerenzer & Hoffrage, 1995).



                                                      6
Research questions
1.   To what extent does the subjective integration of
     description and experience deviate from optimal
     standards of integration?
2.   What role, if any, does the presentation format play in
     the integration?
3.   Are description and experience treated as equivalent
     sources of information?
4.   Is the nature of the integration related to the trust in the
     source of the description?
5.   What are the processes involved in subjective
     integration of description and experience?


                                                     7
Importance
1.   Integration of description and experience informs
     potentially consequential judgments and choices.
2.   Previous research on integrating the two sources is
     scarce and focused on choice tasks. Conclusions may
     not be generalizable to judgment tasks.
3.   The task developed for this investigation could be
     modified to assess integration in more complex
     scenarios.




                                           8
Methodology

n   Participants’ task was to estimate the percentage red
    chips in a bag containing red and blue chips.

n   Participants received information about two independent
    samples of 13 chips each from the bag.
    q One sample was experienced; the other was described




                                                   9
Operational definitions
Description sample:                              Experience sample:

Summary of a                               Trial-by-trial
sample of chips.                           sampling of
                                           blue and red
e.g., Mr. Rick                             chips.
sampled 13 chips.
62% of the chips in
Mr. Rick’s sample
were red.



                      Judgment:
                      Estimate percentage
                      of red chips in the bag.


                                                            10
Manipulating Presentation Format
n    The numerical format of the description was manipulated
     between-participants .

    Format               Illustrative description

    Percentage           Mr. Rick sampled 13 chips.
    (n = 51)             62% of the chips were red.


    Relative frequency   Mr. Rick sampled 13 chips.
    (n = 50)             8 chips were red.


                                                    11
Stimuli
•
    16 pairs of samples obtained from           •
                                                    16 additional pairs.
    description and experience                  •
                                                    In these pairs, the experienced
•
    In all of these pairs, the experienced          sample is less extreme than the
    sample is more extreme than the                 described one (e.g., 80% vs. 90%).
    described one (e.g., 90% vs. 80%).
                       •
                           Does the integration depend on the
                           assignment of the two samples to the
                           two sources?
                       •
                           Are description and experience
                           interchangeable sources of information?




                                                                12
Results

n   Standard analyses

n   Model-based analyses




                           13
Optimal judgments
n   The quality of the subjective integration is
    measured by comparing the participants’
    judgments to a set of optimal judgments.
n   The optimal judgment is defined as the average
    of the description- and experienced- based
    sample proportions.
    q   The definition of this judgment as optimal assumes
        that the two samples are obtained independently and
        are equally reliable (i.e., the sample ns are equal).



                                                14
Illustrating deviations from optimality
n   The observed judgments
    are compared to the
    optimal judgments.
n   If optimal, the observed
    judgments would lie on
    the identity line.
n   If suboptimal, the
    observed judgments are
    either more extreme or
    less extreme than the
    optimal judgments.
    q   Equivalently, the observed
        judgments are anti-          15
        regressive or regressive.
Deviations from optimality
                                   Percentage format
n   The direction of the
    deviations in the percentage
    format depends on the
    extremity of the experienced
    sample relative to the
    described one.




                                              16
Deviations from optimality
n   The relative frequency format leads to more optimal
    judgments than the percentage format.




              Percentage                         Relative
                                                 frequency


                                            17
Deviations from optimality
 •
     The extremity of the judgments covaried with the extremity of the
     experienced sample.
 •
     The relative frequency format attenuates the suboptimality of the
     judgments.



Observed more
extreme than optimal



Observed less
extreme than optimal


                                               •
                                                   Format, F(1, 99) = 1.31, p = .26
                                               •
                                                   Assignment , F(1, 99) = 26.97, p<.001
                                                                       18
                                               •
                                                   Interaction, F(1, 99) = 7.79, p < .01
Integration, Format and Trust
  q   After completing 32 trials participants rated the
      following statement,
  q   “I trusted Mr. Rick to provide reliable
      information about the bag of chips.”
  q   Participants responded by marking a 5-point
      scale labeled with “Completely disagree”,
      “Somewhat disagree”, “Neutral”, “Somewhat
      agree” and “Completely agree”.
Integration, Format and Trust
n   Participants perceived the descriptions (i.e., Mr. Rick’s
    estimates) as more trustworthy when presented as
    relative frequencies compared to percentages.

           “I trusted Mr. Rick to provide reliable information
           about the bag of chips.”




                                           A Kolmogorov-Smirnov test confirms
                                           that the trust ratings differ as a
                                           function of the presentation format
                                           (p < .05)




                                                        20
Standard analyses:
Summary and reflection
n   Optimality of the judgments is affected by the sample
    assignment and its interaction with the presentation
    format.
n   Perceived trust is related to the presentation format.

n   What processes underlie these findings?




                                               21
Modeling subjective integration
n   What constructs link the participants’ overt judgments to the
    experienced and described samples?

n   Hypotheses about the relevant constructs are represented
    by mathematical models.

n   The model fits lead to measurements of the pertinent
    constructs.
    q in this research, the model fits yield measurements of the

      subjective sensitivity to the two information sources.



                                                    22
Model assumptions
n     The model is motivated by two assumptions:
    1. Scaling    • The subjective description- and experience-
                    based samples are not necessarily identical
                    to their objective counterparts.
                  •The relationship between the subjective and
                  the objective samples can be approximated by
                  a suitable equation.


    2. Averaging The subjective representations of the two
                 samples are integrated by an averaging-like
                 process.


                                                   23
Overview of the model derivation
•
    The model yields a predicted judgment for any pair of
    samples.
•
    The predicted response is derived by combining the scaling
    and averaging assumptions.
•
    The model relates the participants’ judgments to the
    descriptions and experiences they received.




                                                          24
Model derivation details
Scaling     p D = κ D PD + 50(1 − κ D )    P   Actual sample

            p E = κ E PE + 50(1 − κ E )    p   Subjective sample

                                          κ    Subjective sensitivity




Averaging   ˆ
            R = .5( p D + p E )            ˆ
                                           R Predicted judgment

Model-      ˆ
            R = α D PD + α E PE + 50[1 − (α D + α E )] α i = .5κ i
predicted
judgment


                                                    25
Model Parameter Estimation
n   Model parameters (i.e., the two αs) are estimated
    separately for each participant.
n   Parameters are estimated using Maximum Likelihood
    Estimation procedures.
    q i.e., loosely speaking, the goal of the procedure is to

       find the parameter values that maximize the likelihood
       of observing the responses,
     e.g., P(R | model params).




                                                  26
Error theory
•
        The application of the model to the data requires an error theory.

•
        Observed response =
          model predicted response + error,

                                      ˆ
                                  R = R+ε
    •
         We assumed ε to be normally distributed,
         ●
           with mean θ (theta),
         ●
           and standard deviation ς (sigma).




                                                                27
Log likelihood expression

                  32
             L=   ∑ ln[ f (ε )]
                  t =1
                            t




                                  28
Model fitting
           •
               The model requires estimation of four parameters

                            [α D , α E , ς ,θ ]
    Starting values                          Permissible values

      α D = .5                              | α D |≤ 1
      α E = .5                              | α E |≤ 1
      ς =0                                  | ς |< 90
      θ = 12                                .01 < θ < 40

       •
               Fits of nested models follow similar procedure
                                                                  29
Model predictions
•
    The observed and model-predicted        Observed
    judgments of an illustrative
    participant are plotted as a function
    of the optimal judgments.

•
    The model-predicted judgments
    capture the relationship between the
    extremeness of the experienced
    sample and the extremeness of the
    participant’s judgments.
                                            Predicted




                                                    30
Model results
The sensitivity to description was
substantially lower than the optimal
(i.e., .5).



The sensitivity to experience was
slightly higher than the optimal (.5).




•
    The relative frequency format minimizes
    differences between processing            MANOVA with the two αs as the dependent
    description and experience.               variables and the description format as its
                                              factor :
                                              Format, F(2, 98) = 5.7, p < .01.
                                              Format effects on αD and αE are F(1, 99) =
                                              11.53, p < .01 and (1, 99) = 1.76, p = .19,
                                              respectively.       31
Hypotheses about the integration
n   The subjective sensitivities to description and experience
    might be related to each other.
    q   The model, as presented to this point, does not specify form of the
        relationship (if any).
    q   The results, however, suggest that the sensitivities are inversely
        related to each other (i.e., the sensitivities trade-off).




                                                        32
Hypotheses about Integration

n   How, if at all, do the sensitivities to description and
    experience relate to each other?
    1. the sensitivities trade-off
    2. the sensitivities are equal to each other
    3. the sensitivities are equal to each other and optimal
       (i.e., both equal to .5)

n   The model yields tests of these hypotheses at the
    individual-participant level.



                                               33
Hypothesis Testing: Restricted Models

                                      Hypothesis            Putative
n   Hypotheses about the
    integration process are                              relationship
    represented by postulating
    specific relationships between   Unrelated
    the model parameters.
n   The hypotheses are tested by     Tradeoff
    comparing model fits (e.g., G2                       αD +αE =1
    tests and related procedures)    Equal sensitivity
                                                         α D = α E ≠ .5

                                     Optimal             α D = α E = .5
                                                   34
Model comparisons: Key finding
•   The best-fitting model                  Hypothesis /               Putative
    depended on the description
    format.                                    Model                 relationship
    •   In the percentage format, the
        tradeoff model outperformed the     Unrelated
        equal-sensitivity model.
    •   In the relative frequency format,   Tradeoff
        the equal–sensitivity model                                  αD +αE =1
        outperformed the tradeoff model.
                                            Equal sensitivity
                                                                     α D = α E ≠ .5

                                            Optimal                  α D = α E = .5

                                                                35
Trust and Subjective Integration
•
    The participants’ trust in the
    description was related to their
    sensitivities to description and
    experience (i.e., as inferred from
    the model)

•
    Specifically, the parameter
    estimates show that more trust
    was associated with more
    comparable sensitivities to
    description and experience.



                                         “I trusted Mr. Rick to provide reliable
                                         information about the bag of chips.”

                                                             36
Summary of the findings
                  Optimality of the judgments


Standard analyses       The observed judgments deviated
                        from the optimal judgments in the
                        direction of the experienced sample.


Added value of          The model fits show that the
using the model         sensitivity to description was less
                        optimal than the sensitivity to
                        experience .

                                                37
Summary of the findings
              Effects of presentation format


Standard analyses    The format did not lead to statistically
                     significant effects.



Added value of       Manipulating the description format of
using the model      the affects the sensitivity to
                     description.
                     The sensitivity to experience was
                     unaffected.
                                               38
Summary of the findings
         Effect of assigning the extreme sample
              to experience vs. description

Standard analyses   Judgments were affected by the
                    information assignment.
                    The extremity of the judgments
                    covaried with the extremity of the
                    experienced sample relative to the
                    described one.
Added value of      The algebra of the model shows that
using the model     the assignment effect is expected if
                    the sensitivites are unequal and the
                    tradeoff is imperfect.
                                           39
Summary of the findings
                  Psychological process


Standard analyses   Standard analyses are mute regarding
                    the underlying psychological process.



Added value of      The model fits suggest that the
using the model     presentation format determines the
                    form of processing (equal sensitivity,
                    tradeoff).


                                            40
Summary of the findings
                          Trust


Standard analyses   Trust in the description varied as a
                    function of the description format (i.e.,
                    percentage vs. relative frequency).


Added value of      The estimated model parameters are
using the model     correlated with the participants’ trust
                    ratings.



                                             41
Brief Discussion
1. Optimality   The finding of suboptimal integration is
                important for motivating theory, for
                anticipating the quality of the judgments in
                real-world tasks, and for designing decision
                aids.
2. Format       The similarity of the processes invoked by
                description and experience depends on the
                source’s presentation format (c.f. Gottlieb, Weiss, &
                Chapman, 2007)

3. Trust        Participants’ trust ratings might be informed
                by their assessments of how fluently they
                process information in a particular format.

                                                    42
Brief Discussion
4 Information   The assignment effects support the
  assignment    hypothesis that description and
                experience are not processed in a similar
                way.


5 Process       Source-related differences in the
                sensitivity to outcome probabilities might
                be the dominant factor in the description-
                experience gap in risky choice.




                                            43
Discussion: Benefits of modeling

n   The model provides a framework for testing hypotheses
    about pertinent constructs.
    q Without a model, these hypotheses are very difficult to

       test.
n   The model removes noise in the data, rendering the
    patterns in the subject’s responses easier to detect.
n   Model parameters (as indicators of underlying process)
    provide useful information for understanding individual
    differences.



                                               44
Open questions
1.    How well does the task mimic people’s information
      integration in more complex situations?
     q   e.g., tasks that involve sources that differ in their
         trustworthiness, multidimensional information, …
2.    How do people allocate their processing resources (e.g.,
      attention) between description and experience?
3.    Are the representational differences between description
      and experience sufficient to account for the description-
      experience gap in risky choice?
4.    What is the role of trust in the descriptions in the
      description-experience gap in risky choice?

                                                   45
Acknowledgments
                   University of Maryland

Faculty and Postdocs               Research Assistants

Thomas Wallsten, Chair (PSYC)      Joshua Boker
Thomas Carlson                     Ezra Geis
Michael Dougherty                  Leda Kaveh
Rebecca Hamilton                   Marissa Lewis
Carl Lejuez
                                   Stephanie Odenheimer
Cheri Ostroff
                                   Lauren Spicer
Hsuchi Ting
                                   Herschel Lisette Sy
                                   Kimberly White

                                              46

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Description And Experience

  • 1. Subjective Integration of Probabilistic Information from Description and Experience Yaron Shlomi, PhD University of Maryland September, 2012 Contact info: ys.work.01@gmail.com
  • 2. Outline n Background n Research questions n Importance n Method n Results q Standard analyses q Model-based analyses n Discussion n Open questions 2
  • 3. Integrating Description and Experience n Information about the prevalence of a particular medical condition is often provided by two sources: 1. Experience: information obtained directly (e.g., from your clinical practice) 2. Description: information observed, abstracted and communicated from other sources (e.g., journal article) n How do people (e.g., physicians) estimate prevalence rates obtained from description and experience? n More generally, how do people integrate probabilistic information obtained from the two sources? 3
  • 4. Description and experience: Same or different? n The nature of the integration depends on how information from description and experienced is processed. n Differences in information source might lead to differences in information processing. q If so, the processing differences between description and experience will affect how information from the two sources is integrated. 4
  • 5. Description and experience: Same or different? n The description-experience gap: Described and experienced information about risky options yield different patterns of choices (e.g., Hertwig & Erev, 2009). n The description-experience gap lends support to the hypothesis that the two sources are not processed in an identical manner. 5
  • 6. Description and experience: Same or different? n The description-experience gap might be due to differences in presentation format (Hau, Pleskac, & Hertwig, 2010): q Description typically provides information using percentage or probability formats. q Experience provides information about relative frequencies n Judgments based on relative frequencies are more accurate than those based on percentages or probabilities (Gigerenzer & Hoffrage, 1995). 6
  • 7. Research questions 1. To what extent does the subjective integration of description and experience deviate from optimal standards of integration? 2. What role, if any, does the presentation format play in the integration? 3. Are description and experience treated as equivalent sources of information? 4. Is the nature of the integration related to the trust in the source of the description? 5. What are the processes involved in subjective integration of description and experience? 7
  • 8. Importance 1. Integration of description and experience informs potentially consequential judgments and choices. 2. Previous research on integrating the two sources is scarce and focused on choice tasks. Conclusions may not be generalizable to judgment tasks. 3. The task developed for this investigation could be modified to assess integration in more complex scenarios. 8
  • 9. Methodology n Participants’ task was to estimate the percentage red chips in a bag containing red and blue chips. n Participants received information about two independent samples of 13 chips each from the bag. q One sample was experienced; the other was described 9
  • 10. Operational definitions Description sample: Experience sample: Summary of a Trial-by-trial sample of chips. sampling of blue and red e.g., Mr. Rick chips. sampled 13 chips. 62% of the chips in Mr. Rick’s sample were red. Judgment: Estimate percentage of red chips in the bag. 10
  • 11. Manipulating Presentation Format n The numerical format of the description was manipulated between-participants . Format Illustrative description Percentage Mr. Rick sampled 13 chips. (n = 51) 62% of the chips were red. Relative frequency Mr. Rick sampled 13 chips. (n = 50) 8 chips were red. 11
  • 12. Stimuli • 16 pairs of samples obtained from • 16 additional pairs. description and experience • In these pairs, the experienced • In all of these pairs, the experienced sample is less extreme than the sample is more extreme than the described one (e.g., 80% vs. 90%). described one (e.g., 90% vs. 80%). • Does the integration depend on the assignment of the two samples to the two sources? • Are description and experience interchangeable sources of information? 12
  • 13. Results n Standard analyses n Model-based analyses 13
  • 14. Optimal judgments n The quality of the subjective integration is measured by comparing the participants’ judgments to a set of optimal judgments. n The optimal judgment is defined as the average of the description- and experienced- based sample proportions. q The definition of this judgment as optimal assumes that the two samples are obtained independently and are equally reliable (i.e., the sample ns are equal). 14
  • 15. Illustrating deviations from optimality n The observed judgments are compared to the optimal judgments. n If optimal, the observed judgments would lie on the identity line. n If suboptimal, the observed judgments are either more extreme or less extreme than the optimal judgments. q Equivalently, the observed judgments are anti- 15 regressive or regressive.
  • 16. Deviations from optimality Percentage format n The direction of the deviations in the percentage format depends on the extremity of the experienced sample relative to the described one. 16
  • 17. Deviations from optimality n The relative frequency format leads to more optimal judgments than the percentage format. Percentage Relative frequency 17
  • 18. Deviations from optimality • The extremity of the judgments covaried with the extremity of the experienced sample. • The relative frequency format attenuates the suboptimality of the judgments. Observed more extreme than optimal Observed less extreme than optimal • Format, F(1, 99) = 1.31, p = .26 • Assignment , F(1, 99) = 26.97, p<.001 18 • Interaction, F(1, 99) = 7.79, p < .01
  • 19. Integration, Format and Trust q After completing 32 trials participants rated the following statement, q “I trusted Mr. Rick to provide reliable information about the bag of chips.” q Participants responded by marking a 5-point scale labeled with “Completely disagree”, “Somewhat disagree”, “Neutral”, “Somewhat agree” and “Completely agree”.
  • 20. Integration, Format and Trust n Participants perceived the descriptions (i.e., Mr. Rick’s estimates) as more trustworthy when presented as relative frequencies compared to percentages. “I trusted Mr. Rick to provide reliable information about the bag of chips.” A Kolmogorov-Smirnov test confirms that the trust ratings differ as a function of the presentation format (p < .05) 20
  • 21. Standard analyses: Summary and reflection n Optimality of the judgments is affected by the sample assignment and its interaction with the presentation format. n Perceived trust is related to the presentation format. n What processes underlie these findings? 21
  • 22. Modeling subjective integration n What constructs link the participants’ overt judgments to the experienced and described samples? n Hypotheses about the relevant constructs are represented by mathematical models. n The model fits lead to measurements of the pertinent constructs. q in this research, the model fits yield measurements of the subjective sensitivity to the two information sources. 22
  • 23. Model assumptions n The model is motivated by two assumptions: 1. Scaling • The subjective description- and experience- based samples are not necessarily identical to their objective counterparts. •The relationship between the subjective and the objective samples can be approximated by a suitable equation. 2. Averaging The subjective representations of the two samples are integrated by an averaging-like process. 23
  • 24. Overview of the model derivation • The model yields a predicted judgment for any pair of samples. • The predicted response is derived by combining the scaling and averaging assumptions. • The model relates the participants’ judgments to the descriptions and experiences they received. 24
  • 25. Model derivation details Scaling p D = κ D PD + 50(1 − κ D ) P Actual sample p E = κ E PE + 50(1 − κ E ) p Subjective sample κ Subjective sensitivity Averaging ˆ R = .5( p D + p E ) ˆ R Predicted judgment Model- ˆ R = α D PD + α E PE + 50[1 − (α D + α E )] α i = .5κ i predicted judgment 25
  • 26. Model Parameter Estimation n Model parameters (i.e., the two αs) are estimated separately for each participant. n Parameters are estimated using Maximum Likelihood Estimation procedures. q i.e., loosely speaking, the goal of the procedure is to find the parameter values that maximize the likelihood of observing the responses, e.g., P(R | model params). 26
  • 27. Error theory • The application of the model to the data requires an error theory. • Observed response = model predicted response + error, ˆ R = R+ε • We assumed ε to be normally distributed, ● with mean θ (theta), ● and standard deviation ς (sigma). 27
  • 28. Log likelihood expression 32 L= ∑ ln[ f (ε )] t =1 t 28
  • 29. Model fitting • The model requires estimation of four parameters [α D , α E , ς ,θ ] Starting values Permissible values α D = .5 | α D |≤ 1 α E = .5 | α E |≤ 1 ς =0 | ς |< 90 θ = 12 .01 < θ < 40 • Fits of nested models follow similar procedure 29
  • 30. Model predictions • The observed and model-predicted Observed judgments of an illustrative participant are plotted as a function of the optimal judgments. • The model-predicted judgments capture the relationship between the extremeness of the experienced sample and the extremeness of the participant’s judgments. Predicted 30
  • 31. Model results The sensitivity to description was substantially lower than the optimal (i.e., .5). The sensitivity to experience was slightly higher than the optimal (.5). • The relative frequency format minimizes differences between processing MANOVA with the two αs as the dependent description and experience. variables and the description format as its factor : Format, F(2, 98) = 5.7, p < .01. Format effects on αD and αE are F(1, 99) = 11.53, p < .01 and (1, 99) = 1.76, p = .19, respectively. 31
  • 32. Hypotheses about the integration n The subjective sensitivities to description and experience might be related to each other. q The model, as presented to this point, does not specify form of the relationship (if any). q The results, however, suggest that the sensitivities are inversely related to each other (i.e., the sensitivities trade-off). 32
  • 33. Hypotheses about Integration n How, if at all, do the sensitivities to description and experience relate to each other? 1. the sensitivities trade-off 2. the sensitivities are equal to each other 3. the sensitivities are equal to each other and optimal (i.e., both equal to .5) n The model yields tests of these hypotheses at the individual-participant level. 33
  • 34. Hypothesis Testing: Restricted Models Hypothesis Putative n Hypotheses about the integration process are relationship represented by postulating specific relationships between Unrelated the model parameters. n The hypotheses are tested by Tradeoff comparing model fits (e.g., G2 αD +αE =1 tests and related procedures) Equal sensitivity α D = α E ≠ .5 Optimal α D = α E = .5 34
  • 35. Model comparisons: Key finding • The best-fitting model Hypothesis / Putative depended on the description format. Model relationship • In the percentage format, the tradeoff model outperformed the Unrelated equal-sensitivity model. • In the relative frequency format, Tradeoff the equal–sensitivity model αD +αE =1 outperformed the tradeoff model. Equal sensitivity α D = α E ≠ .5 Optimal α D = α E = .5 35
  • 36. Trust and Subjective Integration • The participants’ trust in the description was related to their sensitivities to description and experience (i.e., as inferred from the model) • Specifically, the parameter estimates show that more trust was associated with more comparable sensitivities to description and experience. “I trusted Mr. Rick to provide reliable information about the bag of chips.” 36
  • 37. Summary of the findings Optimality of the judgments Standard analyses The observed judgments deviated from the optimal judgments in the direction of the experienced sample. Added value of The model fits show that the using the model sensitivity to description was less optimal than the sensitivity to experience . 37
  • 38. Summary of the findings Effects of presentation format Standard analyses The format did not lead to statistically significant effects. Added value of Manipulating the description format of using the model the affects the sensitivity to description. The sensitivity to experience was unaffected. 38
  • 39. Summary of the findings Effect of assigning the extreme sample to experience vs. description Standard analyses Judgments were affected by the information assignment. The extremity of the judgments covaried with the extremity of the experienced sample relative to the described one. Added value of The algebra of the model shows that using the model the assignment effect is expected if the sensitivites are unequal and the tradeoff is imperfect. 39
  • 40. Summary of the findings Psychological process Standard analyses Standard analyses are mute regarding the underlying psychological process. Added value of The model fits suggest that the using the model presentation format determines the form of processing (equal sensitivity, tradeoff). 40
  • 41. Summary of the findings Trust Standard analyses Trust in the description varied as a function of the description format (i.e., percentage vs. relative frequency). Added value of The estimated model parameters are using the model correlated with the participants’ trust ratings. 41
  • 42. Brief Discussion 1. Optimality The finding of suboptimal integration is important for motivating theory, for anticipating the quality of the judgments in real-world tasks, and for designing decision aids. 2. Format The similarity of the processes invoked by description and experience depends on the source’s presentation format (c.f. Gottlieb, Weiss, & Chapman, 2007) 3. Trust Participants’ trust ratings might be informed by their assessments of how fluently they process information in a particular format. 42
  • 43. Brief Discussion 4 Information The assignment effects support the assignment hypothesis that description and experience are not processed in a similar way. 5 Process Source-related differences in the sensitivity to outcome probabilities might be the dominant factor in the description- experience gap in risky choice. 43
  • 44. Discussion: Benefits of modeling n The model provides a framework for testing hypotheses about pertinent constructs. q Without a model, these hypotheses are very difficult to test. n The model removes noise in the data, rendering the patterns in the subject’s responses easier to detect. n Model parameters (as indicators of underlying process) provide useful information for understanding individual differences. 44
  • 45. Open questions 1. How well does the task mimic people’s information integration in more complex situations? q e.g., tasks that involve sources that differ in their trustworthiness, multidimensional information, … 2. How do people allocate their processing resources (e.g., attention) between description and experience? 3. Are the representational differences between description and experience sufficient to account for the description- experience gap in risky choice? 4. What is the role of trust in the descriptions in the description-experience gap in risky choice? 45
  • 46. Acknowledgments University of Maryland Faculty and Postdocs Research Assistants Thomas Wallsten, Chair (PSYC) Joshua Boker Thomas Carlson Ezra Geis Michael Dougherty Leda Kaveh Rebecca Hamilton Marissa Lewis Carl Lejuez Stephanie Odenheimer Cheri Ostroff Lauren Spicer Hsuchi Ting Herschel Lisette Sy Kimberly White 46