Abstract
Nineteen subjects were given a multinomial Bayesian task in which they had to determine which of four populations was being sampled. Each sequentially drawn data item was described on one of three dimensions of differing diagnosticity; knowledge of the given dimension was presented and the subject could choose to purchase or pass it up. Sixty computer-generated problems were administered in a 2 times 3 within-subject factorial design. A problem contained either 16 or 24 total items of information, and subjects were given sufficient resources to purchase either 50%, 75%, or 100% of the available information. A second study incorporating the same task, involving 20 subjects, and employing a one-factor design was carried out to compare available information limits that were specified either exactly (12 and 24 items) or within a range (12 to 24 items). Results indicated that: (1) significantly more information was sought as both amount of available information and resources increased; (2) as response uncertainty was reduced by the acquisition of additional information, accuracy generally increased; (3) when more information was available, subjects were more efficient in selecting data items; and (4) there was no significant difference in information seeking or accuracy between the average of the two exact-limit conditions and the range-limit condition of amount of available information.
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