Examining Decision-Making Strategies Based on Information Acquisition and Information Search Time

Abstract

Eight participants reviewed a multimedia presentation regarding the hypoxic zone phenomenon in a role-play as a legislator's aide. They rated the phenomenon's importance to the United States and indicated what portion of the legislator's budget to devote to research of it. After viewing a segment of the presentation, participants indicated their distance to a decision and confidence that would be their final decision. Interviews after each segment revealed two decision strategies: slow movement toward a decision, or abrupt decision-making after approximately half the presentation. Decision style was correlated with decision confidence. These two groups differed in their trade-offs of willingness to spend time in information search and need for more information. Slow decision makers were less confident about their final decision; acquisition of information was more critical than time spent on the information search. Abrupt decision-makers were more confident of their final decision; minimizing time spent in information search was more critical than information acquisition.