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MDFT account of decision making under time pressure

Abstract

In this paper, decision making under time pressure for multiattribute choice alternatives in a risky environment is investigated. A model, multiattribute decision field theory (MDFT), is introduced that describes both the dynamic and the stochastic nature of decision making and accounts for the observed changes in choice probabilities, including preference reversals as a function of time limit. An experiment in which five different time limits were imposed on the decision maker is presented to test the predictions of the model. It is shown that MDFT is able to account for the complex decision behavior observed in the data. Furthermore, MDFT is compared with the predictions of decision field theory (Busemeyer & Townsend, 1993; Roe, Busemeyer, & Townsend, 2001).

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Correspondence to Adele Diederich.

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This research was supported by Deutsche Forschungsgemeinschaft Grants Di 506/5-1 and Di 506/6-1.

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Diederich, A. MDFT account of decision making under time pressure. Psychonomic Bulletin & Review 10, 157–166 (2003). https://doi.org/10.3758/BF03196480

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  • DOI: https://doi.org/10.3758/BF03196480

Keywords

  • Decision Maker
  • Time Pressure
  • Choice Alternative
  • Choice Probability
  • Switching Rate