Abstract
The effect of the quantity of information which decision makers receive per unit time and the effect of the length of time spent in decision-making groups on the degree of risk taking in decision making were examined. A simulated decision-making task of some complexity was used for data collection to permit comparison with results obtained in simpler laboratory settings. It was found that risk taking increases with time spent in decision making and reaches highest levels under optimal information conditions. Parallels to studies in simpler environments were examined.
Article PDF
Similar content being viewed by others
Avoid common mistakes on your manuscript.
References
BROWN, R. Social psychology. New York: The Free Press, 1965.
COMBS, C. H., & PRUITT, D. G. Components of risk in decision making: Probability and variance preferences. Journal of Experimental Psychology, 1960, 60, 265–277.
DAVIS, J. H., HOPPE, R. A., & HORNSETH, J. P. Risk taking: Task, response pattern and grouping. Organizational Behavior & Human Performance, 1968, 3, 124–142.
DRIVER, M. J., & STREUFERT, S. Group composition, input load and group information processing. Purdue University: Institute for Research in the Behavioral, Economic and Management Sciences: Institute Paper No. 142, 1966.
EDWARDS, W. Probability preferences in gambling. American Journal of Psychology, 1953, 66, 349–364.
EDWARDS, W. Probability preferences in gambling. American Journal of Psychology, 1954, 67, 441–452.
KOGAN, N., & WALLACH, M. A. Risk taking, a study in cognition and personality. New York: Holt, Rinehart, & Winston, 1964.
PRUITT, D. G. Pattern and level of risk taking in gambling decisions. Psychological Review, 1962, 69, 520–536.
RETTIG, S. Ethical risk taking in group and individual conditions. Journal of Personality & Social Psychology, 1966, 4, 648–654.
SCHRODER, H. M., DRIVER, M. J., & STREUFERT, S. Human information processing. New York: Holt, Rinehart, & Winston, 1967.
STREUFERT, S., CLARDY, M. A., DRIVER, M. J., KARLINS, M., SCHRODER, H., M., & SUEDFELD, P. A tactical game for the analysis of complex decision making in individuals and groups. Psychological Reports, 1965, 17, 723–729.
STREUFERT, S., & DRIVER, M. J. Conceptual structure, information load and perceptual complexity. Psychonomic Science, 1965, 3, 249–250.
STREUFERT, S., & DRIVER, M. J. Impression formation as asmeasure of the complexity of conceptual structure. Educational & Psychological Measurement, 1967, 27, 1025–1039.
STREUFERT, S., DRIVER, M. J., & HAUN, K. Components of sresponse rate in complexs decision making. Journal of Experimental Social Psychology, 1967, 3, 286–295.
STREUFERT, S., & SCHRODER, H. M. Conceptual structure, environmental complexity and task performance. Journal of Experimental Research in Personality, 1965, 1, 132–137.
STREUFERT, S., SUEDFELD, P., & DRIVER, M. J. Conceptual structure, information search and information utilization. Journal of Personality & Social Psychology, 1965, 2, 736–740.
WALLACH, M. A., KOGAN, N., & BEM, D. J. Groups influence on individual risk taking. Journal of Abnormal and Social Psychology, 1962, 63, 75–86.
Author information
Authors and Affiliations
Additional information
Research support from the Office of Naval Research, Group Psychology Branch, is gratefully acknowledged.
Rights and permissions
About this article
Cite this article
Streufert, S., Streufert, S.C. Information load, time spent, and risk taking in complex decision making. Psychon Sci 13, 327–328 (1968). https://doi.org/10.3758/BF03342609
Published:
Issue Date:
DOI: https://doi.org/10.3758/BF03342609