Individual differences in decision making depend on cognitive abilities, monitoring and control

Article


Jackson, Simon A., Kleitman, Sabina, Stankov, Lazar and Howie, Pauline. 2017. "Individual differences in decision making depend on cognitive abilities, monitoring and control." Journal of Behavioral Decision Making. 30 (2), pp. 209-223. https://doi.org/10.1002/bdm.1939
Article Title

Individual differences in decision making depend on cognitive abilities, monitoring and control

ERA Journal ID6356
Article CategoryArticle
AuthorsJackson, Simon A. (Author), Kleitman, Sabina (Author), Stankov, Lazar (Author) and Howie, Pauline (Author)
Journal TitleJournal of Behavioral Decision Making
Journal Citation30 (2), pp. 209-223
Number of Pages15
Year2017
Place of PublicationUnited Kingdom
ISSN0894-3257
1099-0771
Digital Object Identifier (DOI)https://doi.org/10.1002/bdm.1939
Web Address (URL)http://onlinelibrary.wiley.com/doi/10.1002/bdm.1939/epdf
Abstract

Decision making is the process by which actions are constructed and initiated. Across many research streams, this can be explained in terms of three broad cognitive processes: cognitive abilities that construct judgements and potential courses of action, and interacting monitoring and control processes that determine when to initiate them as behaviour. The aim of this research was to investigate the generality of individual differences in these processes, and their power to predict patterns of decision behaviour identified in our previous research. Undergraduate participants (N = 364) completed nine tests assessing cognitive abilities, monitoring confidence, control thresholds and various patterns of decision behaviour. The tests differed in their cognitive ability requirements and the nature of the payoffs associated with decisions. Cognitive abilities were a strong predictor of individuals' decision competence and optimality, while monitoring confidence and control thresholds were strong and unique predictors of their overall decisiveness, and reckless and hesitant errors. These results were strongest when the measures of cognitive abilities and monitoring confidence were derived from tests with the same cognitive requirements as the tests used to derive the decision behaviours and when the control threshold measure was derived from tests with the same decision payoffs as the test used to derive the decision behaviours. This effect was particularly pronounced for control thresholds, highlighting the domain-specific nature of cognitive control processes. These findings demonstrate how cognitive abilities, monitoring output and control thresholds interact with cognitive requirements and context-specific payoffs to drive individual differences in decision-making behaviour.

Keywordscognitive abilities; confidence; control; decision making; individual differences; monitoring
ANZSRC Field of Research 2020520402. Decision making
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Byline AffiliationsUniversity of Sydney
Australian Catholic University
Institution of OriginUniversity of Southern Queensland
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