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Parker AM, Weller JA. Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: an examination of concurrent validity. Front Psychol. 2015;6:717doi: 10.3389/fpsyg.2015.00717.
Parker, A. M., & Weller, J. A. (2015). Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: an examination of concurrent validity. Frontiers in psychology, 6717. https://doi.org/10.3389/fpsyg.2015.00717
Parker, Andrew M, and Weller, Joshua A. "Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: an examination of concurrent validity." Frontiers in psychology vol. 6 (2015): 717. doi: https://doi.org/10.3389/fpsyg.2015.00717
Parker AM, Weller JA. Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: an examination of concurrent validity. Front Psychol. 2015 May 28;6:717. doi: 10.3389/fpsyg.2015.00717. eCollection 2015. PMID: 26074857; PMCID: PMC4446538.
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Front Psychol. 2015 May 28;6:717. doi: 10.3389/fpsyg.2015.00717. eCollection 2015.

Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: an examination of concurrent validity.

Frontiers in psychology

Andrew M Parker, Joshua A Weller

Affiliations

  1. RAND Corporation Pittsburgh, PA, USA.
  2. School of Psychological Science, Oregon State University Corvallis, OR, USA ; Decision Research Eugene, OR, USA.

PMID: 26074857 PMCID: PMC4446538 DOI: 10.3389/fpsyg.2015.00717

Abstract

Decision-making competence reflects individual differences in the susceptibility to committing decision-making errors, measured using tasks common from behavioral decision research (e.g., framing effects, under/overconfidence, following decision rules). Prior research demonstrates that those with higher decision-making competence report lower incidence of health-risking and antisocial behaviors, but there has been less focus on intermediate processes that may impact real-world decisions, and, in particular, those implicated by normative models. Here we test the associations between measures of youth decision-making competence (Y-DMC) and one such process, the degree to which individuals make choices consistent with maximizing expected value (EV). Using a task involving hypothetical gambles, we find that greater EV sensitivity is associated with greater Y-DMC. Higher Y-DMC scores are associated with (a) choosing risky options when EV favors those options and (b) avoiding risky options when EV favors a certain option. This relationship is stronger for gambles that involved potential losses. The results suggest that Y-DMC captures decision processes consistent with standard normative evaluations of risky decisions.

Keywords: competence; decision making; expected value sensitivity; individual differences; risky choice

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