The present study tested the hypothesis that maximizers – people who routinely seek to make optimal decisions rather than quickly settling for an acceptable one – are less susceptible to cognitive biases. Experiment 1 showed that high maximizers are less swayed by irrelevant differences in the framing of a decision-making scenario than are low maximizers. Experiment 2 confirmed that maximizers are also less likely to neglect important base rate information when making decisions. Experiment 3 showed that maximizers are less likely to stick with a bad plan in which they have already invested (the sunk-cost bias) and therefore are quicker to switch to a more attractive alternative plan. Thus, we conclude that maximizers are generally more normative decision-makers. The present study also confirms the importance of using refined maximizing scales.

Are Maximizers More Normative Decision-Makers? An Experimental Investigation of Maximizers’ Susceptibility to Cognitive Biases

Faraci P.;
2021

Abstract

The present study tested the hypothesis that maximizers – people who routinely seek to make optimal decisions rather than quickly settling for an acceptable one – are less susceptible to cognitive biases. Experiment 1 showed that high maximizers are less swayed by irrelevant differences in the framing of a decision-making scenario than are low maximizers. Experiment 2 confirmed that maximizers are also less likely to neglect important base rate information when making decisions. Experiment 3 showed that maximizers are less likely to stick with a bad plan in which they have already invested (the sunk-cost bias) and therefore are quicker to switch to a more attractive alternative plan. Thus, we conclude that maximizers are generally more normative decision-makers. The present study also confirms the importance of using refined maximizing scales.
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11387/148485
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