Individual differences in decision-making: A test of a one-factor model of rationality

Vincent Berthet (), David Autissier () and Vincent de Gardelle
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Vincent Berthet: 2LPN - Laboratoire lorrain de psychologie et neurosciences de la dynamique des comportements - UL - Université de Lorraine
David Autissier: IAE Paris Est Créteil - Institut d'Administration des Entreprises - Paris Est Créteil - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: The study of individual differences in rational decision-making has led to two close streams of research. While the study of scores to the Adult-Decision Making Competence (A-DMC) tasks has provided evidence in favor of a general decision-making competence (DMC) factor, studies investigating individual differences in performance on heuristics and biases tasks have challenged a one-factor model of rationality. Assuming that heuristics and biases are part of DMC and considering that the A-DMC assesses just a few of them, the aim of the present study was to test whether a general DMC factor still emerges when adding four heuristics and biases tasks to the six A-DMC tasks, while ensuring satisfactory levels of score reliability. Exploratory factor analyses revealed that while performance on the A-DMC tasks can be reasonably aggregated into a general DMC measure, a two-factor model provided the best statistical and conceptual fit of the 10 tasks combined, the two factors reflecting Mindware gaps and Contaminated mindware.

Keywords: Cognitive bias; Decision-making; Individual differences; Measurement (search for similar items in EconPapers)
Date: 2022-04
Note: View the original document on HAL open archive server: https://hal.science/hal-03532489v1
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Published in Personality and Individual Differences, 2022, 189, ⟨10.1016/j.paid.2021.111485⟩

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Related works:
Working Paper: Individual differences in decision-making: A test of a one-factor model of rationality (2022)
Working Paper: Individual differences in decision-making: A test of a one-factor model of rationality (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-03532489

DOI: 10.1016/j.paid.2021.111485

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