Effort and Accuracy in Choice

@article{Johnson1985EffortAA,
  title={Effort and Accuracy in Choice},
  author={E. Johnson and J. W. Payne},
  journal={Management Science},
  year={1985},
  volume={31},
  pages={395-414}
}
Individuals often use several different strategies such as the expected value rule, conjunctive rule, and elimination-by-aspects, to make decisions. It has been hypothesized that strategy selection is, in part, a function of (1) the ability of a strategy to produce an accurate response and (2) the strategy's demand for mental resources or effort. We examine effort and accuracy and their role in strategy selection. Several strategies that may be used to make choices under risk are simulated… Expand
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