Collaborative Research: Individual Differences in Decision-Making Competence

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Every day, people face decisions in domains as diverse as the choice of shampoos, stocks, medical treatments, and friends. When people have not learned what to do through trial and error, they need a general ability to make effective decisions. The attendant skills include extracting relevant information from the world, applying general values in specific settings, and integrating these pieces with a coherent decision rule. Research has often found deficiencies in such skills. While interest in general cognitive processes has diverted attention from individual differences, people do differ substantially in these skills.Parker and Fischhoff (2002) used this performance variability to develop a measure of decision-making competence (DMC). Seven tasks, tapping into the above skills, were administered to respondents from an ongoing longitudinal study. Performance correlated positively across the seven DMC tasks, suggesting a common central competency. A single DMC score correlated strongly with measures of intelligence, cognitive style, risk behavior, and social/family influences. Although the CEDAR study demonstrates the potential of DMC, it is limited by problems with some of the instruments and special properties of the sample used. The current research includes four studies that will further refine the seven DMC tasks. Each study addresses individual decision-making skills in light of recent theoretical developments and improving overall scale properties. In addition, these studies provide opportunities for addressing scientific questions within the individual task domains.This connection of laboratory results with "real world" behavior is an exercise itself that has not been widely pursued. It provides the opportunity to clarify the validity of decision-making research findings, as well as shed light on the underlying theory. This work has applications to the training of individuals to make better decisions, competence in making legal and medical decisions, as well as relative performance in competitive environments.