Header

UZH-Logo

Maintenance Infos

The role of motivation and volition in economic decisions: evidence from eye-movements and pupillometry


Ludwig, Jonas; Jaudas, Alexander; Achtziger, Anja (2020). The role of motivation and volition in economic decisions: evidence from eye-movements and pupillometry. Journal of Behavioral Decision Making, 33(2):180-195.

Abstract

Economic decisions usually involve high stakes, real consequences and some degree of personal risk. This article explores the impact of motivational and volitional states on economic decision processes in an incentivized lottery choice task. We investigated the patterns of decision time, choice, information search, and pupil dilation dependent on an experimental manipulation of motivation and volition, i.e., the deliberative and the implemental mindset. The results indicated that choice preferences in economic decisions were robust and remained unaffected by motivational and volitional states, but decision processes were notably impacted. Decision makers in a deliberative state of mind searched for information more extensively and made slower decisions than the baseline. The implemental mindset was associated with comparatively more attention paid to the probability attributes of the gambles relative to the deliberative mindset. Furthermore, we observed that gamble outcomes which entailed no win at all (i.e., zero-outcomes) played an important role for information search. These outcomes were largely disregarded in terms of predecisional information search but elicited pupillary responses similar to very high outcome lotteries. These results inform the current debate about the zero-effect in risky choice. We also discuss the potential of eye-tracking studies of risky choice to dissolve ambiguities concerning the contributions of effort and arousal to modulating pupillary response. Implications for theoretical advances in decision research are discussed.

Abstract

Economic decisions usually involve high stakes, real consequences and some degree of personal risk. This article explores the impact of motivational and volitional states on economic decision processes in an incentivized lottery choice task. We investigated the patterns of decision time, choice, information search, and pupil dilation dependent on an experimental manipulation of motivation and volition, i.e., the deliberative and the implemental mindset. The results indicated that choice preferences in economic decisions were robust and remained unaffected by motivational and volitional states, but decision processes were notably impacted. Decision makers in a deliberative state of mind searched for information more extensively and made slower decisions than the baseline. The implemental mindset was associated with comparatively more attention paid to the probability attributes of the gambles relative to the deliberative mindset. Furthermore, we observed that gamble outcomes which entailed no win at all (i.e., zero-outcomes) played an important role for information search. These outcomes were largely disregarded in terms of predecisional information search but elicited pupillary responses similar to very high outcome lotteries. These results inform the current debate about the zero-effect in risky choice. We also discuss the potential of eye-tracking studies of risky choice to dissolve ambiguities concerning the contributions of effort and arousal to modulating pupillary response. Implications for theoretical advances in decision research are discussed.

Statistics

Citations

Altmetrics

Downloads

1 download since deposited on 13 Aug 2019
1 download since 12 months
Detailed statistics

Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > General Decision Sciences
Social Sciences & Humanities > Arts and Humanities (miscellaneous)
Social Sciences & Humanities > Applied Psychology
Social Sciences & Humanities > Sociology and Political Science
Social Sciences & Humanities > Strategy and Management
Uncontrolled Keywords:Decisions under risk, economic decisions, eye tracking, mindset theory, monetary incentives, pupillometry
Language:English
Date:1 April 2020
Deposited On:13 Aug 2019 07:30
Last Modified:15 Apr 2020 23:59
Publisher:Wiley-Blackwell Publishing, Inc.
ISSN:0894-3257
OA Status:Closed
Publisher DOI:https://doi.org/10.1002/bdm.2152

Download

Closed Access: Download allowed only for UZH members