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Exploring Common Antecedents of Three Related Decision Biases

Westfall, Jonathan E.
http://rave.ohiolink.edu/etdc/view?acc_num=toledo1248468207

Abstract Details

2009, Doctor of Philosophy, University of Toledo, Psychology.
“Decision making inertia” is a term loosely used to describe the similar nature of a variety of decision making biases that predominantly favor a decision to maintain one course of action over switching to a new course. Three of these biases, the sunk cost effect, status-quo bias, and inaction inertia are discussed here. Combining earlier work on strength of handedness and the sunk cost effect along with new findings regarding counterfactual thought, this work principally seeks to determine if counterfactual thought may drive the three decision biases of note while also analyzing common relationships between the biases, strength of handedness, and the variables of regret and loss aversion. Over a series of experiments, it was found that handedness differences did exist in the three biases discussed, that amount and type of counterfactuals generated did not predict choice within the status-quo bias, and that the remaining variables potentially thought to drive the biases presented did not link causally to them. This is important as it suggests that decision making inertia, if it does exist, is not tied to one common antecedent.
John D. Jasper, PhD (Committee Chair)
Stephen D. Christman, PhD (Committee Member)
Rickye E. Heffner, PhD (Committee Member)
Kamala L. London, PhD (Committee Member)
Michael E. Doherty, PhD (Committee Member)
105 p.
Psychology
biases; decision-making; cognitive psychology; sunk cost effect; status-quo bias; inaction inertia; omission bias; regret; loss aversion

Recommended Citations

Citations

  • Westfall, J. E. (2009). Exploring Common Antecedents of Three Related Decision Biases [Doctoral dissertation, University of Toledo]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=toledo1248468207

    APA Style (7th edition)

  • Westfall, Jonathan. Exploring Common Antecedents of Three Related Decision Biases. 2009. University of Toledo, Doctoral dissertation. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=toledo1248468207.

    MLA Style (8th edition)

  • Westfall, Jonathan. "Exploring Common Antecedents of Three Related Decision Biases." Doctoral dissertation, University of Toledo, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=toledo1248468207

    Chicago Manual of Style (17th edition)

toledo1248468207
913
© 2009, all rights reserved.
This open access ETD is published by University of Toledo and OhioLINK.