Too much or too little information: how unknown uncertainty fuels time inconsistency.

ABSTRACT: Under uncertainty, there is considerable heterogeneity in expectations of results, and the outcome of each choice is a reflection of those expectations. This study aims to understand the role of subjective probabilistic inference in updating information for decision-making procedures under uncertainty. We show that adding uncertainty of trade-offs in decision-making criteria induces more inconsistent present preferences. We find that subjective probabilistic inference results in different levels of information acquisition, which plays a central role in many everyday cases of forecasting. The result of forecasting exerts substantive constraints on cognitive processes and shapes a type of restriction or stimulus in decision-making procedures. As uncertainty increases, generated fear of losse

SUBMITTER: Kim I 

PROVIDER: S-EPMC8767536 | biostudies-literature | 2022

REPOSITORIES: biostudies-literature