Item

Abstract

One key question is whether people rely on frugal heuristics or full-information strategies when making preference decisions. We propose a novel method, model-based active learning, to answer whether people conform more to a rank-based heuristic (Take-The-Best) or a weight-based full-information strategy (logistic regression). Our method eclipses traditional model comparison techniques by using information theory to characterize model predictions for how decision makers should actively sample information. These analyses capture how sampling affects learning and how learning affects decisions on subsequent trials. We develop and test model-based active learning algorithms for both Take-The-Best and logistic regression. Our findings reveal that people largely follow a weight-based learning strategy rather than a rank-based strategy, even in cases where their preference decisions are better predicted by the Take-The-Best heuristic. This finding suggests that people may have more refined knowledge than is revealed by their preference decisions, but which can be revealed by their information sampling behavior. We argue that model-based active learning is an effective and sensitive method for model selection that expands the basis for model comparison.