Decision making can be improved through observational learning
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Published version
Date
2021-01
Authors
Yoon, Haewon
Scopelliti, Irene
Morewedge, Carey K.
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Published version
OA Version
Citation
H. Yoon, I. Scopelliti, C.K. Morewedge. 2021. "Decision making can be improved through observational learning." Organizational Behavior and Human Decision Processes, Volume 162, pp. 155 - 188. https://doi.org/10.1016/j.obhdp.2020.10.011
Abstract
Observational learning can debias judgment and decision making. One-shot observational learning-based training interventions (akin to “hot seating”) can produce reductions in cognitive biases in the laboratory (i.e., anchoring, representativeness, and social projection), and successfully teach a decision rule that increases advice taking in a weight on advice paradigm (i.e., the averaging principle). These interventions improve judgment, rule learning, and advice taking more than practice. We find observational learning-based interventions can be as effective as information-based interventions. Their effects are additive for advice taking, and for accuracy when advice is algorithmically optimized. As found in the organizational learning literature, explicit knowledge transferred through information appears to reduce the stickiness of tacit knowledge transferred through observational learning. Moreover, observational learning appears to be a unique debiasing training strategy, an addition to the four proposed by Fischhoff (1982). We also report new scales measuring individual differences in anchoring, representativeness heuristics, and social projection.
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Copyright 2020 Elsevier. This accepted author manuscript version is distributed under Creative Commons Attribution Non-Commercial No Derivatives 4.0 License.