Attention biases the process of risky decision-making: Evidence from eye-tracking

Abstract

Attention determines what kind of option information is processed during risky choices owing to the limitation of visual attention. This paper reviews research on the relationship between higher-complexity risky decision-making and attention as illustrated by eye-tracking to explain the process of risky decision-making by the effect of attention. We demonstrate this process from three stages: the pre-phase guidance of options on attention, the process of attention being biased, and the impact of attention on final risk preference. We conclude that exogenous information can capture attention directly to salient options, thereby altering evidence accumulation. In particular, for multi-attribute risky decision-making, attentional advantages increase the weight of specific attributes, thus biasing risk preference in different directions. We highlight the significance of understanding how people use available information to weigh risks from an information-processing perspective via process data.

Keywords

attention / evidence accumulation / eye-tracking / risk preference / risky decision-making

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