Results (
Thai) 2:
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Individual differences in cognitive abilities and skills can predict normatively superior and logically consistent judgments
and decisions. The current experiment investigates the processes that mediate individual differences in risky
choices. We assessed working memory span, numeracy, and cognitive impulsivity and conducted a protocol analysis to
trace variations in conscious deliberative processes. People higher in cognitive abilities made more choices consistent
with expected values; however, expected-value choices rarely resulted from expected-value calculations. Instead, the
cognitive ability and choice relationship was mediated by the number of simple considerations made during decision
making — e.g., transforming probabilities and considering the relative size of gains. Results imply that, even in simple
lotteries, superior risky decisions associated with cognitive abilities and controlled cognition can reflect metacognitive
dynamics and elaborative heuristic search processes, rather than normative calculations. Modes of cognitive control
(e.g., dual process dynamics) and implications for process models of risky decision-making (e.g., priority heuristic) are
discussed.
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