Dynamic Decision Making: Individual Attributes And Behavior in a Challenge Dice Game

Abstract

Adopting both experimental and individual differences approaches we study dynamic decision making using the Challenge Dice Game. Experimentally, this computer task offered subjects immediate feedback and the opportunity to modify their strategic behavior over time. Subjects were found to behave more aggressively than equilibrium predictions and failed to approach optimal play with experience. From the individual difference perspective, characteristics thought to explain behavior and performance in uncertain and risky decision contexts were compared to observed behavior and performance with mixed results. We conclude that existing psychological scales are imperfect and not necessarily strong predictors of behavior and performance in dynamic decision tasks.