People Prefer More Information About Uncertainty, But Perform Worse When Given This Information: An Explanation of the Paradoxical Phenomenon

Authors

Jieqiong Zhao, Arizona State UniversityFollow
Olga Kosheleva, The University of Texas at El PasoFollow
Vladik Kreinovich, The University of Texas at El PasoFollow

Publication Date

4-1-2023

Comments

Technical Report: UTEP-CS-23-13

Abstract

In a recent experiment, decision makers were asked whether they would prefer having more information about the corresponding situation. They confirmed this preference, and such information was provided to them. However, strangely, the decisions of those who received this information were worse than the decisions of the control group -- that did not get this information. In this paper, we provide an explanation for this paradoxical situation.