Fast and Wrong: An Eye-Tracking Exploration on How Low "Cognitive Reflection" People Analyze and Choose Commercial Packages With Multidimensional Prices

Based on the literature on individual differences in cognitive processes, we analyzed gaze behavior during a purchase decision context to understand if the levels of cognitive reflection affect the type of price-information processing and, in turn, the quality of choice. The participants were presen...

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Bibliographic Details
Published in:Journal of neuroscience, psychology, and economics psychology, and economics, 2024-06, Vol.17 (2), p.88-109
Main Authors: Dorigoni, Alessia, Bonini, Nicolao
Format: Article
Language:English
Subjects:
Choice Behavior
Classification (Cognitive Process)
Cognitive Processes
Eye Fixation
Eye Movements
Female
Human
Male
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Summary:Based on the literature on individual differences in cognitive processes, we analyzed gaze behavior during a purchase decision context to understand if the levels of cognitive reflection affect the type of price-information processing and, in turn, the quality of choice. The participants were presented with two websites selling the same commercial package and asked to choose one. The two alternative packages were displayed by four price dimensions. Fixation durations and the direction of the information search were recorded using eye-tracking technology (Eye Link 1000 Plus). We found a worse choice quality for people with low cognitive reflection test-inhibitory control score (e.g., selection of the more expensive package). The underlying cognitive processes were investigated, and two possible explanations for the low-quality choice finding were tested by analyzing gaze behavior. Results support the superficial price-information processing hypothesis and show that participants with lower cognitive reflection spend less time to look at all displayed price dimensions which, in turn, leads to a worse choice accuracy. The results are interesting because they highlight that cognitive reflection can manifest not only in our thinking but how we allocate attention to the information and the environment.
ISSN:1937-321X
2151-318X
DOI:10.1037/npe0000194