When feedback is ignored: Disutility of outcome feedback

On the basis of the theory of human judgment and decision making outlined by K. R. Hammond et al (1980), 2 types of feedback are conceptualized. Outcome feedback is information that describes the accuracy of the response, while cognitive feedback represents information regarding the reasons for this accuracy. The present experiment tested the hypothesis that outcome feedback that contains neither predictive nor explanatory value would be less likely to be used by better- as compared to poorer-performing security analysts. 17 Ss performed a realistic decision-making task using actual fundamental factor information on stock performance. Results support the hypothesis in that better-performing Ss were more likely to ignore outcome-only feedback. Implications for the revision of theories on decision making are discussed. (46 ref) (PsycINFO Database Record (c) 2006 APA, all rights reserved).