Subjective, multi-attribute choice decisions – such as whom to marry or which college to attend – play a substantial role in decision makers’ long-term well-being. However, the metacognition literature lacks tools for assessing metacognitive capacities in subjective decisions. We present three studies in which we propose and validate the Knowledge of Weights (KoW) paradigm, a novel method for assessing metacognitive knowledge of attribute weights in subjective, multi-attribute choice decisions. In Study 1, we demonstrate the test-retest reliability of metrics generated by (...) the KoW paradigm. In Study 2, we apply the KoW paradigm in four domains and show that it generates consistent results. In Study 3, we demonstrate that participants who perform better on the KoW paradigm make choices with which they are more satisfied, providing suggestive evidence of predictive validity. Use cases in cognitive psychology and beyond are discussed. (shrink)

Traditional scientific views of rationality are couched in economic terms; choosing an option that does not maximize expectancy is irrational. The construct has been extended metaphorically so that the term “irrational” now describes any decision deemed foolish by the evaluator. For everyday decisions that do not involve money, a decision maker’s utilities are generally not known to an onlooker. Therefore, the pejorative label may be applied inappropriately because the evaluation is distorted by incorrect assessment of the decision maker’s goals. We (...) tie this linguistic confusion to the predominance of gambling studies within decision making research. For noneconomic decisions, we propose an alternative definition, one inspired by a theory of everyday decisions. We label a decision irrational if is inconsistent with a policy previously established by the decision maker. The hierarchical structure of everyday decisions, along with the descriptive multiattribute utility model, are core elements in the theory presented by Weiss et al. (2010 Theory and Decision, 68, 101–114). The theory holds that fast changing considerations are a crucial element in the evaluation of decision options. The momentary salience attached to a consequence can change with current, often fleeting circumstances. An option that would usually be rejected can quickly become too tempting to resist. Most people exhibit this kind of irrationality, violating a personal policy, some of the time—and they are not necessarily foolish to do so. (shrink)