Proceedings of the Annual Meeting of the Cognitive Science Society

Normative accounts of decision-making predict that people attempt to balance the immediate rewards associated with correct responses against the costs of deliberation. However, humans frequently deliberate longer than normative models say they should. We propose that people try to optimize not only their rate of material rewards, but also their rate of information gain. A computational model that implements this idea successfully mimics human decision makers, reproducing key patterns of behavior not predicted by alternative models. Moreover, simulations reveal a normative basis for our model: An agent that exchanges even a small amount of immediate reward for information will improve its decision-making ability through learning, allowing it to earn more reward in the long run than an agent disinterested in information. Maximizing a combination of reward and information rate is a simple yet effective strategy for solving the speed-accuracy tradeoff that may resolve lingering mysteries about human decision-making.