Perception of Control and Information-Search Strategy in an Investment Decision Game

Abstract

An investment decision game was developed to analyse differences in information-search strategy between internally and externally oriented subjects. We hypothesized that the more internally oriented subjects would use more information and would engage in a more varied search behavior, given their higher desire for control, than the externally oriented. As the subjects had to perform 10 trials, the experiment allowed us to take into account task uncertainty or task novelty as suggested by Rotter. Contrary to expectations, the relationships only became apparent in the second part of the game. Additional analyses suggested that the desire to control by internal subjects may have led to “situational blindness” or some kind of “illusion of control.” Implications for further research are discussed.