Varying Data and Information in a Decision Making Task∗
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TL;DR
Performance was found to be dependent on both data and information and the form of the relationship depended upon the data redundancy and the amount of data for a fixed amount of information.
Abstract
Abstract A distinction is drawn between the amount of data and the amount of information presented to the human decision maker. The amount of data is measured by the number of independent variables or data sources available while the amount of information depends on the fraction of dependent or criterion variable variance which is explained by the set of data sources. It was hypothesised that increasing the amount of data for a fixed amount of information would lead to a decreased performance level. Two experiments examined the effects of amount of data, amount of information and redundancy of data on decision performance. Performance was found to be dependent on both data and information and the form of the relationship depended upon the data redundancy.