Is probability matching smart? Associations between probabilistic choices and cognitive ability

In three experiments involving over 1,500 university students (n = 1,557) and two different probabilistic choice tasks, we found that the utility-maximizing strategy of choosing the most probable alternative was not the majority response. In a story problem version of a probabilistic choice task in which participants chose from among five different strategies,the maximizing response and the probability-matching response were each selected by a...