Base-rate neglect is a robust experimental finding that individuals do not update their prior beliefs according to the Bayes' rule and, typically, underestimate their posterior probabilities. Another empirical finding is that individuals often do not acquire information even when there are no...

The aim of the article is firstly, to show how metacognitive monitoring, control (regulation) and meta-knowledge are important in guiding decision making and secondly, to argue that researching experience is necessary for a more complete understanding of the role of metacognition in decision...