Why do we carefully ponder some decisions, but not others? In this work, we derive a computational model of the metacognitive control of decisions or MCD. In brief, we assume that fast and automatic processes first provide an initial (and largely uncertain) representation of options' values, yielding prior estimates of decision difficulty. This uncertain value representation is then refined by deploying cognitive (e.g., attentional, mnesic) resources, the allocation of which is controlled by an effort-confidence tradeoff. Importantly, the anticipated benefit of allocating resources varies in a decision-by-decision manner according to the prior estimate of decision difficulty. The ensuing MCD model predicts choices, response time, subjective feeling of effort, choice confidence, and choice-induced preference change. We test these predictions in a systematic manner, using a dedicated behavioral paradigm. Our results provide a quantitative link between mental effort, choice confidence, and preference reversals, which could inform interpretations of related neuroimaging findings.

participants provided subjective value estimate ratings for individual snack foods, along with subjective certainty about each rating

participants chose between pairs of items, along with confidence in each choice

participants again provided subjective value estimate ratings for individual snack foods, along with subjective certainty about each rating