Showing 1 - 10 of 319
when a decision is complex, they implicitly treat different time delays to some degree alike. By experimentally measuring … when the decision environment is more complex. Third, cognitive uncertainty matters for choice architecture: people who are …
Persistent link: https://www.econbiz.de/10013311701
Despite decades of research on heuristics and biases, empirical evidence on the effect of large incentives – as present in relevant economic decisions – on cognitive biases is scant. This paper tests the effect of incentives on four widely documented biases: base rate neglect, anchoring,...
Persistent link: https://www.econbiz.de/10012838245
Overbidding in second-price auctions (SPAs) has been shown to be persistent and associated with cognitive ability. We study experimentally to what extent cross-game learning can reduce overbidding in SPAs, taking into account cognitive skills. Employing an order-balanced design, we use...
Persistent link: https://www.econbiz.de/10013314693
In an experiment that elicits subjects’ willingness to pay (WTP) for the outcome of a lottery, we confirm the fourfold …
Persistent link: https://www.econbiz.de/10014077011
We propose and experimentally test a theory of strategic behavior in which players are cognitively imprecise and perceive a fundamental parameter with noise. We focus on 2 x 2 coordination games, which generate multiple equilibria when perception is precise. When adding a small amount of...
Persistent link: https://www.econbiz.de/10013310763
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10013229788
and decision time. Overall, the data show that more people follow the default if the nudge is made transparent. More … importantly, though, effects of transparency differ depending on whether people are fast or slow in their decision making. In … particular, (only) slow decision makers react more positively (keeping the default) if nudging is made transparent. Moreover, the …
Persistent link: https://www.econbiz.de/10014345559
also on the decisions of others. In the present article, we review the literature on decision making made by groups of the …
Persistent link: https://www.econbiz.de/10013111990
We compare performance in a word based creativity task under three incentive schemes: a flat fee, a linear payment and …
Persistent link: https://www.econbiz.de/10010291555
explain a set of behavioral anomalies identified across four distinct domains of decision-making: choice under risk, choice …. Building on existing models of noisy Bayesian cognition, we formally propose that cognitive uncertainty generates these …
Persistent link: https://www.econbiz.de/10012857912