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Caliari, Daniele - 2023

We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … evidence raises doubts about the choice of language that equates consistency with rationality in economics. … between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by …

Persistent link: https://www.econbiz.de/10014323610

Heuristics and public policy : decision making under bounded rationality

Dhami, Sanjit S.; Al-Nowaihi, Ali; Sunstein, Cass R. - 2018

How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality … rationality, with particular emphasis on growing formalization of those departures, which add necessary precision. We also explore … the relationship between bounded rationality and libertarian paternalism, or nudges, and show that some recent objections …

Persistent link: https://www.econbiz.de/10011926917

Nontransitive Preferences and Stochastic Rationalizability : A Behavioral Equivalence

Fosgerau, Mogens; Rehbeck, John - 2023

Nontransitive choices have long been an area of curiosity within economics. However, determining whether nontransitive choices represent an individual’s preference is a difficult task since choice data is inherently stochastic. This paper shows that behavior from nontransitive preferences...

Persistent link: https://www.econbiz.de/10014350717

Psychological pressure and the right to determine the moves in dynamic tournaments : evidence from a natural field experiment

Kassis, Mark; Schmidt, Sascha L.; Schreyer, Dominik; … - 2020

In this paper, we show that the right to determine the sequence of moves in a dynamic team tournament improves the chances of winning the contest. Because studying dynamic team tournaments - like R&D races - with interim feedback is difficult with company data, we examine decisions of highly...

Persistent link: https://www.econbiz.de/10012269663

Psychological pressure and the right to determine the moves in dynamic tournaments - evidence from a natural field experiment

Kassis, Mark; Schmidt, Sascha L.; Schreyer, Dominik; … - 2020 - This version: 23 August 2020

Persistent link: https://www.econbiz.de/10012270658

Psychological pressure and the right to determine the moves in dynamic tournaments : evidence from a natural field experiment

Kassis, Mark; Schmidt, Sascha L.; Schreyer, Dominik; … - 2020 - This version: 23 August 2020

Persistent link: https://www.econbiz.de/10012271460

Psychological pressure and the right to determine the moves in dynamic tournaments: evidence from a natural field experiment

Kassis, Mark; Schmidt, Sascha L.; Schreyer, Dominik; … - 2020

Persistent link: https://www.econbiz.de/10012271547

What Do People Want to Know? Information Avoidance and Food Policy Implications

Sunstein, Cass R.; Reisch, Lucia A.; Kaiser, Micha - 2021

What information would people like to have? What information would they prefer to avoid? How does the provision of information bear on welfare? And what does this mean for food policy? Representative surveys in eleven nations find that substantial percentages of people do not want to receive...

Persistent link: https://www.econbiz.de/10013230064

The Use of Algorithms in Society

Sunstein, Cass R. - 2023

The judgments of human beings can be biased; they can also be noisy. Across a wide range of settings, use of algorithms is likely to improve accuracy, because algorithms will reduce both bias and noise. Indeed, algorithms can help identify the role of human biases; they might even identify biases...

Persistent link: https://www.econbiz.de/10014264706

Learning-by-Erring : Towards a New View of Rationality in Economics

Matziorinis, Kenneth N. - 2020

The cornerstone of mainstream economic theory is the premise of rationality. Humans are assumed to be rational economic …

Persistent link: https://www.econbiz.de/10012837991