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finance, it is usually modeled as a direct consequence of misperceiving signal reliability. This bias is typically dubbed … on the well-established "miscalibration" bias. We find no gender differences in overconfidence for our measures except … bias …
Persistent link: https://www.econbiz.de/10008669956
This paper extends choice theory by allowing for the interaction between cognitive costs and imitative dynamics. The authors experimentally investigate the role of imitation when participants face a task which is costly in cognitive terms. In order to disentangle different choice dynamics, they...
Persistent link: https://www.econbiz.de/10010425055
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In his book from the early 1800s, Essai Philosophique sur les Probabilités, the mathematician Pierre-Simon de Laplace anticipated many ideas developed in the 1970s in cognitive psychology and behavioral economics, explaining human tendencies to deviate from norms of rationality in the presence...
Persistent link: https://www.econbiz.de/10012923726
's presence. Monetary incentives reduce the average bias to one-third of its original value. Additionally, the average anchor bias … abilities are on average less biased toward the anchor when task complexity is high. The anchoring bias in our repeated game is …
Persistent link: https://www.econbiz.de/10009777356
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everybody else or another "unspeci fied" individual is doing, they exhibit a consensus bias (believing that others are similar … shows that not accounting for the biases will typically bias estimates of game-theoretic thinking upwards. …
Persistent link: https://www.econbiz.de/10012308290
Evidence from hypothetical scenarios strongly suggests the existence of a sunk cost bias, the tendency to ‘throw good … psychological channels underlying such a bias is scarce. We present a laboratory experiment designed to investigate the sunk cost … bias and to test some prominent psychological mechanisms. Inspired by the hypothetical scenarios, we use a two …
Persistent link: https://www.econbiz.de/10012299784
degree of bias due to selection neglect increases when other decision makers become more informed, or become more rational …
Persistent link: https://www.econbiz.de/10011982107
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