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A model of reference-dependent belief updating
Maier, Johannes K.; König, Clemens - 2016
We propose a model of instrumental belief choice under loss aversion. When new information arrives, an agent is prompted to abandon her prior. However, potential posteriors may induce her to take actions that generate a lower utility in some states than actions induced by her prior. These losses...
Persistent link: https://www.econbiz.de/10011557745
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Cognitive uncertainty and overconfidence
Amelio, Andrea - 2022
Overconfidence is one of the most ubiquitous cognitive bias. There is copious evidence of overconfidence being relevant … overconfidence. Cognitive uncertainty represents a decision maker's uncertainty about her action optimality. We present a simple … model of overconfidence based on the concept of cognitive uncertainty. The model relates the concepts theoretically and …
Persistent link: https://www.econbiz.de/10013257953
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Individual and developmental differences in the relationship of preferences and theory of mind
Leipold, Kristina; Vetter, Nora C.; Dittrich, Marcus; … - 2012
Theory of mind and individual preferences are important determinants in social decision making. The current study examined in a large sample whether being a cooperative preference type is related with better theory of mind skills. Furthermore, by testing adolescents and adults, we examined the...
Persistent link: https://www.econbiz.de/10009689352
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Social anchor effects in decision-making under ambiguity
Lahno, Amrei M. - 2014
I experimentally examine whether feedback about others' choices provides an anchor for decision-making under ambiguity. In a between-subjects design I vary whether subjects learn choices made individually by a "peer" in a first part when facing the same task a second time, and whether prospects...
Persistent link: https://www.econbiz.de/10010364762
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The Double-Channeled Effects of Experience in Individual Decisions : An Experimental Study
Jiao, Peiran - 2016
People often make decisions with both descriptive and experiential information available. However, little is known about the role of experience in individual economic decisions with the presence of descriptions. The present paper investigates this issue using an experiment with asset buying...
Persistent link: https://www.econbiz.de/10012983676
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The value of verbal feedback in allocation decisions
Schmidt, Robert J.; Schwieren, Christiane; Vollmann, Martin - 2020
Depending on the context at hand, people's preference for receiving feedback might differ. Especially in allocation decisions that directly concern another individual, feedback from the affected person can have positive or negative value. We study such preferences in a laboratory experiment by...
Persistent link: https://www.econbiz.de/10012169494
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Time pressure and regret in sequential search
Klimm, Felix; Kocher, Martin; Opitz, Timm; Schudy, Simeon - 2021
Perceived urgency and regret are common in many sequential search processes; for example, sellers often pressure buyers in search of the best offer, both time-wise and in terms of potential regret of forgoing unique purchasing opportunities. Theoretically, these strategies result in anticipated...
Persistent link: https://www.econbiz.de/10012534681
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Time pressure and regret in sequential search
Klimm, Felix; Kocher, Martin; Opitz, Timm; Schudy, Simeon - 2022
Perceived urgency and regret are common in many sequential search processes; for example, sellers often pressure buyers in search of the best offer, both time-wise and in terms of potential regret of forgoing unique purchasing opportunities. theoretically, these strategies result in anticipated...
Persistent link: https://www.econbiz.de/10014476728
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Witnessing your own cognitive bias : a compendium of classroom exercises
Fay, Rebecca G.; Montague, Norma R. - In: Issues in accounting education 30 (2015) 1, pp. 13-34
Persistent link: https://www.econbiz.de/10010506350
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Overconfident health workers provide lower quality healthcare
Kovacs, Roxanne J.; Lagarde, Mylene; Cairns, John A. - In: Journal of economic psychology : research in economic … 76 (2020), pp. 1-11
Persistent link: https://www.econbiz.de/10012244286