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Indifference, indecisiveness, experimentation and stochastic choice

Ok, Efe A.; Tserenjigmid, Gerelt - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 2, pp. 651-686

Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...

Persistent link: https://www.econbiz.de/10013273770

A dynamic Ellsberg urn experiment

Dominiak, Adam; Dürsch, Peter; Lefort, Jean-Philippe - 2009

Two rationality arguments are used to justify the link between conditional and unconditional preferences in decision theory: dynamic consistency and consequentialism. Dynamic consistency requires that ex ante contingent choices are respected by updated preferences. Consequentialism states that...

Persistent link: https://www.econbiz.de/10003874793

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 … relative ambiguity attitude (compared to the peer's) significantly matters for shifts in individual attitudes, and that … dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the …

Persistent link: https://www.econbiz.de/10010364762

Strategic information selection

Preker, Jurek; Karos, Dominik - 2024

Before choosing her action to match the state of the world, an agent observes a stream of messages generated by some unknown binary signal. The agent can either learn the underlying signal for free and update her belief accordingly or ignore the observed message and keep her prior belief. After...

Persistent link: https://www.econbiz.de/10014511689

Strength of preference and decisions under risk

Alós-Ferrer, Carlos; Garagnani, Michele - 2022 - Revised version, February 2022

Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions...

Persistent link: https://www.econbiz.de/10013040909

Stochastic choice and preference reversals

Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2021 - Revised version

Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and willingness-to-accept valuations. The results are frequently at odds, casting doubts on the foundations of economics. We develop a stochastic choice model predicting when...

Persistent link: https://www.econbiz.de/10012604712

Strength of preference and decision making under risk

Alós-Ferrer, Carlos; Garagnani, Michele - 2020 - Revised version

Influential economic approaches as random utility models or quantal-response equilibria assume a monotonic relation between error rates and choice difficulty or "strength of preference", in line with widespread evidence from discrimination tasks in psychology and neuroscience. However, while the...

Persistent link: https://www.econbiz.de/10012243085

Strength of preference and decision making under risk

Alós-Ferrer, Carlos; Garagnani, Michele - 2019

Overwhelming evidence from the cognitive sciences shows that, in simple discrimination tasks (determining what is louder, longer, brighter, or even which number is larger) humans make more mistakes and decide more slowly when the stimuli are closer along the relevant scale. We investigate to...

Persistent link: https://www.econbiz.de/10012052576

Stochastic choice and preference reversals

Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2020 - This version: December 7th, 2020

The preference reversal phenomenon is one of the most important, long-standing, and widespread anomalies contradicting economic models of decisions under risk. It describes the robust observation of frequent "standard reversals" where long-shot gambles are valued above moderate ones but then the...

Persistent link: https://www.econbiz.de/10012390055

Relative maximum likelihood updating of ambiguous beliefs

Cheng, Xiaoyu - In: Journal of mathematical economics 99 (2022), pp. 1-18

Persistent link: https://www.econbiz.de/10013365439

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