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Risky decisions and the opportunity cost of time
Hausfeld, Jan; Resnjanskij, Sven - 2018
We investigate the trade-off between the opportunity costs of decisions and their quality in a simple model. In a lab experiment, we introduce exogenous variation in the opportunity costs of time. Contrary to claims in the previous literature, we show that using more time when making small-stake...
Persistent link: https://www.econbiz.de/10011962186
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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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Audi alteram partem : an experiment on selective exposure to information
Montanari, Giovanni; Nunnari, Salvatore - 2023
We report the results of an experiment on selective exposure to information. A decision maker interested in learning … about an uncertain state of the world can acquire information from one of two sources which have opposite biases: when … is better off seeking confirmatory information unless the source biased against the prior is sufficiently more reliable …
Persistent link: https://www.econbiz.de/10014383694
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Over-confidence and low-cost heuristics : an experimental investigation of choice behavior
Cicognani, Simona; Mittone, Luigi - 2014
they model the choice of different alternatives through high or low cognitive costs and feedback information provided to …
Persistent link: https://www.econbiz.de/10010425055
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Paying is believing : the effect of costly information on Bayesian updating
Robalo, Pedro; Sayag, Rei - In: Journal of economic behavior & organization : JEBO 156 (2018), pp. 114-125
Persistent link: https://www.econbiz.de/10012102365
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The relationship between risk attitudes and heuristics in search tasks : a laboratory experiment
Schunk, Daniel; Winter, Joachim - 2007 - This version: February 22, 2007
optimal conditional on utility functions departing from risk neutrality, or heuristics derived from limited cognitive … standard search task as well as a lottery task designed to elicit utility functions. We find that search heuristics are not …
Persistent link: https://www.econbiz.de/10003470506
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Individual and Group Decision Making Under Risk : An Experimental Study of Bayesian Updating and Violations of First-Order Stochastic Dominance
Charness, Gary; Karni, Edi; Levin, Dan - 2006
In this paper, we report the results of experiments designed to test whether individuals and groups abide by the axioms of monotonicity, with respect to first-order stochastic dominance and Bayesian updating, when making decisions in the face of risk. The results indicate a significant number of...
Persistent link: https://www.econbiz.de/10014055667
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Reverse Bayesianism: revising beliefs in light of unforeseen events
Becker, Christoph; Melkonyan, Tigran A.; Proto, Eugenio; … - 2020
", which ensures that the old information is used correctly after an unforeseen event materializes. We find that participants …
Persistent link: https://www.econbiz.de/10012306040
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Reverse Bayesianism : revising beliefs in light of unforeseen events
Becker, Christoph; Melkonyan, Tigran A.; Proto, Eugenio; … - 2020
", which ensures that the old information is used correctly after an unforeseen event materializes. We find that participants …
Persistent link: https://www.econbiz.de/10012307444
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Belief Updating and the Demand for Information
Ambuehl, Sandro - 2019
How do individuals value noisy information that guides economic decisions? In our laboratory experiment, we find that … individuals under-react to increasing the informativeness of a signal, thus undervalue high-quality information, and that they … disproportionately prefer information that may yield certainty. Both biases appear to be mainly due to non-standard belief updating. We …
Persistent link: https://www.econbiz.de/10012904826