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information? We investigate whether individuals seek out the "cognitive flexibility" needed to distort beliefs in self … financial and legal professionals, show that preferences are heterogeneous: over 40% of advisors prefer flexibility, even if … costly. Actively seeking flexibility does not preclude belief distortion. Individuals anticipate the effects of cognitive …
Persistent link: https://www.econbiz.de/10012271757
Many information structures generate correlated rather than mutually independent signals, the news media being a prime example. This paper shows experimentally that in such contexts many people neglect these correlations in the updating process and treat correlated information as independent. In...
Persistent link: https://www.econbiz.de/10010211474
-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative …
Persistent link: https://www.econbiz.de/10010403249
, participants completed 3 tasks of interest that contribute to an understanding or one's ethics: a task assessing prosociality, a …
Persistent link: https://www.econbiz.de/10014318385
Beliefs are a central determinant of behavior. Recent models assume that beliefs about or the anticipation of future consumption have direct utilityconsequences. This gives rise to informational preferences, i.e., preferences over the timing and structure of information. Using a novel and...
Persistent link: https://www.econbiz.de/10011523747
Beliefs are a central determinant of behavior. Recent models assume that beliefs about or the anticipation of future consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and structure of information. Using a novel and...
Persistent link: https://www.econbiz.de/10011528156
This paper reports the results of an individual real effort laboratory experiment where subjects are paid for measured … than in the stable environment. This finding is in line with standard agency theory and contrasts a distinct element of … expectancy theory; noisier performance measures do not lower work motivation. …
Persistent link: https://www.econbiz.de/10011376648
noise in the performance measure. In contrast, expectancy theory as developed by psychologists predicts lower effort levels … for noisier performance measures. We conduct a real effort laboratory experiment and find that effort levels are invariant …
Persistent link: https://www.econbiz.de/10011343251
-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in …
Persistent link: https://www.econbiz.de/10011789104
Motivated reasoning refers to the idea that people hold certain beliefs about themselves or the world due to their desire to do so, rather than striving for accuracy. This type of belief formation can lead to overconfidence and polarization, as well as facilitate immoral behavior at both the...
Persistent link: https://www.econbiz.de/10014420463