Given free information and unlimited processing power, should decision algorithms use as much information as possible? A formal model of the decision making environment is developed to address this question and provide conditions under which informationally frugal algorithms, without any...

In two studies on mobile phone purchase decisions, we investigated consumers' decision strategies with a newly developed process tracing tool called \textit{InterActive Process Tracing} (IAPT). This tool is a combination of several process tracing techniques (Active Information Search, Mouselab,...

Schelling (1969, 1971a,b, 1978) observed that macro-level patterns do not necessarily reflect micro-level intentions, desires or goals. In his classic model on neighborhood segregation which initiated a large and influential literature, individuals with no desire to be segregated from those who...

In a series of three experiments, participants made inferences about which one of a pair of two objects scored higher on a criterion. The first experiment was designed to contrast the prediction of Probabilistic Mental Model theory (Gigerenzer, Hoffrage, & Kleinbolting, 1991) concerning sampling...

Given free information and unlimited processing power, should decision algorithms use as much information as possible? A formal model of the decision making environment is developed to address this question and provide conditions under which informationally frugal algorithms, without any...

When faced with a choice, people can normally select no option, i.e., defer choice. Previous research has investigated when and why individuals defer choice, but has almost never looked at these questions when groups of people make choices. Separate reasons predict that groups may be equally...

Given free information and unlimited processing power, should decision algorithms use as much information as possible? A formal model of the decision making environment is developed to address this question and provide conditions under which informationally frugal algorithms, without any...

Schelling (1969, 1971a, b, 1978) observed that macro-level patterns do not necessarily reflect micro-level intentions, desires or goals. In his classic model on neighborhood segregation which initiated a large and influential literature, individuals with no desire to be segregated from those who...

Many models of (un)ethical decision making assume that people decide rationally and are in principle able to evaluate their decisions from a moral point of view. However, people might behave unethically without being aware of it. They are ethically blind. Adopting a sense making approach, we...

Economics