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This paper presents novel evidence for the prevalence of deviations from rational behavior in human decision making - and for the corresponding causes and consequences. The analysis is based on move-by-move data from chess tournaments and an identification strategy that compares behavior of...
Persistent link: https://www.econbiz.de/10012290377
This paper presents an empirical investigation of the relation between decision speed and decision quality for a real-world setting of cognitively-demanding decisions in which the timing of decisions is endogenous: professional chess. Move-by-move data provide exceptionally detailed and precise...
Persistent link: https://www.econbiz.de/10013197557
This paper presents a novel approach to analyze human decision-making that involves comparing the behavior of professional chess players relative to a computational benchmark of cognitively bounded rationality. This benchmark is constructed using algorithms of modern chess engines and allows...
Persistent link: https://www.econbiz.de/10012504510