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Variety Aversion and Information Overload: An Experimental Approach
Kaiser, Karen - Banco de México - 2011
This paper analyzes the effect of information overload on preference or aversion for variety. According to the model, a rational decision maker who suffers from information overload, faces a two-stage decision process, and is choosing from a set of unknown goods will find it optimal at some...
Persistent link: https://www.econbiz.de/10009023315
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Variety aversion and information overload: An experimental approach
Kaiser, Karen - 2011
This paper analyzes the effect of information overload on preference or aversion for variety. According to the model, a rational decision maker who suffers from information overload, faces a two-stage decision process, and is choosing from a set of unknown goods will find it optimal at some...
Persistent link: https://www.econbiz.de/10010322601
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Behavioral and experimental macroeconomics and policy analysis : a complex systems approach
Hommes, Cars H. - 2018
This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...
Persistent link: https://www.econbiz.de/10011929804
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Social anchor effects in decision-making under ambiguity
Lahno, Amrei M. - Volkswirtschaftliche Fakultät, … - 2014
dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the …
Persistent link: https://www.econbiz.de/10010897328
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How Do People Learn by Listening to Others? Experimental Evidence from Thailand
Healy, Andrew - EconWPA - 2005
This paper presents experimental evidence about how individuals learn from information that comes from inside versus outside their ethnic group. In the experiment, Thai subjects observed information that came from Americans and other Thais that they could use to help them answer a series of...
Persistent link: https://www.econbiz.de/10005125584
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Social and private learning with endogenous decision timing
Jamison, Julian; Owens, David; Woroch, Glenn A. - 2009
effect. Overall we find that social learning, whether or not the behavior of others is truly informative, plays a large role …
Persistent link: https://www.econbiz.de/10003882877
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Social anchor effects in decision-making under ambiguity
Lahno, Amrei M. - 2014
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
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On the complexity of forming mental models
Kendall, Chad; Oprea, Ryan - In: Quantitative economics : QE ; journal of the … 15 (2024) 1, pp. 175-211
We experimentally study how people form predictive models of simple data generating processes (DGPs), by showing subjects data sets and asking them to predict future outputs. We find that subjects: (i) often fail to predict in this task, indicating a failure to form a model, (ii) often cannot...
Persistent link: https://www.econbiz.de/10014496993
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The dynamics of inattention in the (baseball) field
Archsmith, James; Heyes, Anthony; Neidell, Matthew; … - 2021
Recent theoretical and empirical work characterizes attention as a limited resource that decision-makers strategically allocate. There has been less research on the dynamic interdependence of attention: how paying attention now may affect performance later. In this paper, we exploit...
Persistent link: https://www.econbiz.de/10012549756
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The Role of Information Feedback in Local Reserve Energy Auction Markets
Madlener, Reinhard; Rosen, Christiane - Institut für Future Energy Consumer Needs and Behavior … - 2013
last couple of decades, several studies on feedback information in games and its role in learning have been conducted. Some … of the most notable ones are the results in learning direction theory (Selten & Stoecker, 1986), impulse balance theory … learning and the change in bidder behavior for the divisible good auction case. However, the impact of the competitive …
Persistent link: https://www.econbiz.de/10010840304