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Beyond quantified ignorance : rebuilding rationality without the bias bias

Brighton, Henry - 2019

theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a …If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …

Persistent link: https://www.econbiz.de/10011990913

Toward a cognitive science of markets : economic agents as sense-makers

Johnson, Samuel G. B. - 2019

Behavioral economics characterizes decision-makers using psychologically-informed models. Cognitive science produces psychologically-informed models. Why don't these disciplines talk more? Here, the author presents several arguments for why cognitive science should inform behavioral economics -...

Persistent link: https://www.econbiz.de/10011976074

Toward a cognitive science of markets : economic agents as sense-makers

Johnson, Samuel G. B. - 2019

Behavioral economics aspires to replace the agents of neoclassical economics with living, breathing human beings. Here, the author argues that behavioral economics, like its neoclassical counterpart, often neglects the role of active sense-making that motivates and guides much human behavior....

Persistent link: https://www.econbiz.de/10012130847

Chapter 21 Experimental Study of Law

Camerer, Colin; Talley, Eric - In: Handbook of law and economics : volume 2, (pp. 1619-1650). 2007

scholarship, the core ingredients of a well done experiment, and common distinctions between experimental economics and other …

Persistent link: https://www.econbiz.de/10014023489

Belief updating: does the 'good-news, bad-news' asymmetry extend to purely financial domains?

Barron, Kai - 2016

in this domain. In contrast, the average participant in our experiment is strikingly close to Bayesian in her belief …

Persistent link: https://www.econbiz.de/10011542204

Cognitive Hierarchies and the Centipede Game

Bottero, Margherita - 2010

In this work, I extend the normal form cognitive hierarchy model (Camerer et al. (2004)) to a class of finite two-person extensive form games. I study two versions of such a model: the first is as faithful as possible to the normal form assumptions, while the second modifies them slightly. In...

Persistent link: https://www.econbiz.de/10013148058

Axiom preferences and choice mistakes under risk

Herweg, Fabian; Hippel, Svenja; Müller, Daniel; … - 2024

We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true preferences. First, we elicit axiom and gamble preferences and then allow subjects to revise their potentially conflicting preferences. Among the behavioral patterns that allow for...

Persistent link: https://www.econbiz.de/10014578322

Axiom preferences and choice mistakes under risk

Herweg, Fabian; Hippel, Svenja; Müller, Daniel; … - 2024

Persistent link: https://www.econbiz.de/10014556632

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

Behavioral public choice : a survey

Schnellenbach, Jan; Schubert, Christian - 2014

Public choice theory has originally been motivated by the need to correct the asymmetry, widespread in traditional …

Persistent link: https://www.econbiz.de/10010238281