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Do people make decisions under risk based on ignorance? : an empirical test of the priority heuristic against cumulative prospect theory
Glöckner, Andreas (contributor);  … - 2008
information. We conducted three studies to test the PH empirically by analyzing individual choice patterns, decision times and … not diagnostic for the PH as compared to CPT. -- Decision Strategy ; Fast and Frugal Heuristics ; Bounded Rationality …
Persistent link: https://www.econbiz.de/10003730615
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Prominent numbers, indices and ratios in exchange rate determination and financial crashes : in Economists' models, in the field and in the laboratory
Pope, Robin; Selten, Reinhard; Kube, Sebastian; Hagen, … - 2009
predict exchange rates and to advocate floating exchange rates, economists unwittingly employ nominalist heuristics. Second …, nominalist heuristics have influenced actual exchange rates through the centuries, and this finding is replicated in the … laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and …
Persistent link: https://www.econbiz.de/10003867227
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A social heuristics hypothesis for the stag hunt : fast- and slow-thinking hunters in the lab
Belloc, Marianna; Bilancini, Ennio; Boncinelli, Leonardo; … - 2017
interactions, players who make their choices fast and intuitively, relying on social heuristics, choose stag more often than other … Heuristics Hypothesis (Rand et al., 2012) applied to stag hunt interactions. …
Persistent link: https://www.econbiz.de/10011781462
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Facilitating healthy dietary habits : an experiment with a low income population
Belot, Michèle; James, Jonathan G.; Spiteri, Jonathan - 2019
We investigate whether short-term everyday stressors leads to unhealthier dietary choices among low socioeconomic status mothers. We propose a novel stress protocol that aims to mimic everyday stressors experienced by this population, involving time and financial pressure. We evaluate the impact...
Persistent link: https://www.econbiz.de/10012121803
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Salience and strategy choice in 2 × 2 games
Leland, Jonathan W.; Schneider, Mark - In: Games 6 (2015) 4, pp. 521-559
We present a model of boundedly rational play in single-shot 2 × 2 games. Players choose strategies based on the perceived salience of their own payoffs and, if own-payoff salience is uninformative, on the perceived salience of their opponent's payoffs. When own payoffs are salient, the model's...
Persistent link: https://www.econbiz.de/10011383906
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Bounded rationality and incomplete contracts
Tirole, Jean (contributor) - 2007
Persistent link: https://www.econbiz.de/10003472444
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Excessive herding in the laboratory : the role of intuitive judgments
March, Christoph; Ziegelmeyer, Anthony - 2018
We designed four observational learning experiments to identify the key channels that, along with Bayes-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in turn by subjects endowed with private signals of...
Persistent link: https://www.econbiz.de/10011789104
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Heuristics and public policy : decision making under bounded rationality
Dhami, Sanjit S.; Al-Nowaihi, Ali; Sunstein, Cass R. - 2018
possess a toolkit of heuristics to make decisions under certainty, risk, subjective uncertainty, and true uncertainty (or … Knightian uncertainty). We outline recent advances in knowledge about the use of heuristics and departures from Bayesian …, founded on psychological work on the usefulness of certain heuristics, are based on serious misunderstandings …
Persistent link: https://www.econbiz.de/10011926917
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The common origin of both oversimplified and overly complex decision rules
Bonder, Taly; Erev, Ido; Ludvig, Elliot A.; Roth, Yefim - In: Journal of behavioral decision making 36 (2023) 4, pp. 1-15
Persistent link: https://www.econbiz.de/10014337220
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Cognitive sophistication and deliberation times
Alós-Ferrer, Carlos; Buckenmaier, Johannes - 2019 - Revised version
Differences in cognitive sophistication and effort are at the root of behavioral heterogeneity in economics. To explain this heterogeneity, behavioral models assume that certain choices indicate higher cognitive effort. A fundamental problem with this approach is that observing a choice does not...
Persistent link: https://www.econbiz.de/10012006965