NDLI: Behavioral Patterns and Reduction of Sub-Optimality: An Experimental Choice Analysis

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Behavioral Patterns and Reduction of Sub-Optimality: An Experimental Choice Analysis

Content Provider	Scilit
Author	Cagno, Daniela Di Galliera, Arianna Ggth, Werner Pace, Noemi
Copyright Year	2017
Description	Journal: SSRN Electronic Journal This paper attempts to identify behavioral patterns and compare their average success considering several criteria of bounded rationality. Experimentally observed choice behavior in various decision tasks is used to assess heterogeneity in how individual participants respond to 15 randomly ordered portfolio choices, each of which is experienced twice. Treatments differ in (not) granting probability information and in (not) eliciting aspirations. Since in our setting neither other regarding concerns nor risk attitude matter and probability of the binary chance move is (optimal) choice-irrelevant, categorizing decision types relies on parameter dependence and choice adaptations. We find that most participants reduce systematically sub-optimality when following the identified criteria.
Related Links	http://www.unive.it/pag/fileadmin/user_upload/dipartimenti/economia/doc/Pubblicazioni_scientifiche/working_papers/2017/WP_DSE_dicagno_galliera_gueth_pace_23_17.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3054393
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3054393
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2017-10-12
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Operations Research and Management Science Behavioral Patterns
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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