Behavioral patterns and reduction of sub-optimality: an experimental choice analysis

Arianna Galliera, Daniela Di Cagno, Werner Güth, Noemi Pace

Risultato della ricerca: Contributo in rivistaArticolo in rivista

1 Citazioni (Scopus)

Abstract

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.
Lingua originaleEnglish
pagine (da-a)151-177
Numero di pagine27
RivistaTheory and Decision
Volume85
DOI
Stato di pubblicazionePubblicato - 2018

Keywords

  • (Un)bounded rationality
  • Experiments
  • Heterogeneity
  • Satisficing

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