Behavioral economic phenomena in decision-making for others

• Published in: Journal of economic psychology Vol. 77; p. 102180
• Main Authors: Ifcher, John, Zarghamee, Homa
• Format: Journal Article
• Language: English
• Published: Elsevier B.V 01.03.2020
• Subjects: Anchoring bias; Decisions-making for others; Endowment effect; Identifiable-victim bias; Laboratory experiments; Social preferences; Identifiable-victim bias; Decisions-making for others; Anchoring bias; Laboratory experiments; Endowment effect; Social preferences

•In a lab experiment we test whether 7 behavioral biases apply in decision making for others (DMfO).•Willingness to pay is higher in DMfO than in decisions for oneself in three tasks.•Propensity to give uninterpretable responses is higher in DMfO than in decisions for oneself.•Subjects treat DMfO mo...