Does inducing choice procedures make individuals better off? An experimental study
Over the years the psychological and economic literature on multi-attribute individual decision-making has focused its attention on examining what class of heuristics better describes subjects’ behaviour. In contrast, motivated by the proliferation of online choice platforms, we investigate whether...
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| Published in | Theory and decision Vol. 83; no. 1; pp. 37 - 59 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
New York
Springer US
01.06.2017
Springer Nature B.V |
| Subjects | |
| Online Access | Get full text |
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| Abstract | Over the years the psychological and economic literature on multi-attribute individual decision-making has focused its attention on examining what class of heuristics better describes subjects’ behaviour. In contrast, motivated by the proliferation of online choice platforms, we investigate whether inducing subjects to use holistic vs. characteristic-based search (CBS) procedures has an effect on the quality of their decision by proposing a between-subject experiment involving an innovative visual choice task. We find that encouraging subjects to use CBS heuristics as opposed to holistic ones makes them better off. We also examine how subjects’ performance is related with complexity, time pressure, and random choice by running simulations and link our results to the related literature. |
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| AbstractList | Over the years the psychological and economic literature on multi-attribute individual decision-making has focused its attention on examining what class of heuristics better describes subjects’ behaviour. In contrast, motivated by the proliferation of online choice platforms, we investigate whether inducing subjects to use holistic vs. characteristic-based search (CBS) procedures has an effect on the quality of their decision by proposing a between-subject experiment involving an innovative visual choice task. We find that encouraging subjects to use CBS heuristics as opposed to holistic ones makes them better off. We also examine how subjects’ performance is related with complexity, time pressure, and random choice by running simulations and link our results to the related literature. |
| Author | Mittone, Luigi Papi, Mauro |
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| CitedBy_id | crossref_primary_10_1016_j_technovation_2023_102895 |
| Cites_doi | 10.2307/1884852 10.1037/h0042769 10.3982/TE592 10.1016/0022-0531(88)90154-8 10.1016/j.geb.2012.09.006 10.1126/science.7455683 10.1093/acprof:oso/9780199744282.001.0001 10.1037/0033-295X.94.2.115 10.1093/acprof:oso/9780199390076.001.0001 10.1257/aer.101.2.900 10.1111/j.1467-937X.2008.00510.x 10.1257/aer.97.2.464 10.1007/978-1-4757-2606-0 10.1037/h0032955 10.1017/CBO9780511808098 10.1093/restud/rdr024 10.1016/j.actpsy.2007.05.004 10.1257/000282806779468544 10.1257/aer.97.5.1824 10.1037/0033-2909.132.1.73 10.1017/CBO9781139173933 10.1016/j.jebo.2012.04.017 10.1287/mnsc.1120.1625 10.1023/A:1007850605129 10.1257/aer.101.7.2899 |
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| Title | Does inducing choice procedures make individuals better off? An experimental study |
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