Search, Memory, and Choice Error: An Experiment

Search, Memory, and Choice Error: An Experiment

Multiple attribute search is a central feature of economic life: we consider much more than price when purchasing a home, and more than wage when choosing a job. An experiment is conducted in order to explore the effects of cognitive limitations on choice in these rich settings, in accordance with the predictions of a new model of search memory load. In each task, subjects are made to search th...

Portfolio Choice and Risk Attitudes: An Experiment

Using financial incentives, we study how portfolio choice (how much to invest in a risky asset) depends on three well-known behavioral phenomena: ambiguity aversion, the illusion of control, and myopic loss aversion. We find evidence that these phenomena are present and test how the level of investment is affected by these motivations; at the same time, we investigate whether participants are w...

An Experiment in Social Search

Social search is an approach to Web search that attempts to offer communities of like-minded individuals more targeted search services, based on the search behaviour of their peers, bringing together ideas from Web search, social networking and personalization. In this paper we describe the I-SPY architecture for social search and present the results of a recent live-user evaluation that highli...

An entanglement-enabled delayed-choice experiment

Behavioral Biases in Annuity Choice: An Experiment∗

We conduct a neutral-context laboratory experiment to systematically investigate the role of the hit-by-bus concern in explaining the annuitization puzzle: the low rate of retirement-asset annuitization relative to the predictions of standard models. We vary endowed asset (annuity vs. stock of wealth vs. no explicit endowment), and find a strong endowment effect. Furthermore, we find that the o...