Daniel Schunk und Joachim Winter: The Relationship Between Risk Attitudes and Heuristics in Search Tasks: A Laboratory Experiment
نویسندگان
چکیده
Experimental studies of search behavior suggest that individuals stop searching earlier than predicted by the optimal, risk-neutral stopping rule. Such behavior could be generated by two different classes of decision rules: rules that are optimal conditional on utility functions departing from risk neutrality, or heuristics derived from limited cognitive processing capacities and satisficing. To discriminate among these two possibilities, we conduct an experiment that consists of a standard search task as well as a lottery task designed to elicit utility functions. We find that search heuristics are not related to measures of risk aversion, but to measures of loss aversion.
منابع مشابه
Daniel Schunk ; Joachim Winter : The Relationship Between Risk Attitudes and Heuristics in
Experimental studies of search behavior suggest that individuals stop searching earlier than predicted by the optimal, risk-neutral stopping rule. Such behavior could be generated by two different classes of decision rules: rules that are optimal conditional on utility functions departing from risk neutrality, or heuristics derived from limited cognitive processing capacities and satisficing. T...
متن کاملThe relationship between risk attitudes and heuristics in search tasks : A laboratory experiment ∗
The existing evidence from laboratory experiments suggests that relatively simple heuristics describe observed search behavior better than the optimal stopping rule derived under risk neutrality. Such behavior could be generated by two entirely different classes of decision rules: (i) rules that are optimal conditional on individual utility functions that depart from risk neutrality or (ii) heu...
متن کاملSchunk Behavioral Economics 13 . Heuristics versus Optimal Behavior
In previous lectures, we have discussed that people often use so-called heuristics, e.g. anchoring and the representativeness heuristic, instead of behaving completely rationally. The present lecture, which is based on a paper by Seale and Rapoport (1997), shows how an experiment and a computer-simulation-study can be used to find out what decision rule/heuristic people use in a certain optimal...
متن کاملEgalitarianism and Competitiveness
The article discusses and analyzes data from several economic experiments in a household sur-vey with mothers of preschool children. The researchers measured competitiveness by giving the subjects the choice between competing in a tournament or receiving a piece rate for a real effort task. The subjects also participated in lottery choices, which enabled the researchers to assess their risk pre...
متن کامل