Decisions and strategies in a sequential search experiment
نویسنده
چکیده
The strategy method is becoming an important tool in experimental methodology. This study examines how well this method works in an individual decision experiment. Subjects are faced with a sequential search problem. After extensive practice in solving the problem and formulating strategies, they play 20 periods for money. In each period the subjects ®rst make decisions by hand, after that their strategy operates on the same sequence of bids. In each period, only one of the results is paid out (randomly determined). After each period, subjects can change their strategy. This method makes a direct comparison between strategies and decisions possible. Ó 2000 Elsevier Science B.V. All rights reserved. PsycINFO classi®cation: 2260; 2340 JEL classi®cation: C91; D83
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