Payoff dominance vs. cognitive transparency in decision making.
This paper reports on three laboratory experiments designed to investigate the roles of decision costs and rewards on the accuracy of economic decisions. The experimental vehicle is a purchase decision employing the Becker-DeGroot-Marshak (BDM) mechanism. The first experiment verifies the incentiv...
| Publicado en: | Economic Inquiry Vol. 36; no. 2; pp. 272 - 286 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
April 1998
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=511053411&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 511053411 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: April 1998 vid: 36 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 511053411 10.1111/j.1465-7295.1998.tb01713.x ppf: 272 ppct: 14 formats: fmt: @attributes: type: T tig: atl: Payoff dominance vs. cognitive transparency in decision making. aug: au: Irwin, Julie R. McClelland, Gary H. McKee, Michael su: Contingent valuation Factorial experiment designs Information theory in economics Economic decision making sug: subj: Contingent valuation Factorial experiment designs Information theory in economics Economic decision making ab: This paper reports on three laboratory experiments designed to investigate the roles of decision costs and rewards on the accuracy of economic decisions. The experimental vehicle is a purchase decision employing the Becker-DeGroot-Marshak (BDM) mechanism. The first experiment verifies the incentive-compatibility of the BDM in a pure induced-value setting; the third addresses the role of feedback information. Steep payoff schedules are found to be necessary to optimizing behavior only in cases where subjects must search out an optimal strategy rather than being able to deduce it from information provided. Reprinted by permission of Western Economic International 7400 Center Ave., Ste. 109, Huntington Beach, CA 92647-3039, USA ph. 1-714-898-3222, Fax 1-714-891-6715 E-mail info@weainternational.org http://www.weainternational.org. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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