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Author: Amnon Rapoport Publisher: Springer Science & Business Media ISBN: 9400919921 Category : Business & Economics Languages : en Pages : 442
Book Description
This book is about the interplay of theory and experimentation on group decision making in economics. The theories that the book subjects to experimental testing mostly come from the theory of games. The decisions investigated in the book mostly concern economic interaction like strict competition. two-person bargaining. and coalition formation. The underlying philosophy of the articles collected in this book is consistent with the opinion of a growing number of economists and psychologists that economic issues cannot be understood fully just by thinking about them. Rather. the interplay between theory and experimentation is critical for the development of economics as an observational science (Smith. 1989). Reports of laboratory experiments in decision making and economics date back more than thirty years (e.g .• Allais. 1953; Davidson. Suppes. and Siegel. 1957; Flood. 1958; Friedman. 1%3; Kalisch. Milnor. Nash. and Nering. 1954; Lieberman. 1%0; Mosteller and Nogee. 1951; Rapoport. Chammah. Dwyer. and Gyr. I %2; Siegel and Fouraker. I %0; Stone. 1958). However. only in the last ten or fifteen years has laboratory experimentation in economics started its steady transformation from an occasional curiosity into a regular means for investigating various economic phenomena and examining the role of economic institutions. Groups of researchers in the USA and abroad have used experimental methods with increasing sophistication to attack economic problems that arise in individual decision making under risk. two-person bargaining.
Author: Amnon Rapoport Publisher: Springer Science & Business Media ISBN: 9400919921 Category : Business & Economics Languages : en Pages : 442
Book Description
This book is about the interplay of theory and experimentation on group decision making in economics. The theories that the book subjects to experimental testing mostly come from the theory of games. The decisions investigated in the book mostly concern economic interaction like strict competition. two-person bargaining. and coalition formation. The underlying philosophy of the articles collected in this book is consistent with the opinion of a growing number of economists and psychologists that economic issues cannot be understood fully just by thinking about them. Rather. the interplay between theory and experimentation is critical for the development of economics as an observational science (Smith. 1989). Reports of laboratory experiments in decision making and economics date back more than thirty years (e.g .• Allais. 1953; Davidson. Suppes. and Siegel. 1957; Flood. 1958; Friedman. 1%3; Kalisch. Milnor. Nash. and Nering. 1954; Lieberman. 1%0; Mosteller and Nogee. 1951; Rapoport. Chammah. Dwyer. and Gyr. I %2; Siegel and Fouraker. I %0; Stone. 1958). However. only in the last ten or fifteen years has laboratory experimentation in economics started its steady transformation from an occasional curiosity into a regular means for investigating various economic phenomena and examining the role of economic institutions. Groups of researchers in the USA and abroad have used experimental methods with increasing sophistication to attack economic problems that arise in individual decision making under risk. two-person bargaining.
Author: Anya Samek Publisher: ISBN: Category : Languages : en Pages : 37
Book Description
We investigate the effect of different interactive technologies on the decision-making process in an information search laboratory experiment. In our experiment, the participant makes a selection from a list of differently-valued objects with multiple attributes. We compare presenting information in static form to two methods of interactive presentation. In the first, the participant can manually sort objects by attribute, a capability similar to that found in spreadsheet software. In the second, we present an interactive visual tool that (1) automatically sorts all objects by attribute and (2) uses visual cues for comparisons. Manual sorting capability does not cause an improvement in decisions in this context. On the other hand, the visual tool increases the value of the objects selected by the participant and decreases time spent deliberating. We also find that our interactive presentations affect the decision-making process of participants by changing the number of intermediate options considered. Our results highlight the importance of investigating the effect of technology on information search, and suggest that appropriate interactive visual displays may improve search in practice.
Author: Hassan Qudrat-Ullah Publisher: Springer ISBN: 3319079867 Category : Science Languages : en Pages : 256
Book Description
Computer simulation-based education and training is a multi-billion dollar industry. With the increased complexity of organizational decision making, projected demand for computer simulation-based decisional aids is on the rise. The objective of this book is to enhance systematically our understanding of and gain insights into the general process by which human facilitated ILEs are effectively designed and used in improving users’ decision making in dynamic tasks. This book is divided into four major parts. Part I serves as an introduction to the subject of “decision making in dynamic tasks”, its importance and its complexity. Part II provides background material, drawing upon the relevant literature, for the development of an integrated process model on the effectiveness of human facilitated ILEs in improving decision making in dynamic tasks. Part III focuses on the design, development and application of Fish Bank ILE, in laboratory experiments, to gather empirical evidence for the validity of the process model. Finally, part IV presents a comprehensive analysis of the gathered data to provide a powerful basis for understating important phenomena of training with human facilitated simulation-based learning environments, thereby, help to drive critical lessons to be learned. This book provides the reader with both a comprehensive understanding of the phenomena encountered in decision making with human facilitated ILEs and a unique way of studying the effects of these phenomena on people’s ability to make better decision in complex, dynamic tasks. This book is intended to be of use to managers and practitioners, researchers and students of dynamic decision making. The background material of Part II provides a solid base to understand and organize the existing experimental research literature and approaches.
Author: Maryam Ahmadi Publisher: ISBN: Category : Experimental economics Languages : en Pages :
Book Description
Chapter 1 presents a laboratory experiment that measures the effects of social status on a joint decision under risk. In our experiment, we compare individual risk preferences and joint decisions using the Bomb Risk Elicitation Task by Crosseto & Flippin (2013). As the result of this comparison in our first treatment, individuals exhibit a risky shift in joint decisions associated with the relatively more risk-averse players in pairs. We further study the effects of self-status and the status differential on the risky shifts in joint decisions. Thus, we manipulated the status by the scores in an unrelated real-effort task by Erkal et al. (2011) and assigned "High" and "Low" status to individuals. Then we randomly paired individuals within the same-status and across the different-status groups in two treatments. Our main results show that high-status pairing mitigates the risky shift of relatively more risk-averse players. Moreover, we find that the status differential has an additional decreasing effect on the risky shifts of relatively more risk-averse players. Finally, we present empirical evidence on the effects of riskiness position and social status on joint decisions' outcomes. In particular, we use the departure from the maximum expected utility as the indicator of the joint decision's outcome. Our results suggest that the burden of the risky joint decision-making, in terms of departure from the maximum expected utility, is less for high-status players than low-status players. Among low-status players, this burden is even more significant when they are relatively more risk-averse. Finally, we cannot find any evidence that the status differential in pairs impacts the deviations in the expected utilities. Four strategic form games have proper names owing to their ubiquity as social situations: the Prisoner's Dilemma, Chicken, Battle of the Sexes, and Stag Hunt. The names themselves stem from underlying stories associated with the structure of the games' payoffs. Yet game theorist and social psychologist use different motivating stories for the same games. In Chapter 2, we experimentally test whether subjects can associate a name or story with its game. Our findings show that they cannot associate names with the games better than chance. Subjects are better at associating a story with a game, with the (in)ability to do so depending upon the game and the story. Subjects' failure to consistently make matches undermines the usefulness of game-theory-by-analogy for the purposes of informing policy or business decision making, and for predicting patterns of socioeconomic interaction.
Author: Mohammed Abdellaoui Publisher: Springer Science & Business Media ISBN: 3540684360 Category : Business & Economics Languages : en Pages : 245
Book Description
Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.
Author: Steven Silver Publisher: Routledge ISBN: 1135014817 Category : Business & Economics Languages : en Pages : 310
Book Description
In recent years, there has been increasing implementation of group and team decision-making within organizations, much of it managed electronically, between members of what are "virtual" groups or teams. Recent research into effective team implementation emphasizes "trust" as an intermediary process, and trust must be a part of any account of team decision-making. This book provides an integrated framework that represents process in decision-making by interactive groups and teams. This framework furthers both our understanding of process and our capabilities in implementation, based on an account of group decision-making that differentiates the information types contributing to decision quality and relates them to process in interactive groups and teams. Author Steve Silver emphasizes the social structure that is inherent in the interaction of decision-makers as group or team members and effects on the information they exchange.
Author: Oliver James Publisher: Cambridge University Press ISBN: 110716205X Category : Business & Economics Languages : en Pages : 549
Book Description
An overview of experimental research and methods in public management, and their impact on theory, research practices and substantive knowledge.