Choix individuel et décision fondée sur l'expérience. Une étude expérimentale
AbstractMost experimental results on individual decision-making are based on experiments where subjects are asked to evaluate and compare prospects where both consequences and probabilities are known. This type of decision is referred to as description-based decision. The aim of our paper is to study an alternative decision context where the decision maker has to take a decision under observation is the only available source of information about the likelihood of events. This type of decision is qualified experience-based decisions. At odds with the literature, recent studies on experience-based decisions suggest that subjects tend to underestimate rare events. The aim of our paper is to analyse through an experimental setting the difference between experience-based decisions and description-based decisions. Classification JEL : D81, D83, C91.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 60 (2009)
Issue (Month): 4 ()
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Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
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