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The tree of experience in the forest of information: Overweighing experienced relative to observed information

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Author Info

  • Simonsohn, Uri
  • Karlsson, Niklas
  • Loewenstein, George
  • Ariely, Dan

Abstract

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File URL: http://www.sciencedirect.com/science/article/B6WFW-4P12J5F-1/2/26c35eaf978b985939b1b21ae4033996
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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 62 (2008)
Issue (Month): 1 (January)
Pages: 263-286

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Handle: RePEc:eee:gamebe:v:62:y:2008:i:1:p:263-286

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Web page: http://www.elsevier.com/locate/inca/622836

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References

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  1. Lind, E. Allan & Kray, Laura & Thompson, Leigh, 1998. "The Social Construction of Injustice: Fairness Judgments in Response to Own and Others' Unfair Treatment by Authorities, , ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 75(1), pages 1-22, July.
  2. Cachon, Gerard P & Camerer, Colin F, 1996. "Loss-Avoidance and Forward Induction in Experimental Coordination Games," The Quarterly Journal of Economics, MIT Press, vol. 111(1), pages 165-94, February.
  3. Merlo, Antonio & Schotter, Andrew, 1999. "A Surprise-Quiz View of Learning in Economic Experiments," Games and Economic Behavior, Elsevier, vol. 28(1), pages 25-54, July.
  4. John Duffy & Nick Feltovich, 1997. "Does Observation of Others Affect Learning in Strategic Environments? An Experimental Study," Levine's Working Paper Archive 592, David K. Levine.
  5. Merlo, Antonio & Schotter, Andrew, 2003. "Learning by not doing: an experimental investigation of observational learning," Games and Economic Behavior, Elsevier, vol. 42(1), pages 116-136, January.
  6. Roberto A. Weber, 2006. "Managing Growth to Achieve Efficient Coordination in Large Groups," American Economic Review, American Economic Association, vol. 96(1), pages 114-126, March.
  7. Van Huyck, John B & Battalio, Raymond C & Beil, Richard O, 1990. "Tacit Coordination Games, Strategic Uncertainty, and Coordination Failure," American Economic Review, American Economic Association, vol. 80(1), pages 234-48, March.
  8. Uri Simonsohn, 2006. "New Yorkers Commute More Everywhere: Contrast Effects in the Field," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 1-9, February.
  9. T. Parker Ballinger & Michael G. Palumbo & Nathaniel T. Wilcox, 2003. "Precautionary saving and social learning across generations: an experiment," Economic Journal, Royal Economic Society, vol. 113(490), pages 920-947, October.
  10. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
  11. Camerer, Colin F. & Ho, Teck-Hua & Chong, Juin-Kuan, 2002. "Sophisticated Experience-Weighted Attraction Learning and Strategic Teaching in Repeated Games," Journal of Economic Theory, Elsevier, vol. 104(1), pages 137-188, May.
  12. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-34, June.
  13. James J. Choi & David Laibson & Brigitte C. Madrian, 2005. "Are Empowerment and Education Enough? Underdiversification in 401(k) Plans," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(2), pages 151-214.
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Citations

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Cited by:
  1. Marco Manacorda & Edward Miguel & Andrea Vigorito, 2009. "Government transfers and political support," LSE Research Online Documents on Economics 28519, London School of Economics and Political Science, LSE Library.
  2. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
  3. Englmaier, Florian & Schmöller, Arno, 2010. "Determinants and Effects of Reserve Prices in Hattrick Auctions," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 326, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  4. Niklas Karlsson & George Loewenstein & Duane Seppi, 2009. "The ostrich effect: Selective attention to information," Journal of Risk and Uncertainty, Springer, vol. 38(2), pages 95-115, April.
  5. Yamamura, Eiji, 2012. "Atomic bombs and the long-run effect on trust: Experiences in Hiroshima and Nagasaki," MPRA Paper 36805, University Library of Munich, Germany.
  6. Cai, Jing & Song, Changcheng, 2013. "Do Hypothetical Experiences Affect Real Financial Decisions? Evidence from Insurance Take-up," MPRA Paper 46862, University Library of Munich, Germany.
  7. Lana Friesen & Dietrich Earnhart, 2012. "Can Punishment Generate Specific Deterrence without Updating? Analysis of a Stated Choice Scenario," Discussion Papers Series 468, School of Economics, University of Queensland, Australia.
  8. Schmöller, Arno, 2010. "Bidding Behavior, Seller Strategies, and the Utilization of Information in Auctions for Complex Goods," Munich Dissertations in Economics 11175, University of Munich, Department of Economics.
  9. Bellows, John & Miguel, Edward, 2009. "War and local collective action in Sierra Leone," Journal of Public Economics, Elsevier, vol. 93(11-12), pages 1144-1157, December.

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