Decisions and strategies in a sequential search experiment
AbstractThe strategy method is becoming an important tool in experimentalmethodology. This study examines how well this method works in anindividual decision experiment. Subjects are faced with a sequentialsearch problem. After extensive practice solving the problem andformulating strategies, they play 20 periods for money. In eachperiod the subjects first make decisions by hand, and after thattheir strategy operates on the same sequence of bids. Each periodonly one of the results is paid out (randomly determined). After eachperiod subjects can change their strategy. This method makes a directcomparison between strategies and decisions possible.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Psychology.
Volume (Year): 21 (2000)
Issue (Month): 1 (February)
Contact details of provider:
Web page: http://www.elsevier.com/locate/joep
Other versions of this item:
- Joep Sonnemans, 1998. "Decision and Strategies in a Sequential Search Experiment," Tinbergen Institute Discussion Papers 98-032/1, Tinbergen Institute.
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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