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Payoff Dominance vs. Cognitive Transparency in Decision Making

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  • Irwin, Julie R, et al

Abstract

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 second tests its performance under different information regimes and payoff schedules; 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. Coauthors are Gary H. McClelland, Michael McKee, William D. Schulze, and N. Elizabeth Norden. Copyright 1998 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 36 (1998)
Issue (Month): 2 (April)
Pages: 272-85

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Handle: RePEc:oup:ecinqu:v:36:y:1998:i:2:p:272-85

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Cited by:
  1. Christian Vossler & Michael McKee, 2006. "Induced-Value Tests of Contingent Valuation Elicitation Mechanisms," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 35(2), pages 137-168, October.
  2. Mark Van Boening & Tanja F. Blackstone & Michael McKee & Elisabet Rutstrom, 2006. "Benefit packages and individual behavior: choices over discrete goods with multiple attributes," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 27(6), pages 511-526.
  3. Florian Artinger & Filippos Exadaktylos & Hannes Koppel & Lauri Sääksvuori, 2010. "Applying Quadratic Scoring Rule transparently in multiple choice settings: A note," Jena Economic Research Papers 2010-021, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  4. Stéphane Robin & Anne Rozan & Bernard Ruffieux, 2007. "Mesurer les préférences du consommateur pour orienter les décisions des pouvoirs publics : l'apport de la méthode expérimentale," Post-Print hal-00196310, HAL.
  5. Mandell, Svante & Wråke, Markus & Myers, Erica C. & Burtraw, Dallas & Holt, Charles A., 2009. "Pricing Strategies Under Emissions Trading: An Experimental Analysis," Working Papers 2009:1, Swedish National Road & Transport Research Institute (VTI).
  6. Ellis, Addison & Kropp, Jaclyn D. & Norton, Michael T., 2013. "Estimating the Indirect Economic Costs to Shrimp Consumers from the 2010 Deepwater Horizon Gulf Coast Oil Spill," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142576, Southern Agricultural Economics Association.
  7. Messer, Kent D. & Poe, Gregory L. & Schulze, William D., 2008. "The Value of Private Risk Versus the Value of Public Risk: An Experimental Analysis of the Johannesson et al. Conjecture," Working Papers 51141, Cornell University, Department of Applied Economics and Management.
  8. Evans, Jason R. & Brown, Cheryl & Collins, Alan R. & D'Souza, Gerard E. & Rayburn, Edward B. & Sperow, Mark, 2008. "Determining Consumer Perceptions of and Willingness to Pay or Appalachian Grass-fed Beef: An Experimental Economics Approach," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6209, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  9. Morawetz, Ulrich B. & De Groote, Hugo & Kimenju, Simon Chege, 2011. "Improving the Use of Experimental Auctions in Africa: Theory and Evidence," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), August.
  10. Zhuo Liu & Christopher A. Kanter & Kent D. Messer & Harry M. Kaiser, 2013. "Identifying significant characteristics of organic milk consumers: a CART analysis of an artefactual field experiment," Applied Economics, Taylor and Francis Journals, vol. 45(21), pages 3110-3121, July.
  11. Silva, Andres & Nayga, Rodolfo M., Jr. & Campbell, Benjamin L. & Park, John L., 2011. "Revisiting Cheap Talk with New Evidence from a Field Experiment," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), August.
  12. Kanter, Christopher & Messer, Kent D. & Kaiser, Harry M., 2008. "Do rBST-Free and Organic Milk Stigmatize Conventionally Produced Milk?," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 43491, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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