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Payoff Dominance vs. Cognitive Transparency in Decision Making

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Author Info
Irwin, Julie R, et al

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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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Publisher Info
Article provided by Oxford University Press 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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  1. 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," Working Papers 0723, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure. [Downloadable!]
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  2. 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. [Downloadable!]
  3. 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. [Downloadable!]
  4. Camerer, Colin F. & Hogarth, Robin M., 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Working Papers 1059, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  5. 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. [Downloadable!] (restricted)
  6. 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). [Downloadable!]
  7. Wråke, Markus & Myers, Erica & Mandell, Svante & Holt, Charles & Burtraw, Dallas, 2008. "Pricing Strategies under Emissions Trading: An Experimental Analysis," Discussion Papers dp-08-49, Resources For the Future. [Downloadable!]
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