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Information Order Shifts Criterion Placement in Perceptual Decisions

Author

Listed:
  • Thomas Garcia

    (GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

  • Ismaël Rafaï

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

  • Sébastien Massoni

    (QuBE - School of Economics and Finance, Queensland University of Technology, Australian Centre for Entrepreneurship Research)

Abstract

Facing perceptual decisions with asymmetric stakes, individuals exhibit a conservative criterion placement. This bias prevents them from reaching the optimal decision process defined as the one which maximizes their expected payoffs. We propose in the present experimental study a non-invasive method to correct behaviors toward more optimality. We manipulate the information order between payoff information and perceptual evidence for three different incentive levels invariant regarding Signal Detection Theory predictions. Our results support the effectiveness of such manipulation: the decision strategy shifts toward optimality when payoff information is displayed last. The shift toward optimality is more pronounced for higher payoff contrasts. These results, which cannot be explained within the Signal Detection Theory framework, give new insights on the cognitive processes responsible for the conservative criterion placement

Suggested Citation

  • Thomas Garcia & Ismaël Rafaï & Sébastien Massoni, 2017. "Information Order Shifts Criterion Placement in Perceptual Decisions," Working Papers halshs-01663578, HAL.
    • Handle: RePEc:hal:wpaper:halshs-01663578
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01663578
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    References listed on IDEAS

    as
    1. Ben Greiner, 2015. "Subject pool recruitment procedures: organizing experiments with ORSEE," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 1(1), pages 114-125, July.
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    More about this item

    Keywords

    conservative criterion placement; signal detection theory; optimalityaccuracy; information orde; information order;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Y8 - Miscellaneous Categories - - Related Disciplines

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