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A Missing Link in Behavioural Economics? A Portmanteau Experiment on the Relevance of Individual Decision Anomalies for Households

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Author Info

  • Alistair Munro

    ()
    (National Graduate Institute for Policy Studies, Tokyo, Japan)

  • Danail Popov

    (Department of Economics, Royal Holloway University of London)

Abstract

Although households are responsible for many important decisions, they have rarely been the subject of economics experiments. We conduct a series of linked and incentivized experiments on decision-making, designed to see if the anomalies typically found in individual choice experiments are found when the subjects are couples from long-term relationships. Specifically we investigate the endowment effect, the compromise effect, asymmetric dominance and the ‘more is less’ phenomena. Comparing the results with two control groups (students and non-student individuals) we find broadly the same pattern of anomalies in individuals as we do in couples. Thus behavioural patterns that appear in individual choices appear relevant for decisions made by established couples.

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Bibliographic Info

Paper provided by Department of Economics, Royal Holloway University of London in its series Royal Holloway, University of London: Discussion Papers in Economics with number 09/10.

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Date of creation: Jun 2009
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Handle: RePEc:hol:holodi:0910

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Related research

Keywords: Household choice; Experiment; Family; Anomalies; Endowment Effect; Compromise Effect; Asymmetric Dominance; ‘More is less’.;

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Cited by:
  1. Alessia Isopi & Daniele Nosenzo & Chris Starmer, 2011. "Does consultation improve decision making?," Discussion Papers 2011-08, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  2. Mohammed Abdellaoui & Olivier l'Haridon & Corina Paraschiv, 2013. "Do Couples Discount Future Consequences Less than Individuals?," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201320, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.

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