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Overconfident Behavior In Informational Cascades: An Eye-Tracking Study

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  • Alessandro Innocenti

    ()

  • Alessandra Rufa

    ()

  • Jacopo Semmoloni

    ()

Abstract

This paper investigates the validity of the Dual Process theory by using eye-tracking methods to trace the process of attention during a non-preference-based problem solving task, i.e. informational cascades. In this setting, gaze direction may convey evidence on how automatic detection is modified or sustained by controlled search. We provide laboratory evidence that gaze direction is driven by cognitive biases, such as overconfidence. In particular, we find a significant statistical correlation between first fixations and subjects’ actual choices. Our results suggest that attentional strategies are not necessarily consistent with efficient patterns of information collecting.

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Bibliographic Info

Paper provided by Department of Economic Policy, Finance and Development (DEPFID), University of Siena in its series Department of Economic Policy, Finance and Development (DEPFID) University of Siena with number 1109.

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Date of creation: Sep 2009
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Handle: RePEc:usi:depfid:1109

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Keywords: dual process theory; eye-tracking; cognitive biases; overconfidence; informational cascades.;

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Cited by:
  1. Nathaniel J. S. Ashby & Stephan Dickert & Andreas Glockner, 2012. "Focusing on what you own: Biased information uptake due to ownership," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 7(3), pages 254-267, May.

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