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Choix individuel et décision fondée sur l'expérience. Une étude expérimentale

Author

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  • Olivier L’Haridon
  • Corina Paraschiv

Abstract

Most experimental results on individual decision-making are based on experiments where subjects are asked to evaluate and compare prospects where both consequences and probabilities are known. This type of decision is referred to as description-based decision. The aim of our paper is to study an alternative decision context where the decision maker has to take a decision under observation is the only available source of information about the likelihood of events. This type of decision is qualified experience-based decisions. At odds with the literature, recent studies on experience-based decisions suggest that subjects tend to underestimate rare events. The aim of our paper is to analyse through an experimental setting the difference between experience-based decisions and description-based decisions. Classification JEL : D81, D83, C91.

Suggested Citation

  • Olivier L’Haridon & Corina Paraschiv, 2009. "Choix individuel et décision fondée sur l'expérience. Une étude expérimentale," Revue économique, Presses de Sciences-Po, vol. 60(4), pages 949-978.
  • Handle: RePEc:cai:recosp:reco_604_0949
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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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