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

Listed author(s):
  • Olivier L’Haridon
  • Corina Paraschiv

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.

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 60 (2009)
Issue (Month): 4 ()
Pages: 949-978

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Handle: RePEc:cai:recosp:reco_604_0949
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