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