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The tree of experience in the forest of information: Overweighing experienced relative to observed information

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  • Simonsohn, Uri
  • Karlsson, Niklas
  • Loewenstein, George
  • Ariely, Dan

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  • Simonsohn, Uri & Karlsson, Niklas & Loewenstein, George & Ariely, Dan, 2008. "The tree of experience in the forest of information: Overweighing experienced relative to observed information," Games and Economic Behavior, Elsevier, vol. 62(1), pages 263-286, January.
  • Handle: RePEc:eee:gamebe:v:62:y:2008:i:1:p:263-286
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    5. Merlo, Antonio & Schotter, Andrew, 1999. "A Surprise-Quiz View of Learning in Economic Experiments," Games and Economic Behavior, Elsevier, vol. 28(1), pages 25-54, July.
    6. Uri Simonsohn, 2006. "New Yorkers Commute More Everywhere: Contrast Effects in the Field," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 1-9, February.
    7. James J. Choi & David Laibson & Brigitte C. Madrian, 2005. "Are Empowerment and Education Enough? Underdiversification in 401(k) Plans," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(2), pages 151-214.
    8. Merlo, Antonio & Schotter, Andrew, 2003. "Learning by not doing: an experimental investigation of observational learning," Games and Economic Behavior, Elsevier, vol. 42(1), pages 116-136, January.
    9. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
    10. Lind, E. Allan & Kray, Laura & Thompson, Leigh, 1998. "The Social Construction of Injustice: Fairness Judgments in Response to Own and Others' Unfair Treatment by Authorities, , ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 75(1), pages 1-22, July.
    11. Gérard P. Cachon & Colin F. Camerer, 1996. "Loss-Avoidance and Forward Induction in Experimental Coordination Games," The Quarterly Journal of Economics, Oxford University Press, vol. 111(1), pages 165-194.
    12. T. Parker Ballinger & Michael G. Palumbo & Nathaniel T. Wilcox, 2003. "Precautionary saving and social learning across generations: an experiment," Economic Journal, Royal Economic Society, vol. 113(490), pages 920-947, October.
    13. Camerer, Colin F. & Ho, Teck-Hua & Chong, Juin-Kuan, 2002. "Sophisticated Experience-Weighted Attraction Learning and Strategic Teaching in Repeated Games," Journal of Economic Theory, Elsevier, vol. 104(1), pages 137-188, May.
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    1. Oyarzun, Carlos & Sanjurjo, Adam & Nguyen, Hien, 2017. "Response functions," European Economic Review, Elsevier, vol. 98(C), pages 1-31.
    2. Fehr, Dietmar, 2017. "Costly communication and learning from failure in organizational coordination," European Economic Review, Elsevier, vol. 93(C), pages 106-122.
    3. Yamamura, Eiji, 2013. "Atomic bombs and the long-run effect on trust: Experiences in Hiroshima and Nagasaki," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 46(C), pages 17-24.
    4. Dietrich Earnhart & Lana Friesen, 2013. "Can Punishment Generate Specific Deterrence Without Updating? Analysis of a Stated Choice Scenario," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 56(3), pages 379-397, November.
    5. Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2019. "Investor experiences and international capital flows," Economics Working Papers 1710, Department of Economics and Business, Universitat Pompeu Fabra.
    6. Bellows, John & Miguel, Edward, 2009. "War and local collective action in Sierra Leone," Journal of Public Economics, Elsevier, vol. 93(11-12), pages 1144-1157, December.
    7. Cai, Jing & Song, Changcheng, 2013. "Do Hypothetical Experiences Affect Real Financial Decisions? Evidence from Insurance Take-up," MPRA Paper 46862, University Library of Munich, Germany.
    8. Marco Manacorda & Edward Miguel & Andrea Vigorito, 2011. "Government Transfers and Political Support," American Economic Journal: Applied Economics, American Economic Association, vol. 3(3), pages 1-28, July.
    9. Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2016. "Investor Experiences and Financial Market Dynamics," Papers 1612.09553, arXiv.org, revised Feb 2019.
    10. Roth, Christopher & Wohlfart, Johannes, 2018. "Experienced inequality and preferences for redistribution," Journal of Public Economics, Elsevier, vol. 167(C), pages 251-262.
    11. Holger Herz & Dmitry Taubinsky, 2018. "What Makes a Price Fair? An Experimental Study of Transaction Experience and Endogenous Fairness Views," Journal of the European Economic Association, European Economic Association, vol. 16(2), pages 316-352.
    12. Malmendier, Ulrike & Pouzo, Demian & Vanasco, Victoria, 2020. "Investor experiences and international capital flows," Journal of International Economics, Elsevier, vol. 124(C).
    13. Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2020. "Investor Experiences and International Capital Flows," Papers 2001.07790, arXiv.org.
    14. Stowasser, Till & Englmaier, Stowasser & Schmöller, Arno, 2016. "Determinants and Effects of Reserve Prices in Auctions," Annual Conference 2016 (Augsburg): Demographic Change 145540, Verein für Socialpolitik / German Economic Association.
    15. Englmaier, Florian & Schmöller, Arno, 2010. "Determinants and Effects of Reserve Prices in Hattrick Auctions," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 326, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    16. Michael P. Haselhuhn & Devin G. Pope & Maurice E. Schweitzer & Peter Fishman, 2012. "The Impact of Personal Experience on Behavior: Evidence from Video-Rental Fines," Management Science, INFORMS, vol. 58(1), pages 52-61, January.
    17. Blerina Dervishaj, 2018. "Psychological Biases, Main Factors of Financial Behaviour - A Literature Review," European Journal of Medicine and Natural Scinces Articles, European Center for Science Education and Research, vol. 2, EJMN May .
    18. Malmendier, Ulrike & Pouzo, Demian & Vanasco, Victoria, 2020. "Investor experiences and financial market dynamics," Journal of Financial Economics, Elsevier, vol. 136(3), pages 597-622.
    19. Jerker Denrell & Gaël Le Mens, 2017. "Information Sampling, Belief Synchronization, and Collective Illusions," Management Science, INFORMS, vol. 63(2), pages 528-547, February.
    20. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
    21. Niklas Karlsson & George Loewenstein & Duane Seppi, 2009. "The ostrich effect: Selective attention to information," Journal of Risk and Uncertainty, Springer, vol. 38(2), pages 95-115, April.
    22. Ulrike Malmendier & Demien Pouzo & Victoria Vanasco, 2019. "Investor Experiences and International Capital Flows," Working Papers 1163, Barcelona Graduate School of Economics.
    23. Schmöller, Arno, 2010. "Bidding Behavior, Seller Strategies, and the Utilization of Information in Auctions for Complex Goods," Munich Dissertations in Economics 11175, University of Munich, Department of Economics.

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