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How Do People Take into Account Weight, Strength and Quality of Segregated vs. Aggregated Data? Experimental Evidence

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  • Carlo Kraemer

    ()

  • Martin Weber

Abstract

In this experimental study we investigated how people aggregate two sets of signals about the state of the world to reach a single probability judgment. The signal sets may differ in the way signals are presented, in their number as well as their quality. By varying the presentation mode of the signals we investigated how people deal with segregated and aggregated evidence. We investigated whether subjects sufficiently take into account weight (number of signals), strength (composition) and quality of the information provided. The results indicate that consideration of the weight and strength of signals strongly depends on the type of their presentation. Particular patterns can be identified which determine if weight and/or strength are either under- or overweighted.

Suggested Citation

  • Carlo Kraemer & Martin Weber, 2004. "How Do People Take into Account Weight, Strength and Quality of Segregated vs. Aggregated Data? Experimental Evidence," Journal of Risk and Uncertainty, Springer, vol. 29(2), pages 113-142, September.
  • Handle: RePEc:kap:jrisku:v:29:y:2004:i:2:p:113-142
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    Cited by:

    1. : Constantinos Antoniou & : Glenn W. Harrison & : Morten I. Lau & : Daniel Read, 2013. "Revealed Preference and the Strength/Weight Hypothesis," Working Papers wpn13-03, Warwick Business School, Finance Group.
    2. Grebe, Tim & Schmid, Julia & Stiehler, Andreas, 2008. "Do individuals recognize cascade behavior of others? - An experimental study," Journal of Economic Psychology, Elsevier, vol. 29(2), pages 197-209, April.
    3. Konstantinos Georgalos, 2016. "Dynamic decision making under ambiguity," Working Papers 112111041, Lancaster University Management School, Economics Department.
    4. repec:cup:jfinqa:v:52:y:2017:i:02:p:737-750_00 is not listed on IDEAS
    5. Antoniou, Constantinos & Harrison, Glenn W. & Lau, Morten I. & Read, Daniel, 2017. "Information Characteristics and Errors in Expectations: Experimental Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(02), pages 737-750, April.
    6. repec:eee:mateco:v:70:y:2017:i:c:p:90-104 is not listed on IDEAS

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