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How far ahead do people plan?

In: Experiments in Economics Decision Making and Markets

Author

Listed:
  • John D. Hey
  • Julia A. Knoll

Abstract

We report on an experiment which enables us to infer how far people plan ahead when taking decisions in a dynamic risky context. Just over half of the subjects plan fully, while the rest do not plan ahead at all.

Suggested Citation

  • John D. Hey & Julia A. Knoll, 2018. "How far ahead do people plan?," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 12, pages 301-306, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789813235816_0012
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    References listed on IDEAS

    as
    1. Enrica Carbone & John Hey, 2001. "A Test of the Principle of Optimality," Theory and Decision, Springer, vol. 50(3), pages 263-281, May.
    2. John D. Hey, 2002. "Experimental Economics and the Theory of Decision Making Under Risk and Uncertainty," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 27(1), pages 5-21, June.
    3. John D. Bone & John D. Hey & John R. Suckling, 2003. "Do people plan ahead?," Applied Economics Letters, Taylor & Francis Journals, vol. 10(5), pages 277-280, April.
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    Citations

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    Cited by:

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    2. Masiliūnas, Aidas, 2019. "Overcoming inefficient lock-in in coordination games with sophisticated and myopic players," Mathematical Social Sciences, Elsevier, vol. 100(C), pages 1-12.
    3. Rydval, Ondrej & Ortmann, Andreas & Ostatnicky, Michal, 2009. "Three very simple games and what it takes to solve them," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 589-601, October.
    4. Christian Lukas & Jens Robert Schöndube, 2008. "Trust and Adaptive Learning in Implicit Contracts," FEMM Working Papers 08017, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    5. Quemin, Simon & Trotignon, Raphaël, 2021. "Emissions trading with rolling horizons," Journal of Economic Dynamics and Control, Elsevier, vol. 125(C).
    6. Darryl Seale & William Stein & Amnon Rapoport, 2014. "Hold or roll: reaching the goal in jeopardy race games," Theory and Decision, Springer, vol. 76(3), pages 419-450, March.
    7. Vincent Anesi & Philippe De Donder, 2011. "Secondary issues and party politics: an application to environmental policy," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 36(3), pages 519-546, April.
    8. Maria J. Ruiz Martos, 2017. "Individual Dynamic Choice Behaviour and the Common Consequence Effect," ThE Papers 17/01, Department of Economic Theory and Economic History of the University of Granada..
    9. Spiro, Daniel, 2014. "Resource prices and planning horizons," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 159-175.
    10. Pradiptyo, Rimawan & Sahadewo, Gumilang Aryo, 2012. "On The Complexity of Eliminating Fuel Subsidy in Indonesia; A Behavioral Approach," MPRA Paper 40045, University Library of Munich, Germany.

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    More about this item

    Keywords

    Experimental Economics; Risk; Ambiguity; Markets; Auctions; Bargaining; Econometrics; Methodology;
    All these keywords.

    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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