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Information Order Shifts Criterion Placement in Perceptual Decisions

Author

Listed:
  • Thomas Garcia

    (Univ Lyon, CNRS, GATE L-SE UMR 5824, F-69130 Ecully, France)

  • Ismaël Rafaï

    (GREDEG, Université Côte d’Azur, Nice, France)

  • Sébastien Massoni

    (QuBE - School of Economics and Finance, QUT, Brisbane, Australia; Australian Centre for Entrepreneurship Research, QUT, Brisbane, Australia)

Abstract

Facing perceptual decisions with asymmetric stakes, individuals exhibit a conservative criterion placement. This bias prevents them from reaching the optimal decision process defined as the one which maximizes their expected payoffs. We propose in the present experimental study a non-invasive method to correct behaviors toward more optimality. We manipulate the information order between payoff information and perceptual evidence for three different incentive levels invariant regarding Signal Detection Theory predictions. Our results support the effectiveness of such manipulation: the decision strategy shifts toward optimality when payoff information is displayed last. The shift toward optimality is more pronounced for higher payoff contrasts. These results, which cannot be explained within the Signal Detection Theory framework, give new insights on the cognitive processes responsible for the conservative criterion placement

Suggested Citation

  • Thomas Garcia & Ismaël Rafaï & Sébastien Massoni, 2017. "Information Order Shifts Criterion Placement in Perceptual Decisions," Working Papers 1734, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    • Handle: RePEc:gat:wpaper:1734
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    References listed on IDEAS

    as
    1. Ben Greiner, 2015. "Subject pool recruitment procedures: organizing experiments with ORSEE," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 1(1), pages 114-125, July.
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    More about this item

    Keywords

    conservative criterion placement; signal detection theory; optimality accuracy; information order;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Y8 - Miscellaneous Categories - - Related Disciplines

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