Cognitive Biases and Gaze Direction: An Experimental Study
This paper investigates the validity of the model of dual processing by means of eyetracking methods. In this theoretical framework, gaze direction may be a revealing signal of how automatic detection is modified or sustained by controlled search. We performed an experiment by using a stylized decisional framework, i.e. informational cascade, proposed by economists to investigate the rationality of imitative behavior. Our main result is that automatic detection as revealed by gaze direction is driven by mechanisms that are dependent on cognitive biases. In particular, we find significant statistical correlation between subjects’ first fixation and their revealed patterns of choice. Our findings support the hypothesis that the process of automatic detection is not independent on cognitive processes.
|Date of creation:||Jun 2008|
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- Nöth, Markus & Weber, Martin, 2000.
"Information Aggregation with Random Ordering: Cascades and Overconfidence,"
Sonderforschungsbereich 504 Publications
00-34, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Markus Noth & Martin Weber, 2003. "Information Aggregation with Random Ordering: Cascades and Overconfidence," Economic Journal, Royal Economic Society, vol. 113(484), pages 166-189, January.
- Markus Noeth & Martin Weber, 2000. "Information Aggregation with Random Ordering: Cascades and Overconfidence," Econometric Society World Congress 2000 Contributed Papers 1592, Econometric Society.
- Nöth, Markus & Weber, Martin, 2000. "Information aggregation with random ordering : cascades and overconficence," Papers 00-34, Sonderforschungsbreich 504.
- Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010.
"A theory of Fads, Fashion, Custom and cultural change as informational Cascades,"
Levine's Working Paper Archive
1193, David K. Levine.
- Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
- K. Carrie Armel & Aurelie Beaumel & Antonio Rangel, 2008. "Biasing simple choices by manipulating relative visual attention," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3, pages 396-403, June.
- Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 107(3), pages 797-817.
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