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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- Markus Noth & Martin Weber, 2003.
"Information Aggregation with Random Ordering: Cascades and Overconfidence,"
Royal Economic Society, vol. 113(484), pages 166-189, January.
- Nöth, Markus & Weber, Martin, 2000. "Information aggregation with random ordering : cascades and overconficence," Papers 00-34, Sonderforschungsbreich 504.
- 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 Noeth & Martin Weber, 2000. "Information Aggregation with Random Ordering: Cascades and Overconfidence," Econometric Society World Congress 2000 Contributed Papers 1592, Econometric Society.
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- Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 107(3), pages 797-817. Full references (including those not matched with items on IDEAS)
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