Learning to hesitate

Descamps, A; Massoni, S; Page, L

Learning to hesitate

Descamps, A Massoni, S Page, L

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Publisher:: Springer
Publication Type:: Journal Article
Citation:: Experimental Economics, 2022, 25, (1), pp. 359-383
Issue Date:: 2022-02-01

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Field	Value	Language
dc.contributor.author	Descamps, A
dc.contributor.author	Massoni, S
dc.contributor.author	Page, L https://orcid.org/0000-0002-6020-9733
dc.date.accessioned	2022-03-31T12:06:26Z
dc.date.available	2022-03-31T12:06:26Z
dc.date.issued	2022-02-01
dc.identifier.citation	Experimental Economics, 2022, 25, (1), pp. 359-383
dc.identifier.issn	1386-4157
dc.identifier.issn	1573-6938
dc.identifier.uri	http://hdl.handle.net/10453/155801
dc.description.abstract	We investigate how people make choices when they are unsure about the value of the options they face and have to decide whether to choose now or wait and acquire more information first. In an experiment, we find that participants deviate from optimal information acquisition in a systematic manner. They acquire too much information (when they should only collect little) or not enough (when they should collect a lot). We show that this pattern can be explained as naturally emerging from Fechner cognitive errors. Over time participants tend to learn to approximate the optimal strategy when information is relatively costly.
dc.language	English
dc.publisher	Springer
dc.relation.ispartof	Experimental Economics
dc.relation.isbasedon	10.1007/s10683-021-09718-7
dc.rights	info:eu-repo/semantics/closedAccess
dc.subject	1401 Economic Theory, 1402 Applied Economics, 1505 Marketing
dc.subject.classification	Economics
dc.title	Learning to hesitate
dc.type	Journal Article
utslib.citation.volume	25
utslib.for	1401 Economic Theory
utslib.for	1402 Applied Economics
utslib.for	1505 Marketing
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access	*
pubs.consider-herdc	false
dc.date.updated	2022-03-31T12:06:25Z
pubs.issue	1
pubs.publication-status	Published
pubs.volume	25
utslib.citation.issue	1

Abstract:

We investigate how people make choices when they are unsure about the value of the options they face and have to decide whether to choose now or wait and acquire more information first. In an experiment, we find that participants deviate from optimal information acquisition in a systematic manner. They acquire too much information (when they should only collect little) or not enough (when they should collect a lot). We show that this pattern can be explained as naturally emerging from Fechner cognitive errors. Over time participants tend to learn to approximate the optimal strategy when information is relatively costly.

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http://hdl.handle.net/10453/155801