Handbook of Research Methods and Applications in Experimental Economics
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Handbook of Research Methods and Applications in Experimental Economics

Edited by Arthur Schram and Aljaž Ule

This volume offers a comprehensive review of experimental methods in economics. Its 21 chapters cover theoretical and practical issues such as incentives, theory and policy development, data analysis, recruitment, software and laboratory organization. The Handbook includes separate parts on procedures, field experiments and neuroeconomics, and provides the first methodological overview of replication studies and a novel set-valued equilibrium concept. As a whole, the combination of basic methods and current developments will aid both beginners and advanced experimental economists.
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Chapter 12: Taking process into account when modeling risky choice

Graham Loomes

Abstract

Most theories of risky choice model individuals as if they have precise and stable preferences so that their decisions will be made more or less effortlessly and will exhibit high degrees of consistency and reliability. The reality, however, is rather different: for most people, there will be numerous cases where they are uncertain about their preferences, where their decisions may change from one occasion to another within quite a short space of time, where they may find it difficult to decide and where, having made a decision, they are less than fully confident that they made the right choice. To account for these features of people’s behavior, we need to understand better the processes by which individuals arrive at their decisions. This chapter discusses how such processes might be modelled and considers some of the implications for future directions in the development of decision theories.

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