A portmanteau experiment on the relevance of individual decision anomalies for households

Alistair Munro and Danail Popov

Experimental Economics, 2013, vol. 16, issue 3, 335-348

Abstract: Although households are responsible for many important decisions, they have rarely been the subject of economics experiments. We conduct a series of linked and incentivized experiments on decision-making, designed to see if the anomalies typically found in individual choice experiments are found when the subjects are couples from long-term relationships. Specifically we investigate the endowment effect, the compromise effect, asymmetric dominance and the ‘more is less’ phenomena. Comparing the results with two control groups (students and non-student individuals) we find broadly the same pattern of anomalies in individuals as we do in couples. Thus behavioural patterns that appear in individual choices appear relevant for decisions made by established couples. Copyright Economic Science Association 2013

Keywords: Household choice; Experiment; Couples; Family; Anomalies; Endowment effect; Compromise effect; Asymmetric dominance; ‘More is less’; C920; D130; D80 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (8)

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DOI: 10.1007/s10683-012-9340-x

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