Cognitive Biases and Gaze Direction: An Experimental Study

Alessandro Innocenti (alessandroinnocenti@live.it), Alessandra Rufa (rufa@unisi.it) and Jacopo Semmoloni (semmoloni@gmail.com)

Labsi Experimental Economics Laboratory University of Siena from University of Siena

Abstract: 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.

Keywords: informational cascades; overconfidence; eye-tracking; information processing; cognitive biases (search for similar items in EconPapers)
JEL-codes: C91 D82 D83 D87 (search for similar items in EconPapers)
Date: 2008-06
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-neu
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Persistent link: https://EconPapers.repec.org/RePEc:usi:labsit:022

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