Three doors anomaly, “should I stay, or should I go”: an artefactual field experiment

Andrea Morone, Rocco Caferra (), Alessia Casamassima, Alessandro Cascavilla and Paola Tiranzoni
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Rocco Caferra: Management and Business Law, Bari University “Aldo Moro”
Alessia Casamassima: Management and Business Law, Bari University “Aldo Moro”
Paola Tiranzoni: Management and Business Law, Bari University “Aldo Moro”

Theory and Decision, 2021, vol. 91, issue 3, No 4, 357-376

Abstract: Abstract This work aims to identify and quantify the biases behind the anomalous behavior of people when they deal with the Three Doors dilemma, which is a really simple but counterintuitive game. Carrying out an artefactual field experiment and proposing eight different treatments to isolate the anomalies, we provide new interesting experimental evidence on the reasons why subjects fail to take the optimal decision. According to the experimental results, we are able to quantify the size and the impact of three main biases that explain the anomalous behavior of participants: Bayesian updating, illusion of control and status quo bias.

Keywords: Three doors anomaly; Cognitive Bias; Bayes equilibrium; Probability; Decision-Making; Field experiments; Artefactual experiments; Behavior; Bounded rationality (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Working Paper: Three doors anomaly, "should I stay or should I go": an artefactual field experiment (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:theord:v:91:y:2021:i:3:d:10.1007_s11238-021-09809-0

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DOI: 10.1007/s11238-021-09809-0

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