Judgement in Small Decision-Making Problems

Takemi Fujikawa and Sobei H. Oda
Additional contact information
Takemi Fujikawa: University of Western Sydney
Sobei H. Oda: Kyoto Sangyo University

A chapter in Developments on Experimental Economics, 2007, pp 149-154 from Springer

Abstract: Abstract This paper experimentally investigates “small decision-making” (SDM) problems on the ground that many common activities include those problems. SDM problems are defined by three main properties [2]. First, they include repeated tasks; the decision makers (DMs) face the same choice problem many times in similar situations. Second, each single choice is not very essential; the alternatives tend to have similar expected value (EV) that may be fairly small. Finally, the DMs do not have objective prior information as to payoff distribution. In choosing among the possible alternatives, the DMs will have to rely on the immediate and unbiased feedback obtained in similar situations in the past.

Keywords: Risk Attitude; Choice Problem; Expected Utility Theory; Repeated Task; Independence Axiom (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-540-68660-6_12

Ordering information: This item can be ordered from
http://www.springer.com/9783540686606

DOI: 10.1007/978-3-540-68660-6_12

Access Statistics for this chapter

More chapters in Lecture Notes in Economics and Mathematical Systems from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().