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Imperfect Perception and Stochastic Choice: Elements in Behavioural and Experimental Economics

Autor Pablo Brañas-Garza, John Alan Smith
en Limba Engleză Paperback – 30 oct 2023
The branch of psychology that studies how physical objects are perceived by subjects is known as psychophysics. A feature of the experimental design is that the experimenter presents objectively measurable objects that are imperfectly perceived by subjects. The responses are stochastic in that a subject might respond differently in otherwise identical situations. These stochastic choices can be compared to the objectively measurable properties. This Element offers a brief introduction to the topic, describes how psychophysics insights are already present in economics, and describes experimental techniques with the goal that they are useful in the design of economics experiments. Noise is a ubiquitous feature of experimental economics and there is a large strand of economics literature that carefully considers the noise. However, the authors view the psychophysics experimental techniques as uniquely suited to helping experimental economists uncover what is hiding in the noise.
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Specificații

ISBN-13: 9781009048699
ISBN-10: 1009048694
Pagini: 75
Dimensiuni: 229 x 151 x 7 mm
Greutate: 0.1 kg
Editura: Cambridge University Press
Colecția Cambridge University Press
Seria Elements in Behavioural and Experimental Economics

Locul publicării:Cambridge, United Kingdom

Cuprins

1. The apparently random coffee purchases of a colleague; 2. A brief introduction to the psychophysics literature; 3. Psychophysics insights already in the economics literature; 4. Models that are difficult to test without psychophysics experimental techniques; 5. Incentivized perceptual decision-making literature; 6. Possible directions for experimental economics; References.

Descriere

While insights from classical psychophysics appear in economic theory, experimental techniques have an unrealized promise for economics.