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Violations of economic rationality due to irrelevant information during learning in decision from experience

Spektor, Mikhail S.; Seidler, Hannah 1,2
1 Fakultät für Wirtschaftswissenschaften (WIWI), Karlsruher Institut für Technologie (KIT)
2 Institut für Wirtschaftsinformatik und Marketing (IISM), Karlsruher Institut für Technologie (KIT)

Abstract:

According to normative decision-making theories, the composition of a choice set should not affect people’s preferences regarding the different options. This assumption contrasts with decades of research that have identified multiple situations in which this principle is violated, leading to context effects. Recently, research on context effects has been extended to the domain of experience-based choices, where it has been shown that forgone outcomes from irrelevant alternatives affect preferences — an accentuation effect. More specifically, it has been shown that an option presented in a situation in which its outcomes are salient across several trials is evaluated more positively than in a context in which its outcomes are less salient. In the present study, we investigated whether irrelevant information affects preferences as much as relevant information. In two experiments, individuals completed a learning task with partial feedback. We found that past outcomes from non-chosen options, which contain no relevant information at all, led to the same accentuation effect as did counterfactual outcomes that provided new and relevant information. ... mehr


Scopus
Zitationen: 1
Web of Science
Zitationen: 1
Zugehörige Institution(en) am KIT Institut für Wirtschaftsinformatik und Marketing (IISM)
Publikationstyp Zeitschriftenaufsatz
Publikationsjahr 2022
Sprache Englisch
Identifikator ISSN: 1930-2975
KITopen-ID: 1000145932
Erschienen in Judgment and Decision Making
Verlag Society for Judgment and Decision Making
Band 17
Heft 2
Seiten 425-448
Externe Relationen Abstract/Volltext
Schlagwörter accentuation effect, context effects, decision making, decisions from experience, reinforcement learning
Nachgewiesen in Scopus
Web of Science
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