ecevik94 / Search-And-Choice

0 stars 1 forks source link

Thesis2

Empirical re-analysis of sampling strategies in decisions from experience.

Abstract

Decision-making is a complex process where decision-makers gather information about the alternatives and assess them to make a choice later. Despite being a necessary part of the decision-making process, the effect of information search had been neglected in the literature until Hills and Hertwig (2010). They propose that search behavior foreshadows individuals’ choice strategies. However, their study also offers room for improvements in terms of the analysis process and size of the sample data set. This paper reevaluates their claims by implementing more comprehensive data processing approaches and leveraging the extensive data set of Wulff et al. (2018). Even though this paper finds similar results to Hills and Hertwig (2010), it also discovers that the interplay between search and choice behavior is also influenced by observed choice structure.