Experimental evidence on case-based decision theory
| Autor: | Dirk Wilmsmann, Benedikt Niemann, Wolfgang Ossadnik |
|---|---|
| Rok vydání: | 2012 |
| Předmět: |
Management science
Computer science media_common.quotation_subject Decision theory General Social Sciences General Decision Sciences Ignorance Proposition Minimax Multiple-criteria decision analysis Computer Science Applications Arts and Humanities (miscellaneous) Decision behavior Developmental and Educational Psychology Reinforcement learning Human decision General Economics Econometrics and Finance Applied Psychology media_common |
| Zdroj: | Theory and Decision. 75:211-232 |
| ISSN: | 1573-7187 0040-5833 |
| DOI: | 10.1007/s11238-012-9333-4 |
| Popis: | This paper starts out from the proposition that case-based decision theory (CBDT) is an appropriate tool to explain human decision behavior in situations of structural ignorance. Although the developers of CBDT suggest its reality adequacy, CBDT has not yet been tested empirically very often, especially not in repetitive decision situations. Therefore, our main objective is to analyse the decision behavior of subjects in a repeated-choice experiment by comparing the explanation power of CBDT to reinforcement learning and to classical decision criteria under uncertainty namely maximin, maximax, and pessimism-optimism. Our findings substantiate a predominant significantly higher validity of CBDT compared to the classical criteria and to reinforcement learning. For this reason, the experimental results confirm the suggested reality adequacy of CBDT in repetitive decision situations of structural ignorance. |
| Databáze: | OpenAIRE |
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