Do institutions promote rationality?: An experimental study of the three-door anomaly

Autor(en)

Jean-Robert Tyran, Tilman Slembeck

Abstrakt

The three-door problem is an example of a systematic violation of a key rationality postulate that has attracted much attention. In this seemingly simple individual decision task, most people initially fail to apply correctly Bayes’ Law, and to make the payoff-maximizing choice. Previous experimental studies have shown that individual learning reduces the incidence of irrational choices somewhat, but is far from eliminating it. We experimentally study the roles of communication and competition as institutions to mitigate the choice anomaly. We show that the three-door anomaly can be entirely eliminated by these institutions.

Organisation(en)

Institut für Volkswirtschaftslehre, Wiener Zentrum für Experimentelle Wirtschaftsforschung

Externe Organisation(en)

Universität St. Gallen

Journal

Journal of Economic Behavior & Organization

Band

54

Seiten

337–350

Anzahl der Seiten

14

ISSN

0167-2681

DOI

https://doi.org/10.1016/j.jebo.2003.03.002

Publikationsdatum

2004

Peer-reviewed

Ja

ÖFOS 2012

502045 Verhaltensökonomie

Link zum Portal

https://ucris.univie.ac.at/portal/de/publications/do-institutions-promote-rationality-an-experimental-study-of-the-threedoor-anomaly(a9429fca-0340-4dcc-bf9f-da795e251127).html