scholarly journals Fooled by facts: quantifying anchoring bias through a large-scale experiment

2022 ◽  
Author(s):  
Taha Yasseri ◽  
Jannie Reher
Keyword(s):  
Decision Making ◽  
Treatment Group ◽  
Field Experiment ◽  
Empirical Evidence ◽  
Large Scale ◽  
Complex Relationship ◽  
Great Care ◽  
The Future ◽  
Anchoring Bias ◽  
Scale Experiment

AbstractThrough a large-scale online field experiment, we provide new empirical evidence for the presence of the anchoring bias in people’s judgement due to irrational reliance on a piece of information that they are initially given. The comparison of the anchoring stimuli and respective responses across different tasks reveals a positive, yet complex relationship between the anchors and the bias in participants’ predictions of the outcomes of events in the future. Participants in the treatment group were equally susceptible to the anchors regardless of their level of engagement, previous performance, or gender. Given the strong and ubiquitous influence of anchors quantified here, we should take great care to closely monitor and regulate the distribution of information online to facilitate less biased decision making.

scholarly journals Reciprocity and Unveiling in Two-Sided Reputation Systems: Evidence from an Experiment on Airbnb

2021 ◽  
Author(s):  
Andrey Fradkin ◽  
Elena Grewal ◽  
David Holtz
Keyword(s):  
Treatment Group ◽  
Adverse Selection ◽  
Large Scale ◽  
Causal Effects ◽  
Reputation Systems ◽  
Control Group ◽  
Design Choice ◽  
Scale Experiment

Reputation systems are used by nearly every digital marketplace, but designs vary and the effects of these designs are not well understood. We use a large-scale experiment on Airbnb to study the causal effects of one particular design choice—the timing with which feedback by one user about another is revealed on the platform. Feedback was hidden until both parties submitted a review in the treatment group and was revealed immediately after submission in the control group. The treatment stimulated more reviewing in total. This is due to users’ curiosity about what their counterparty wrote and/or the desire to have feedback visible to other users. We also show that the treatment reduced retaliation and reciprocation in feedback and led to lower ratings as a result. The effects of the policy on feedback did not translate into reduced adverse selection on the platform.

scholarly journals Who Is (More) Rational?

2014 ◽  
Vol 104 (6) ◽  
pp. 1518-1550 ◽  
Author(s):  
Syngjoo Choi ◽  
Shachar Kariv ◽  
Wieland Müller ◽  
Dan Silverman
Keyword(s):  
Decision Making ◽  
Utility Maximization ◽  
Large Scale ◽  
Revealed Preference ◽  
Household Wealth ◽  
Standard Deviation Increase ◽  
Socioeconomic Groups ◽  
Preference Theory ◽  
Scale Experiment ◽  
Revealed Preference Theory

Revealed preference theory offers a criterion for decision-making quality: if decisions are high quality then there exists a utility function the choices maximize. We conduct a large-scale experiment to test for consistency with utility maximization. Consistency scores vary markedly within and across socioeconomic groups. In particular, consistency is strongly related to wealth: A standard deviation increase in consistency is associated with 15–19 percent more household wealth. This association is quantitatively robust to conditioning on correlates of unobserved constraints, preferences, and beliefs. Consistency with utility maximization under laboratory conditions thus captures decision-making ability that applies across domains and influences important real-world outcomes. (JEL D12, D14, D81, D83, D91, G11)

scholarly journals Moral Cosmopolitans in Eight Countries Bestow Equitable Benefit and Security on Outsiders

2020 ◽  
Author(s):  
Xuechunzi Bai ◽  
Susan Fiske ◽  
Varun Gauri
Keyword(s):  
Public Health ◽  
Climate Change ◽  
Decision Making ◽  
Empirical Evidence ◽  
Real World ◽  
Large Scale ◽  
Degrees Of Belief ◽  
National Organizations ◽  
Relevant Group ◽  
Global Welfare

Moral cosmopolitanism prioritizes global welfare over national interest. Cosmopolitans, in contrast to moral patriots, bestow equitable benefit and security across borders. Participants from four continents (N = 5,772) endorsed degrees of belief in equitable benefit and security, which respectively predicted (a) making monetary donations to global rather than national organizations and (b) protecting an immigrant rather than citizens. Correlated with their decision making, cosmopolitans’ accessible concepts included the relevant group, impartiality, and concrete need construal. Manipulating the accessibility of these cosmopolitan thoughts increased global donations by 12%. We situate theories of morality without borders in diverse, real-world contexts, and provide large-scale empirical evidence regarding cognitive conditions for cosmopolitan thinking. Increasing moral cosmopolitanism through reasoning could be valuable for global decision-making in domains such as climate change, migration, poverty, trade, and public health.

scholarly journals Large-Scale Urban Developments and the Future of Cities: Possible Checks and Balances

2019 ◽  
Vol 4 (4) ◽  
pp. 1-3 ◽  
Author(s):  
Efrat Eizenberg
Keyword(s):  
Decision Making ◽  
Urban Planning ◽  
Urban Development ◽  
Urban Form ◽  
Urban Policy ◽  
Large Scale ◽  
Power Dynamics ◽  
Checks And Balances ◽  
The World ◽  
The Future

Urban planning deploys large-scale urban development as a preferred strategy in many places around the world. Such an approach to development transforms the urban form, generates new socio-spatial urban relations, and changes planning principles, decision-making and urban power dynamics. This editorial introduces large scale urban development as the current urban policy, discusses possible checks and balances and presents the thematic issue on "Large Urban Development and the Future of Cities."

Biodata response elaboration: A large-scale field experiment

2010 ◽  
Author(s):  
Julia Levashina ◽  
Frederick P. Morgeson ◽  
Michael A. Campion
Keyword(s):  
Field Experiment ◽  
Large Scale ◽  
Scale Field ◽  
Large Scale Field

Minimizing Missed Opportunities: Modeling Relationships between the State and Business in Russia

2009 ◽  
pp. 42-61
Author(s):  
A. Oleynik
Keyword(s):  
Decision Making ◽  
Empirical Evidence ◽  
Common Good ◽  
The State ◽  
Power Relationships ◽  
Individual Decision ◽  
Missed Opportunities ◽  
Power Domination ◽  
Individual Decision Making ◽  
Optimal Outcomes

Power involves a number of models of choice: maximizing, satisficing, coercion, and minimizing missed opportunities. The latter is explored in detail and linked to a particular type of power, domination by virtue of a constellation of interests. It is shown that domination by virtue of a constellation of interests calls for justification through references to a common good, i.e. a rent to be shared between Principal and Agent. Two sources of sub-optimal outcomes are compared: individual decision-making and interactions. Interactions organized in the form of power relationships lead to sub-optimal outcomes for at least one side, Agent. Some empirical evidence from Russia is provided for illustrative purposes.

Sign in / Sign up

Export Citation Format

Share Document