scholarly journals Investigating the origin and consequences of endogenous default options in repeated economic choices

PLoS ONE ◽  
2020 ◽  
Vol 15 (8) ◽  
pp. e0232385
Author(s):  
Joaquina Couto ◽  
Leendert van Maanen ◽  
Maël Lebreton
2020 ◽  
Author(s):  
Joaquina Couto ◽  
Leendert van Maanen ◽  
Maël Lebreton

AbstractClassical value-based decision theories state that economic choices are solely based on the value of available options. Experimental evidence suggests, however, that individuals’ choices are biased towards default options, prompted by the framing of decisions. Although the effects of default options created by exogenous framing – such as how choice options are displayed – are well-documented, little is known about the potential effects and properties of endogenous framing, that is, originating from an individual’s internal state. In this study, we investigated the existence and properties of endogenous default options in a task involving choices between risky lotteries. By manipulating and examining the effects of three experimental features – time pressure, time spent on task and relative choice proportion towards a specific option –, we reveal and dissociate two features of endogenous default options which bias individuals’ choices: a natural tendency to prefer certain types of options (natural default), and the tendency to implicitly learn a default option from past choices (learned default). Additional analyses suggest that while the natural default may bias the standard choice process towards an option category, the learned default effects may be attributable to a second independent choice process. Overall, these investigations provide a first experimental evidence of how individuals build and apply diverse endogenous default options in economic decision-making and how this biases their choices.


1985 ◽  
Vol 24 (02) ◽  
pp. 101-105
Author(s):  
C. S. Brown ◽  
S. I. Allen ◽  
D. C. Songco

SummaryA computer-assisted system designed to write drug prescriptions and patient instructions has been in operation in a dermatologist’s office for two years. Almost all prescriptions are generated by the machine. Drug dosages, directions, and labeling phrases are retrieved from a diagnosis-oriented formulary of 300 drug products. A prescription template with preselected default options is displayed on a terminal screen where selection is made with the use of the video pointer. Typing skill is not required, as a detailed prescription can be produced from the use of only five function keys. Prescriptions and sets of relevant instructions for the patient are computer-printed. Therapy summaries for the medical record also are automatically composed and printed.


Author(s):  
Jon Bialecki

What is the work that miracles do in American Charismatic Evangelicalism? How are miracles something that are at once unanticipated, and yet worked for? Finally, what do miracles tell us about Christianity, and even about the category of religion? A Diagram for Fire engages with those questions through an detailed ethnographic study of the Vineyard, a Southern-California originated American Evangelical movement known for believing that biblical-style miracles are something that all Christians can perform today. This book sees the miracle a resource and a challenge to institutional cohesion and human planning, and as an immanently-situated and fundamentally social means of producing change that operates through taking surprise and the unexpected, and using it to reimagine and reconfigure the will. A Diagram for Fire shows how this configuration of the miraculous shapes typical Pentecostal and Charismatic religious practices such as prophesy, speaking in tongues, healing, and battling demons; but it also shows how the miraculous as a configuration also ends up shaping other practices that seem far from the miracle, such as a sense of temporality, music, reading, economic choices, and both conservative and progressive political imaginaries. This book suggests that the open potential of the miracle, and the ironic constriction of the miracle’s potential through the intentional attempt to embrace it, has much to tell us not only about how contemporary Pentecostal and Charismatic Christianity both functions and changes, but about an underlying mutability that plays an important role in Christianity and even in religion writ large.


2015 ◽  
Vol 82 (3) ◽  
pp. 825-867 ◽  
Author(s):  
Vincent Anesi ◽  
Daniel J. Seidmann
Keyword(s):  

2015 ◽  
Vol 35 (7) ◽  
pp. 3146-3154 ◽  
Author(s):  
W. R. Stauffer ◽  
A. Lak ◽  
P. Bossaerts ◽  
W. Schultz

Anaesthesia ◽  
2003 ◽  
Vol 58 (10) ◽  
pp. 1031-1032
Author(s):  
A. P. J. Lake ◽  
M. Khater
Keyword(s):  

2020 ◽  
Author(s):  
Keno Juechems ◽  
Jan Balaguer ◽  
Bernhard Spitzer ◽  
Christopher Summerfield

When making economic choices, such as those between goods or gambles, humans act as if their internal representation of the value and probability of a prospect is distorted away from its true value. These distortions give rise to decisions which apparently fail to maximise reward, and preferences that reverse without reason. Why would humans have evolved to encode value and probability in a distorted fashion, in the face of selective pressure for reward-maximising choices? Here, we show that under the simple assumption that humans make decisions with finite computational precision – in other words, that decisions are irreducibly corrupted by noise – the distortions of value and probability displayed by humans are approximately optimal in that they maximise reward and minimise uncertainty. In two empirical studies, we manipulate factors that change the reward-maximising form of distortion, and find that in each case, humans adapt optimally to the manipulation. This work suggests an answer to the longstanding question of why humans make “irrational” economic choices.


2021 ◽  
pp. 1-17
Author(s):  
Cynthia Boruchowicz ◽  
Florencia Lopez Boo ◽  
Benjamin Roseth ◽  
Luis Tejerina

Abstract Given the rates of transmission of COVID-19, relying only on manual contact tracing might be infeasible to control the epidemic without sustained costly lockdowns or rapid vaccination efforts. In the first study of its kind in Latin America, we find through a phone survey of a nationally representative sample of ten countries that an opt-out regime (automatic installation) increases self-reported intention to accept a contact tracing app with exposure notification by 22 percentage points compared to an opt-in regime (voluntary installation). This effect is triple the size and of opposite sign of the effect found in Europe and the United States, potentially due to lower concerns regarding privacy and lower levels of interpersonal trust. We see that an opt-out regime is more effective in increasing willingness to accept for those who do not trust the government or do not use their smartphones for financial transactions. The local severity of the pandemic does not affect our results, but feeling personally at risk increases intent to accept such apps in general. These results can shed light on the use of default options not only for contact tracing apps but in public health overall in the context of a pandemic in Latin America.


Author(s):  
Sébastien Ballesta ◽  
Weikang Shi ◽  
Katherine E. Conen ◽  
Camillo Padoa-Schioppa

AbstractIt has long been hypothesized that economic choices rely on the assignment and comparison of subjective values. Indeed, when agents make decisions, neurons in orbitofrontal cortex encode the values of offered and chosen goods. Moreover, neuronal activity in this area suggests the formation of a decision. However, it is unclear whether these neural processes are causally related to choices. More generally, the evidence linking economic choices to value signals in the brain remains correlational. We address this fundamental issue using electrical stimulation in rhesus monkeys. We show that suitable currents bias choices by increasing the value of individual offers. Furthermore, high-current stimulation disrupts both the computation and the comparison of subjective values. These results demonstrate that values encoded in orbitofrontal cortex are causal to economic choices.


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