Author:
Morone Andrea,Caferra Rocco,Casamassima Alessia,Cascavilla Alessandro,Tiranzoni Paola
Abstract
AbstractThis work aims to identify and quantify the biases behind the anomalous behavior of people when they deal with the Three Doors dilemma, which is a really simple but counterintuitive game. Carrying out an artefactual field experiment and proposing eight different treatments to isolate the anomalies, we provide new interesting experimental evidence on the reasons why subjects fail to take the optimal decision. According to the experimental results, we are able to quantify the size and the impact of three main biases that explain the anomalous behavior of participants: Bayesian updating, illusion of control and status quo bias.
Funder
Università degli Studi di Bari Aldo Moro
Publisher
Springer Science and Business Media LLC
Subject
Computer Science Applications,General Economics, Econometrics and Finance,General Social Sciences,Applied Psychology,Arts and Humanities (miscellaneous),Developmental and Educational Psychology,General Decision Sciences
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