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Judgement in Small Decision-Making Problems

In: Developments on Experimental Economics

Author

Listed:
  • Takemi Fujikawa

    (University of Western Sydney)

  • Sobei H. Oda

    (Kyoto Sangyo University)

Abstract

This paper experimentally investigates “small decision-making” (SDM) problems on the ground that many common activities include those problems. SDM problems are defined by three main properties [2]. First, they include repeated tasks; the decision makers (DMs) face the same choice problem many times in similar situations. Second, each single choice is not very essential; the alternatives tend to have similar expected value (EV) that may be fairly small. Finally, the DMs do not have objective prior information as to payoff distribution. In choosing among the possible alternatives, the DMs will have to rely on the immediate and unbiased feedback obtained in similar situations in the past.

Suggested Citation

  • Takemi Fujikawa & Sobei H. Oda, 2007. "Judgement in Small Decision-Making Problems," Lecture Notes in Economics and Mathematical Systems, in: Sobei Hidenori Oda (ed.), Developments on Experimental Economics, pages 149-154, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-68660-6_12
    DOI: 10.1007/978-3-540-68660-6_12
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    Cited by:

    1. Takemi Fujikawa, 2009. "On the relative importance of the hot stove effect and the tendency to rely on small samples," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 4(5), pages 429-435, August.
    2. repec:cup:judgdm:v:4:y:2009:i:5:p:429-435 is not listed on IDEAS

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