Preference for randomization: empirical and experimental evidence
We investigate violations of consequentialism in the form of the stochastic dominance property. The property is shared by many theories of choice and implies that the decisionmaker prefers receiving the best outcome for sure over all lotteries that involve multiple outcomes. We run experiments to de...
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| Beteiligte Personen: | , , |
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| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Berlin
WZB
2013
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| Schriftenreihe: | Discussion paper
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| Links: | http://bibliothek.wzb.eu/pdf/2013/ii13-201.pdf http://hdl.handle.net/10419/71137 |
| Zusammenfassung: | We investigate violations of consequentialism in the form of the stochastic dominance property. The property is shared by many theories of choice and implies that the decisionmaker prefers receiving the best outcome for sure over all lotteries that involve multiple outcomes. We run experiments to demonstrate that dominated randomization can be attractive. In treatments where decision-makers are asked to submit multiple decisions without knowing which one is relevant, many participants submit contradictory sets of decisions and thereby induce a dominated lottery between outcomes. Explicit choice of non-consequentialist randomization is observed in a separate treatment. A possible reason for the effect is the desire to avoid having to make the decision. A large data set on (highstake) university applications in Germany shows patterns that are consistent with a preference for randomization. -- Stochastic dominance violations ; individual decision making ; university choice ; matching |
| Umfang: | 1 Online-Ressource (32 S.) |
Internformat
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| 490 | 0 | |a Discussion paper | |
| 520 | 8 | |a We investigate violations of consequentialism in the form of the stochastic dominance property. The property is shared by many theories of choice and implies that the decisionmaker prefers receiving the best outcome for sure over all lotteries that involve multiple outcomes. We run experiments to demonstrate that dominated randomization can be attractive. In treatments where decision-makers are asked to submit multiple decisions without knowing which one is relevant, many participants submit contradictory sets of decisions and thereby induce a dominated lottery between outcomes. Explicit choice of non-consequentialist randomization is observed in a separate treatment. A possible reason for the effect is the desire to avoid having to make the decision. A large data set on (highstake) university applications in Germany shows patterns that are consistent with a preference for randomization. -- Stochastic dominance violations ; individual decision making ; university choice ; matching | |
| 700 | 1 | |a Kübler, Dorothea |e Verfasser |0 (DE-588)170929817 |4 aut | |
| 700 | 1 | |a Weizsäcker, Georg |d 1973- |e Verfasser |0 (DE-588)122925599 |4 aut | |
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Datensatz im Suchindex
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| author | Dwenger, Nadja 1981- Kübler, Dorothea Weizsäcker, Georg 1973- |
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| series2 | Discussion paper |
| spelling | Dwenger, Nadja 1981- Verfasser (DE-588)141091797 aut Preference for randomization empirical and experimental evidence Nadja Dwenger ; Dorothea Kübler ; Georg Weizsäcker Berlin WZB 2013 1 Online-Ressource (32 S.) txt rdacontent c rdamedia cr rdacarrier Discussion paper We investigate violations of consequentialism in the form of the stochastic dominance property. The property is shared by many theories of choice and implies that the decisionmaker prefers receiving the best outcome for sure over all lotteries that involve multiple outcomes. We run experiments to demonstrate that dominated randomization can be attractive. In treatments where decision-makers are asked to submit multiple decisions without knowing which one is relevant, many participants submit contradictory sets of decisions and thereby induce a dominated lottery between outcomes. Explicit choice of non-consequentialist randomization is observed in a separate treatment. A possible reason for the effect is the desire to avoid having to make the decision. A large data set on (highstake) university applications in Germany shows patterns that are consistent with a preference for randomization. -- Stochastic dominance violations ; individual decision making ; university choice ; matching Kübler, Dorothea Verfasser (DE-588)170929817 aut Weizsäcker, Georg 1973- Verfasser (DE-588)122925599 aut http://bibliothek.wzb.eu/pdf/2013/ii13-201.pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/71137 Langzeitarchivierung |
| spellingShingle | Dwenger, Nadja 1981- Kübler, Dorothea Weizsäcker, Georg 1973- Preference for randomization empirical and experimental evidence |
| title | Preference for randomization empirical and experimental evidence |
| title_auth | Preference for randomization empirical and experimental evidence |
| title_exact_search | Preference for randomization empirical and experimental evidence |
| title_full | Preference for randomization empirical and experimental evidence Nadja Dwenger ; Dorothea Kübler ; Georg Weizsäcker |
| title_fullStr | Preference for randomization empirical and experimental evidence Nadja Dwenger ; Dorothea Kübler ; Georg Weizsäcker |
| title_full_unstemmed | Preference for randomization empirical and experimental evidence Nadja Dwenger ; Dorothea Kübler ; Georg Weizsäcker |
| title_short | Preference for randomization |
| title_sort | preference for randomization empirical and experimental evidence |
| title_sub | empirical and experimental evidence |
| url | http://bibliothek.wzb.eu/pdf/2013/ii13-201.pdf http://hdl.handle.net/10419/71137 |
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