Seminar: Age Effects and Heuristics in Decision Making

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Event Details
  • Date/Time:
    • Friday April 24, 2009
      11:15 am - 12:45 pm
  • Location: Old CE Building, Room 204
  • Phone:
  • URL:
  • Email:
  • Fee(s):
    N/A
  • Extras:
Contact
Kari White
School of Economics
Contact Kari White
404-894-4919
Summaries

Summary Sentence: Age Effects and Heuristics in Decision Making

Full Summary: Abstract: We examine in controlled experiments how individuals make choices when faced with multiple options. The choice tasks mimic the selection of health insurance, prescription drug, or retirement savings plans.However, in our experiment, the availab

Abstract:
We examine in controlled experiments how individuals make choices when faced with multiple options. The choice tasks mimic the selection of health insurance, prescription drug, or retirement savings plans. However, in our experiment, the available options can be objectively ranked. We find that the probability of a person selecting the optimal option declines as the number of options increases, with the decline more pronounced for older subjects. Heuristics seem to differ by age with older subjects relying more on suboptimal decision rules. Behavior consistent with the estimated decision rules is observed in an out-of-sample experiment.

Additional Information

In Campus Calendar
No
Groups

School of Economics

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Categories
Seminar/Lecture/Colloquium
Keywords
economics, professors, seminar series
Status
  • Created By: Kari White
  • Workflow Status: Published
  • Created On: Jun 22, 2010 - 5:21am
  • Last Updated: Oct 7, 2016 - 9:49pm