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| Author: | Pingle, M. Day, R. |
| Title: | Modes of economizing behavior: experimental evidence |
| Journal: | Journal of Economic Behavior and Organization
1996 : MAR, VOL. 29:2, p. 191-210 |
| Index terms: | ECONOMICS DECISION MAKING RESEARCH |
| Language: | eng |
| Abstract: | In addition to more or less elaborate, explicitly rational procedures, economic choices in reality are frequently made by trial and error, imitation, following an authority, habit, thoughtless impulse , and hunch. Presenting results from a number of experiments that explicitly incorporate decision cost, this paper explores the extent to which these alternative decision making modes can lead to "optimal" choices. Economists generally understand that individuals do not ordinarily make elaborate calculations in deciding what to do. |
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