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Abstract

We propose a simple model in which a boundedly rational agent observes not only the choices made by others, but also some information about the process that led them to those choices. We consider two cases: In the first, an agent observes whether another agent has compared the alternatives before making his choice. In the second, he also observes whether the decision was hasty. It is shown that the probability of making a mistake is higher in the second case and that the existence of these non-standard “neuro” observations systematically biases the equilibrium distribution of choices.

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