Experimental evidence on case-based decision theory

DC FieldValueLanguage
dc.contributor.authorOssadnik, Wolfgang
dc.contributor.authorWilmsmann, Dirk
dc.contributor.authorNiemann, Benedikt
dc.date.accessioned2021-12-23T15:59:13Z-
dc.date.available2021-12-23T15:59:13Z-
dc.date.issued2013
dc.identifier.issn00405833
dc.identifier.urihttps://osnascholar.ub.uni-osnabrueck.de/handle/unios/3801-
dc.description.abstractThis paper starts out from the proposition that case-based decision theory (CBDT) is an appropriate tool to explain human decision behavior in situations of structural ignorance. Although the developers of CBDT suggest its reality adequacy, CBDT has not yet been tested empirically very often, especially not in repetitive decision situations. Therefore, our main objective is to analyse the decision behavior of subjects in a repeated-choice experiment by comparing the explanation power of CBDT to reinforcement learning and to classical decision criteria under uncertainty namely maximin, maximax, and pessimism-optimism. Our findings substantiate a predominant significantly higher validity of CBDT compared to the classical criteria and to reinforcement learning. For this reason, the experimental results confirm the suggested reality adequacy of CBDT in repetitive decision situations of structural ignorance.
dc.language.isoen
dc.publisherSPRINGER
dc.relation.ispartofTHEORY AND DECISION
dc.subject(D) decision analysis
dc.subjectAMBIGUITY
dc.subjectAXIOMS
dc.subjectBusiness & Economics
dc.subjectCase-based decision theory
dc.subjectCHOICE
dc.subjectEconomics
dc.subjectExperimental study
dc.subjectFEATURES
dc.subjectGAMES
dc.subjectMathematical Methods In Social Sciences
dc.subjectReinforcement learning model
dc.subjectRISK
dc.subjectSIMILARITY
dc.subjectSocial Sciences, Mathematical Methods
dc.subjectUNCERTAINTY
dc.subjectUTILITY
dc.titleExperimental evidence on case-based decision theory
dc.typejournal article
dc.identifier.doi10.1007/s11238-012-9333-4
dc.identifier.isiISI:000321955900004
dc.description.volume75
dc.description.issue2
dc.description.startpage211
dc.description.endpage232
dc.publisher.placeVAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS
dcterms.isPartOf.abbreviationTheory Decis.
crisitem.author.deptFB 09 - Wirtschaftswissenschaften-
crisitem.author.deptidfb09-
crisitem.author.parentorgUniversität Osnabrück-
crisitem.author.netidOsWo576-
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