Choix individuel et décision fondée sur l'expérience : une étude expérimentale


Revue Economique

2009, vol. 60, n°4

Departments: GREGHEC (CNRS), Economics & Decision Sciences

Most experimental results on individual decision-making are based on experiments where subjects are asked to evaluate and compare prospects where both consequences and probabilities are known. This type of decision is referred to as description-based decision. The aim of our paper is to study an alternative decision context where the decision maker has to take a decision under observation is the only available source of information about the likelihood of events. This type of decision is qualified experience-based decisions. At odds with the literature, recent studies on experience-based decisions suggest that subjects tend to underestimate rare events. The aim of our paper is to analyse through an experimental setting the difference between experience-based decisions and description-based decisions.Classification JEL : D81, D83, C91.