[ { "id": "https://thesis.library.caltech.edu/id/eprint/13997", "eprint_id": 13997, "rev_number": 36, "documents": [ { "id": "/id/document/114034", "doc_id": 114034, "rev_number": 3, "files": [ { "id": "/id/file/344708", "fileid": 344708, "datasetid": "document", "objectid": 114034, "filename": "thesis.zip", "mime_type": "application/zip", "hash": "6c2c58e153cafbe8b782902497685315", "hash_type": "MD5", "filesize": 39812794, "mtime": "2020-11-11 19:16:28", "url": "/13997/1/thesis.zip" } ], "eprint_id": 13997, "pos": 1, "placement": 1, "mime_type": "application/zip", "format": "application/zip", "language": "en", "security": "internal", "license": "other", "main": "thesis.zip", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "archival" }, { "id": "/id/document/114041", "doc_id": 114041, "rev_number": 4, "files": [ { "id": "/id/file/344754", "fileid": 344754, "datasetid": "document", "objectid": 114041, "filename": "thesis.pdf", "mime_type": "application/pdf", "hash": "5d4b66dbdd3723d99f3ad9d4f8711e43", "hash_type": "MD5", "filesize": 21270967, "mtime": "2020-11-11 22:19:51", "url": "/13997/2/thesis.pdf" } ], "eprint_id": 13997, "pos": 2, "placement": 2, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "thesis.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final" }, { "id": "/id/document/131378", "doc_id": 131378, "rev_number": 1, "files": [ { "id": "/id/file/376817", "fileid": 376817, "datasetid": "document", "objectid": 131378, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "56b1ecff8bdd30af089bddb49e4233bc", "hash_type": "MD5", "filesize": 28591, "mtime": "2021-06-24 17:50:12", "url": "/13997/3/indexcodes.txt" } ], "eprint_id": 13997, "pos": 3, "placement": 3, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/114041" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/114041" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/114041" } ] } } ], "eprint_status": "archive", "userid": 12139, "dir": "disk0/00/01/39/97", "datestamp": "2020-11-12 18:34:40", "lastmod": "2021-10-26 21:47:49", "status_changed": "2020-11-12 18:34:40", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "lixiaominxiaomin@gmail.com", "id": "Li-Xiaomin", "name": { "family": "Li", "given": "Xiaomin" }, "orcid": "0000-0002-1286-4012", "show_email": "YES" } ] }, "title": "Attention, Strategy, and the Human Mind", "ispublished": "unpub", "full_text_status": "public", "keywords": "Visual Attention, Game Theory", "note": "Thesis title varies ion the 2021 Commencement program: Attention, Strategies and the Human Mind.", "abstract": "
The current dissertation chapters try to discover the role of visual attention in decision making from three different perspectives: 1) how attention bias affects strategic decision makings, 2) how to model eye movement data to better understand strategic decisions, 3) how to manipulate simple choices through visual saliency.
\r\n\r\nThe second chapter introduces a series of novel image games, where players need to match, hide, or seek against other players. We apply a pure computational way: the state-of-art visual saliency algorithm, Saliency Attentive Map (SAM) to measure visual saliency. We find that visual saliency can predict strategic behaviors well. The concentration of salience is correlated with the rate of matching when players are both trying to match location choices (r=.64). In hider-seeker games, all players choose salient locations more often than predicted in equilibrium, creating a ``seeker\u2019s advantage'' (seekers win 9\\% of games rather than the 7\\% predicted in equilibrium). The 9\\% win rate is robust for paying higher stakes and using a between-subjects design. Salience-choice relations are consistent with cognitive hierarchy and level-k models in which strategically naive level 0's are biased toward salience, and higher-level types are not directly biased toward salience, but choose salient locations because they believe lower-level types do. Other links between salience as understood in psychology and hypothesized in economics are suggested.
\r\n\r\nThe third chapter is a continuation of the second chapter, but with a different emphasis. The third chapter proposes a way to dynamically model gaze transitional data in games utilizing a class of machine learning model: hidden markov models(HMM). The HMM model reveals how the attentional bias affects strategies on different time point. Besides, this model well connects to the k level behavioral method and can make novel predictions on strategic levels. With further containing the fixation duration data, we developed a continuous-time hidden Markov model (cgtHMM), which can be used to predict how exactly time pressure changes choices and the seeker\u2019s advantage.
\r\n\r\nDistinct from the other two, chapter four aims at manipulating binary choice outcomes through the change of visual saliency distribution under SAM. We design a value-based choice paradigm where both the reward property and the attention property are well separated and controlled. The experimental results indicate that visual saliency can enhance the choice correction rates when the more rewarding outcome is also labeled salient. It can also shorten the decision time needed. Such a result can be explained by a saliency-enhanced rational inattention model by incorporating attention factors in the traditional RI model.
", "date": "2021", "date_type": "degree", "id_number": "CaltechTHESIS:11112020-185040796", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:11112020-185040796", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Melissa Ray", "deposited_by": "Xiaomin Li", "deposited_on": "2020-11-12 18:34:40", "doi": "10.7907/6zqy-pt73", "alt_title": { "items": [ "Attention, Strategies and the Human Mind" ] }, "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "omertamuz@gmail.com", "id": "Tamuz-Omer", "name": { "family": "Tamuz", "given": "Omer" }, "orcid": "0000-0002-0111-0418", "role": "chair" }, { "email": "radolphs@caltech.edu", "id": "Adolphs-R", "name": { "family": "Adolphs", "given": "Ralph" }, "orcid": "0000-0002-8053-9692", "role": "member" }, { "email": "jin@caltech.edu", "id": "Jin-Lawrence-Jiaqi", "name": { "family": "Jin", "given": "Lawrence J." }, "role": "member" }, { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2020-09-30", "gradofc_approval_date": "2020-11-12", "review_status": "approved", "option_major": { "items": [ "behav" ] }, "option_minor": { "items": [ "compsci" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2021", "author_list": "Li, Xiaomin", "advisor_list": "Camerer, Colin F.", "comittee_list": "Tamuz, Omer; Adolphs, Ralph; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/14116", "eprint_id": 14116, "rev_number": 29, "documents": [ { "id": "/id/document/119068", "doc_id": 119068, "rev_number": 4, "files": [ { "id": "/id/file/361395", "fileid": 361395, "datasetid": "document", "objectid": 119068, "filename": "ABuyalskaya_Thesis_Final_5 27 21.pdf", "mime_type": "application/pdf", "hash": "71297c4855f8263a6a7d8b1d7efc6850", "hash_type": "MD5", "filesize": 10955944, "mtime": "2021-05-28 04:37:48", "url": "/14116/1/ABuyalskaya_Thesis_Final_5 27 21.pdf" } ], "eprint_id": 14116, "pos": 1, "placement": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "ABuyalskaya_Thesis_Final_5 27 21.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final" }, { "id": "/id/document/119069", "doc_id": 119069, "rev_number": 3, "files": [ { "id": "/id/file/361399", "fileid": 361399, "datasetid": "document", "objectid": 119069, "filename": "ABuyalskaya_Thesis_Final_5 27 21_SOURCE MATERIAL.zip", "mime_type": "application/zip", "hash": "f6a4c886165823d05b1d37a73577e298", "hash_type": "MD5", "filesize": 15781448, "mtime": "2021-05-28 04:45:58", "url": "/14116/2/ABuyalskaya_Thesis_Final_5 27 21_SOURCE MATERIAL.zip" } ], "eprint_id": 14116, "pos": 2, "placement": 2, "mime_type": "application/zip", "format": "application/zip", "language": "en", "security": "internal", "license": "other", "main": "ABuyalskaya_Thesis_Final_5 27 21_SOURCE MATERIAL.zip", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "archival" }, { "id": "/id/document/131513", "doc_id": 131513, "rev_number": 1, "files": [ { "id": "/id/file/376952", "fileid": 376952, "datasetid": "document", "objectid": 131513, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "24202bc5ea18778afded82cab4ff286f", "hash_type": "MD5", "filesize": 42141, "mtime": "2021-06-24 18:00:28", "url": "/14116/3/indexcodes.txt" } ], "eprint_id": 14116, "pos": 3, "placement": 3, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/119068" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/119068" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/119068" } ] } } ], "eprint_status": "archive", "userid": 12538, "dir": "disk0/00/01/41/16", "datestamp": "2021-06-02 23:20:17", "lastmod": "2021-10-26 21:43:10", "status_changed": "2021-06-02 23:20:17", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "anastasiasan@gmail.com", "id": "Buyalskaya-Anastasia", "name": { "family": "Buyalskaya", "given": "Anastasia" }, "orcid": "0000-0002-1848-1661", "show_email": "NO" } ] }, "title": "Investigating Drivers of Repeated Behaviors in Field Data", "ispublished": "unpub", "full_text_status": "public", "keywords": "Consumer behavior, marketing, behavioral economics, field experiment, field data", "abstract": "This dissertation investigates the influences on frequently repeated human behaviors (e.g. eating, exercising, washing hands) using empirical tests on field data. While some of the phenomena discussed have been studied in lab settings (e.g., self-regulation failures, insensitivity to reward devaluation), these studies present some of the first tests of these behavioral phenomena in the field. This dissertation also assembles a number of methodologies which can be used to study individual-level field data, informed by an interdisciplinary perspective on social and decision science research.
\r\n\r\nThe first chapter uses field data to study spillovers across behavioral domains, namely exercise and food choice. This work joins a small group of papers which document field evidence related to domain spillovers and failures of self-regulation. Most of the existing research on self-regulation has been conducted in controlled laboratory settings, where participants are either asked to imagine making hypothetical restrained choices or exert effort on a laboratory task as a proxy for making a restrained choice. As is the critique of many lab studies without direct field equivalents however, it is debatable whether the self-regulation behaviors observed in survey and laboratory settings necessarily generalize to the field. We fill this gap by looking at how natural (rather than incentivized) changes in exercise systematically affect food choice, thus empirically identifying spillovers across two behavioral domains in field data. We find that, even after controlling for individual fixed effects, there is a robust effect of morning exercise on the healthiness of a lunch choice. We complement the analysis of field data with surveys to better understand the mechanism driving this result.
\r\n\r\nThe second chapter presents a novel methodology for identifying behaviors that are highly and predictably context-sensitive, and thus candidates for being habitual. While there is a large body of laboratory research documenting the mechanisms underlying well-developed habits in animals and humans, there is much less field research on how human habits naturally develop over time. Using two large datasets on gym attendance and handwashing behavior, we use machine learning to statistically classify when choices are predicted by an identifiable set of context variables. This technique generates a person-specific measure of behavioral predictability, which can then be used to study individual differences in predictability and speed of habit formation. This allows us to establish two important discoveries. First, the sets of context cues that are predictive of individual-level behavior are different for different people. Specifically, while historical behavior is an important universal predictor, other context variables such as day of the week or month of the year have more heterogeneous effects. Second, contrary to common wisdom, there is no \"magic number\" for how long it takes to form a habit. Instead, the speed of habit formation appears to vary significantly, both between behavioral domains and between individuals within domains.
\r\n \r\nThe third chapter uses a novel methodology to run a field experiment testing the effect of a price promotion on consumer behavior. The goal of this \"pilot study\" is to credibly dissociate predictions made by brand loyalty/habit formation from reference-dependence theories. A customizable vending machine serves as a \"mini-retailer,\" allowing for full control of price promotion details in an ecologically valid setting. The vending machine allows controlling for stockpiling behavior, an important concern for empirical work analyzing price promotions in the marketing literature. Analysis of the data collected from this pilot study suggests that price promotions increase the sales of both discounted and non-discounted items, as well as the total number of unique customers making purchases. Furthermore, in line with the loss leader hypothesis, more items are purchased during the sale period overall.
", "date": "2021", "date_type": "degree", "id_number": "CaltechTHESIS:04042021-172613123", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:04042021-172613123", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Melissa Ray", "deposited_by": "Anastasia Buyalskaya", "deposited_on": "2021-06-02 23:20:17", "doi": "10.7907/wbrp-ca13", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "mshum@caltech.edu", "id": "Shum-M-S", "name": { "family": "Shum", "given": "Matthew S." }, "orcid": "0000-0002-6262-915X", "role": "chair" }, { "email": "magranov@hss.caltech.edu", "id": "Agranov-M", "name": { "family": "Agranov", "given": "Marina" }, "orcid": "0000-0002-0642-7975", "role": "member" }, { "email": "wendy.wood@usc.edu", "id": "Wood-Wendy", "name": { "family": "Wood", "given": "Wendy" }, "orcid": "0000-0002-6117-558X", "role": "member" }, { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2021-05-14", "gradofc_approval_date": "2021-06-02", "review_status": "approved", "option_major": { "items": [ "socdecneusci" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. 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"media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/72781" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/72781" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/72781" } ] } } ], "eprint_status": "archive", "userid": 9877, "dir": "disk0/00/00/98/97", "datestamp": "2016-08-03 20:13:05", "lastmod": "2023-06-20 23:14:20", "status_changed": "2016-08-03 20:13:05", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "rahul.bhui@gmail.com", "id": "Bhui-Rahul-Brian", "name": { "family": "Bhui", "given": "Rahul Brian" }, "orcid": "0000-0002-6303-8837", "show_email": "NO" } ] }, "title": "Essays on Timing and Economic Behavior", "ispublished": "unpub", "full_text_status": "public", "keywords": "Behavioral economics; neuroeconomics; time; reference dependence; loss aversion; drift diffusion model; memory; order effects", "abstract": "Economic activities unfold over time. How does timing influence our choices? How do we control our timing? Economic agents are considered to satisfy their preferences in an optimal fashion subject to constraints. Each chapter in this thesis tackles a different one of these three elements where the timing of behavior is central.
\r\n\r\nIn the first chapter, I study the impact of loss aversion on preferences for labor versus leisure. In a real-effort lab experiment, I show that a worker's willingness to persevere in a task is influenced by information about task completion time. To directly assess the location and impact of reference dependence, I structurally estimate labor-leisure preferences with a novel econometric approach drawing on computational neuroscience. Once participants exceed an expectations-based reference point, their subjective values of time rise sharply, and they speed up at the cost of reduced work quality and forgone earnings.
\r\n\r\nIn the second chapter, I propose and implement a method to test the optimality of individual deliberative time allocation. I also conduct experiments to study perceptual decision making in both simple decisions, where the difference in values between better and worse choices is known, and complex decisions, where this value difference is uncertain. The test reveals significant departures from optimality when task difficulty and monetary incentives are varied. However, a recently developed model based on optimality provides an improvement in fit over its predecessor.
\r\n\r\nIn the third chapter, I investigate the effects of memory constraints on choice over sequentially presented options. In a study that combines experimental paradigms used to analyze memory and judgment separately, I find a close link between order effects in choice and in memory. I show that cognitive load stemming from either an externally-imposed distractor or naturally-occuring fatigue substantially weakens primacy effects. Thus disrupting memory encoding and consolidation can potentially alleviate bias in judgment.
", "date": "2017", "date_type": "degree", "id_number": "CaltechTHESIS:07292016-015158537", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:07292016-015158537", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "funders": { "items": [ { "agency": "Social Sciences and Humanities Research Council of Canada" } ] }, "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Rahul Bhui", "deposited_on": "2016-08-03 20:13:05", "doi": "10.7907/Z9959FJP", "divisions": { "items": [ "div_eng" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "mshum@caltech.edu", "id": "Shum-M-S", "name": { "family": "Shum", "given": "Matthew S." }, "orcid": "0000-0002-6262-915X", "role": "chair" }, { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "member" }, { "email": "sherman@hss.caltech.edu", "id": "Sherman-R-P", "name": { "family": "Sherman", "given": "Robert P." }, "role": "member" }, { "email": "cebus@caltech.edu", "id": "Allman-J-M", "name": { "family": "Allman", "given": "John Morgan" }, "role": "member" }, { "email": "krajbich.1@osu.edu", "id": "Krajbich-I-M", "name": { "family": "Krajbich", "given": "Ian M." }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2016-07-12", "gradofc_approval_date": "2016-08-01", "review_status": "approved", "option_major": { "items": [ "cns" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2017", "author_list": "Bhui, Rahul Brian", "advisor_list": "Camerer, Colin F.", "comittee_list": "Shum, Matthew S.; Camerer, Colin F.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/9769", "eprint_id": 9769, "rev_number": 19, "documents": [ { "id": "/id/document/68404", "doc_id": 68404, "rev_number": 2, "files": [ { "id": "/id/file/188121", "fileid": 188121, "datasetid": "document", "objectid": 68404, "filename": "Nave dissertation 2016.pdf", "mime_type": "application/pdf", "hash": "df2cce2c8ef648522b0dc476f74ff42d", "hash_type": "MD5", "filesize": 5530964, "mtime": "2016-05-26 20:41:51", "url": "/9769/1/Nave dissertation 2016.pdf" } ], "eprint_id": 9769, "pos": 1, "placement": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": 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"media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/68404" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/68404" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/68404" } ] } } ], "eprint_status": "archive", "userid": 10861, "dir": "disk0/00/00/97/69", "datestamp": "2016-05-26 23:35:49", "lastmod": "2019-10-04 00:13:28", "status_changed": "2016-05-26 23:35:49", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "Gidi.nave@gmail.com", "id": "Nave-Gideon", "name": { "family": "Nave", "given": "Gideon" }, "orcid": "0000-0001-6251-5630", "show_email": "YES" } ] }, "title": "Mechanisms Underlying Economic Choice", "ispublished": "unpub", "full_text_status": "public", "keywords": "Neuroeconomics, Decision-making, Testosterone, Bargaining", "note": "The Caltech Option \"Computation and Neural Systems\" is considered an Interdisciplinary Program. The author is listed under the Division of Humanities and Social Sciences (HSS) in the 2016 Commencement program.", "abstract": "The current dissertation proposes three manners in which findings about the neuroscience of decision-making can inform traditional questions in economics that historically has been investigated using choice data alone, and without delineating the mechanism of choice.
\r\n\r\nThe first chapter investigates the origins of a critical component of both economic and perceptual decision-making under uncertainty: the belief formation process. Most research has studied belief formation in economic and perceptual decision-making in isolation. One reason for this separate treatment may be the assumption that there are distinct psychological mechanisms that underlie belief formation in economic and perceptual decisions. An alternative theory is that there exists a common mechanism that governs belief formation in both domains. Here,we test this alternative theory by combining a novel computational modeling technique with two well-known experimental paradigms. I estimate a drift-diffusion model (DDM) and provide an analytical method to decode prior beliefs from DDM parameters. Subjects in our experiment exhibit strong extrapolative beliefs in both paradigms. In line with the common mechanism hypothesis, we find that a single computational model explains belief formation in both tasks, and that individual differences in belief formation are correlated across tasks. These results suggest that extrapolative beliefs in economic decision-making may stem from low-level automatic processes that also play a role in perceptual decision-making, and therefore might be difficult to suppress.
\r\n\r\nThe second chapter investigates the role of the sex steroid hormone testosterone as a biological mediator that translates environmental changes into shifts in cognition, that influence decision-making. Correlational studies have linked testosterone with aggression and disorders associated with poor impulse control, but corresponding mechanisms are poorly understood and there is no evidence of causality. Building on a dual-process framework, I identify a mechanism for testosterone\u2019s behavioral effects in humans: reducing cognitive reflection. In the largest testosterone administration study to date, 243 men received either testosterone or placebo and took the Cognitive Reflection Test (CRT) that estimated their capacity to override incorrect intuitive judgments with deliberate correct responses. Testosterone administration reduced CRT scores. The effect was robust to controlling for age, mood, math skills, treatment expectancy, and 14 other hormones. The effects were enhanced in subjects with high cortisol and estradiol levels. These findings suggest a unified mechanism underlying testosterone\u2019s varied behavioral effects in humans and provide novel, clear, and testable predictions.
\r\n\r\nIn the third chapter, I study dynamic unstructured bargaining with deadlines and one-sided private information about the amount available to share (the \u201cpie size\"). Using mechanism design theory, I show that given the players\u2019 incentives, the equilibrium incidence of bargaining failures (\u201cstrikes\u201d) should increase with the pie size, and I derive a condition under which strikes are efficient. In our setting, no equilibrium satisfies both equality and efficiency in all pie sizes. I derive two equilibria that resolve the trade-off between equality and efficiency by either favoring equality or favoring efficiency. Using a novel experimental paradigm, I confirm that strike incidence is decreasing in the pie size. Subjects reach equal splits in small pie games (in which strikes are efficient), while most payoffs are close to either the efficient or the equal equilibrium prediction when the pie is large. I employ a machine learning approach to show that bargaining process features recorded early in the game improve out of sample prediction of disagreements at the deadline. The process feature predictions are as accurate as predictions from pie sizes only, and adding process and pie data together improve predictions even more. As process data can be much richer than the series of cursor locations that we have used (for example, by including skin conductance, pupil dilation or facial expressions), better inference of outcome variables is likely feasible. Thus, if a policy maker or a mediator can access an independent measure of private information, an arbitration mechanism may allow boosting efficiency by taking this measurement into account.
", "date": "2016", "date_type": "degree", "id_number": "CaltechTHESIS:05262016-133131808", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:05262016-133131808", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Gideon Nave", "deposited_on": "2016-05-26 23:35:49", "doi": "10.7907/Z92Z13GC", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "jdoherty@caltech.edu", "id": "O'Doherty-J-P", "name": { "family": "O'Doherty", "given": "John P." }, "role": "chair" }, { "email": "sshimojo@its.caltech.edu", "id": "Shimojo-S", "name": { "family": "Shimojo", "given": "Shinsuke" }, "role": "member" }, { "email": "radolphs@hss.caltech.edu", "id": "Adolphs-R", "name": { "family": "Adolphs", "given": "Ralph" }, "role": "member" }, { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2016-05-06", "gradofc_approval_date": "2016-05-26", "review_status": "approved", "option_major": { "items": [ "cns" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2016", "author_list": "Nave, Gideon", "advisor_list": "Camerer, Colin F.", "comittee_list": "O'Doherty, John P.; Shimojo, Shinsuke; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/9363", "eprint_id": 9363, "rev_number": 37, "documents": [ { "id": "/id/document/63209", "doc_id": 63209, "rev_number": 4, "files": [ { "id": "/id/file/176507", "fileid": 176507, "datasetid": "document", "objectid": 63209, "filename": "ImaiTaisuke2016Thesis.pdf", "mime_type": "application/pdf", "hash": "36f9bc5e03ae7af97b5902defea6aae0", "hash_type": "MD5", "filesize": 2867123, "mtime": "2016-01-10 23:15:05", "url": "/9363/1/ImaiTaisuke2016Thesis.pdf" } ], "eprint_id": 9363, "pos": 1, "placement": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": 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"media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/63209" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/63209" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/63209" } ] } } ], "eprint_status": "archive", "userid": 2582, "dir": "disk0/00/00/93/63", "datestamp": "2016-01-11 23:18:27", "lastmod": "2021-10-28 19:17:00", "status_changed": "2016-01-11 23:18:27", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "taisuke529@gmail.com", "id": "Imai-Taisuke", "name": { "family": "Imai", "given": "Taisuke" }, "orcid": "0000-0002-0610-8093", "show_email": "NO" } ] }, "title": "Essays in Revealed Preference Theory and Behavioral Economics", "ispublished": "unpub", "full_text_status": "public", "keywords": "time preference; risk preference; probability weighting; attention", "abstract": "Time, risk, and attention are all integral to economic decision making. The aim of this work is to understand those key components of decision making using a variety of approaches: providing axiomatic characterizations to investigate time discounting, generating measures of visual attention to infer consumers' intentions, and examining data from unique field settings. \r\nIncentives are not always economic or monetary in nature. Individuals are often influenced by socially-based incentives centered on how he or she wants to be perceived in a social setting, such as the desire to publicly adhere to a norm of fairness. Likewise, individuals can also be influenced by cognitively-based incentives centered on self-perception and self-attribution, such as the desire to convince oneself that he or she is altruistic. Behavioral economists have incorporated some of these concepts into standard economic models of decision-making, but there is much we still do not understand about the role of these psychology-based incentives in organizational strategy and public policy contexts.
\r\n\r\nThis thesis examines the effects of several social and cognitive incentives across different settings. In Chapter I, I use a laboratory experiment to examine why individuals feel the need to reciprocate to gifts and favors, even when those gifts are from businesses looking to take advantage of our tendency to reciprocate. Specifically, I demonstrate that individuals reciprocate simply to the intent to give a gift or favor, regardless of the ulterior motives or actual utility resulting from the favor. In Chapter II, I use observational data to investigate how pharmaceutical firms exploit social incentives that invoke reciprocity in order to influence how physicians prescribe. I concurrently examine how regulators also use social incentives, but as a way to protect consumers from these manipulative marketing strategies. In Chapter III, I collaborate with a non-profit public radio station to test the interaction between psychological and economic incentives in a fundraising context. In particular, Chapter III uses a field experiment to show that economic incentives in a fundraising campaign can reduce donation rates by detracting attention from the psychological reasons for donating, and thereby inducing a different mindset in donors.
\r\n\r\nThis thesis builds upon the field of behavioral economics in two ways. First, it uses experimental methods to extend our theoretical understanding of non-monetary, psychological incentives, including some of the mechanisms that drive reciprocity, social image, and motivation crowding out. Second, the thesis applies this knowledge toward understanding the effects of several commonly used marketing campaigns and regulatory policies.
\r\n", "date": "2015", "date_type": "degree", "id_number": "CaltechTHESIS:05282015-050921863", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:05282015-050921863", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "suggestions": "Withheld until 30 September 2017. Approved by Kaushik Bhattacharya 04132017 // Released to public view 10022017\r\n", "deposited_by": "Matthew Chao", "deposited_on": "2017-03-07 18:15:19", "doi": "10.7907/Z9FJ2DQW", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "chair" }, { "email": "mshum@caltech.edu", "id": "Shum-M-S", "name": { "family": "Shum", "given": "Matthew S." }, "role": "member" }, { "email": "rma@hss.caltech.edu", "id": "Alvarez-R-M", "name": { "family": "Alvarez", "given": "R. Michael" }, "role": "member" }, { "email": "magranov@hss.caltech.edu", "id": "Agranov-M", "name": { "family": "Agranov", "given": "Marina" }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2015-04-30", "gradofc_approval_date": "2015-05-29", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "option_minor": { "items": [ "economics" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2015", "author_list": "Chao, Matthew C.", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Shum, Matthew S.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/8997", "eprint_id": 8997, "rev_number": 35, "documents": [ { "id": "/id/document/59073", "doc_id": 59073, "rev_number": 3, "files": [ { "id": "/id/file/166131", "fileid": 166131, "datasetid": "document", "objectid": 59073, "filename": "thesis.pdf", "mime_type": "application/pdf", "hash": "3dc48dc68542e54a94a03f30304d0788", "hash_type": "MD5", "filesize": 1881157, "mtime": "2015-06-05 22:35:37", "url": "/8997/7/thesis.pdf" } ], "eprint_id": 8997, "pos": 7, "placement": 7, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "thesis.pdf", 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"media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/59073" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/59073" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/59073" } ] } } ], "eprint_status": "archive", "userid": 3824, "dir": "disk0/00/00/89/97", "datestamp": "2015-06-09 22:34:47", "lastmod": "2019-10-04 00:08:53", "status_changed": "2015-06-09 22:34:47", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "kyle21c@gmail.com", "id": "Carlson-Kyle-Ian", "name": { "family": "Carlson", "given": "Kyle Ian" }, "show_email": "NO" } ] }, "title": "Three Essays on Economics and Information Shocks", "ispublished": "unpub", "full_text_status": "public", "keywords": "Economics, health, stress, mass layoffs, social preferences, punishment, social media, social influence", "abstract": "A person living in an industrialized society has almost no choice but to receive information daily with negative implications for himself or others. His attention will often be drawn to the ups and downs of economic indicators or the alleged misdeeds of leaders and organizations. Reacting to new information is central to economics, but economics typically ignores the affective aspect of the response, for example, of stress or anger. These essays present the results of considering how the affective aspect of the response can influence economic outcomes.
\r\n\r\nThe first chapter presents an experiment in which individuals were presented with information about various non-profit organizations and allowed to take actions that rewarded or punished those organizations. When social interaction was introduced into this environment an asymmetry between rewarding and punishing appeared. The net effects of punishment became greater and more variable, whereas the effects of reward were unchanged. The individuals were more strongly influenced by negative social information and used that information to target unpopular organizations. These behaviors contributed to an increase in inequality among the outcomes of the organizations.
\r\n\r\nThe second and third chapters present empirical studies of reactions to negative information about local economic conditions. Economic factors are among the most prevalent stressors, and stress is known to have numerous negative effects on health. These chapters document localized, transient effects of the announcement of information about large-scale job losses. News of mass layoffs and shut downs of large military bases are found to decrease birth weights and gestational ages among babies born in the affected regions. The effect magnitudes are close to those estimated in similar studies of disasters.
\r\n", "date": "2015", "date_type": "degree", "id_number": "CaltechTHESIS:06052015-113434229", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:06052015-113434229", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "funders": { "items": [ { "agency": "National Science Foundation Graduate Research Fellowship" }, { "agency": "Discovery Fund" } ] }, "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "suggestions": "Restricted to Caltech community only until 1 June 2016. Released 1 June 2016.", "deposited_by": "Kyle Carlson", "deposited_on": "2015-06-09 22:34:47", "doi": "10.7907/Z9XW4GQ8", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "chair" }, { "email": "mshum@caltech.edu", "id": "Shum-M-S", "name": { "family": "Shum", "given": "Matthew S." }, "role": "member" }, { "email": "jdoherty@caltech.edu", "id": "O'Doherty-J-P", "name": { "family": "O'Doherty", "given": "John P." }, "role": "member" }, { "email": "mewens@caltech.edu", "id": "Ewens-M-J", "name": { "family": "Ewens", "given": "Michael J." }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2015-05-15", "gradofc_approval_date": "2015-06-09", "review_status": "approved", "option_major": { "items": [ "behav" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2015", "author_list": "Carlson, Kyle Ian", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Shum, Matthew S.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/8397", "eprint_id": 8397, "rev_number": 63, "documents": [ { "id": "/id/document/48593", "doc_id": 48593, "rev_number": 8, "files": [ { "id": "/id/file/141405", "fileid": 141405, "datasetid": "document", "objectid": 48593, "filename": "DRay_Thesis(1).pdf", "mime_type": "application/pdf", "hash": "bfb29b4cc9096f02d82d520173e85f8f", "hash_type": "MD5", "filesize": 5078847, "mtime": "2014-05-27 07:37:49", "url": "/8397/1/DRay_Thesis(1).pdf" } ], "eprint_id": 8397, "pos": 1, "placement": 2, "mime_type": "application/pdf", "format": "application/pdf", "format_desc": "Defended version", "language": "en", "security": 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"archive", "userid": 6544, "dir": "disk0/00/00/83/97", "datestamp": "2014-06-10 18:41:04", "lastmod": "2019-10-04 00:05:03", "status_changed": "2015-05-04 23:25:39", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "debray@gmail.com", "id": "Ray-Debajyoti", "name": { "family": "Ray", "given": "Debajyoti" }, "orcid": "0000-0002-3833-1062", "show_email": "NO" } ] }, "title": "Efficient Methods for Empirical Tests of Behavioral Economics Theories in Laboratory and Field Experiments", "ispublished": "unpub", "full_text_status": "public", "keywords": "Behavioral Economics, Machine Learning, Adaptive Experimental Design", "abstract": "In the quest for a descriptive theory of decision-making, the rational actor model in economics imposes rather unrealistic expectations and abilities on human decision makers. The further we move from idealized scenarios, such as perfectly competitive markets, and ambitiously extend the reach of the theory to describe everyday decision making situations, the less sense these assumptions make. Behavioural economics has instead proposed models based on assumptions that are more psychologically realistic, with the aim of gaining more precision and descriptive power. Increased psychological realism, however, comes at the cost of a greater number of parameters and model complexity. Now there are a plethora of models, based on different assumptions, applicable in differing contextual settings, and selecting the right model to use tends to be an ad-hoc process. In this thesis, we develop optimal experimental design methods and evaluate different behavioral theories against evidence from lab and field experiments.
\r\n\r\nWe look at evidence from controlled laboratory experiments. Subjects are presented with choices between monetary gambles or lotteries. Different decision-making theories evaluate the choices differently and would make distinct predictions about the subjects' choices. Theories whose predictions are inconsistent with the actual choices can be systematically eliminated. Behavioural theories can have multiple parameters requiring complex experimental designs with a very large number of possible choice tests. This imposes computational and economic constraints on using classical experimental design methods. We develop a methodology of adaptive tests: Bayesian Rapid Optimal Adaptive Designs (BROAD) that sequentially chooses the \"most informative\" test at each stage, and based on the response updates its posterior beliefs over the theories, which informs the next most informative test to run. BROAD utilizes the Equivalent Class Edge Cutting (EC2) criteria to select tests. We prove that the EC2 criteria is adaptively submodular, which allows us to prove theoretical guarantees against the Bayes-optimal testing sequence even in the presence of noisy responses. In simulated ground-truth experiments, we find that the EC2 criteria recovers the true hypotheses with significantly fewer tests than more widely used criteria such as Information Gain and Generalized Binary Search. We show, theoretically as well as experimentally, that surprisingly these popular criteria can perform poorly in the presence of noise, or subject errors. Furthermore, we use the adaptive submodular property of EC2 to implement an accelerated greedy version of BROAD which leads to orders of magnitude speedup over other methods.
\r\n\r\nWe use BROAD to perform two experiments. First, we compare the main classes of theories for decision-making under risk, namely: expected value, prospect theory, constant relative risk aversion (CRRA) and moments models. Subjects are given an initial endowment, and sequentially presented choices between two lotteries, with the possibility of losses. The lotteries are selected using BROAD, and 57 subjects from Caltech and UCLA are incentivized by randomly realizing one of the lotteries chosen. Aggregate posterior probabilities over the theories show limited evidence in favour of CRRA and moments' models. Classifying the subjects into types showed that most subjects are described by prospect theory, followed by expected value. Adaptive experimental design raises the possibility that subjects could engage in strategic manipulation, i.e. subjects could mask their true preferences and choose differently in order to obtain more favourable tests in later rounds thereby increasing their payoffs. We pay close attention to this problem; strategic manipulation is ruled out since it is infeasible in practice, and also since we do not find any signatures of it in our data.
\r\n\r\nIn the second experiment, we compare the main theories of time preference: exponential discounting, hyperbolic discounting, \"present bias\" models: quasi-hyperbolic (α, β) discounting and fixed cost discounting, and generalized-hyperbolic discounting. 40 subjects from UCLA were given choices between 2 options: a smaller but more immediate payoff versus a larger but later payoff. We found very limited evidence for present bias models and hyperbolic discounting, and most subjects were classified as generalized hyperbolic discounting types, followed by exponential discounting.
\r\n\r\nIn these models the passage of time is linear. We instead consider a psychological model where the perception of time is subjective. We prove that when the biological (subjective) time is positively dependent, it gives rise to hyperbolic discounting and temporal choice inconsistency.
\r\n\r\nWe also test the predictions of behavioral theories in the \"wild\". We pay attention to prospect theory, which emerged as the dominant theory in our lab experiments of risky choice. Loss aversion and reference dependence predicts that consumers will behave in a uniquely distinct way than the standard rational model predicts. Specifically, loss aversion predicts that when an item is being offered at a discount, the demand for it will be greater than that explained by its price elasticity. Even more importantly, when the item is no longer discounted, demand for its close substitute would increase excessively. We tested this prediction using a discrete choice model with loss-averse utility function on data from a large eCommerce retailer. Not only did we identify loss aversion, but we also found that the effect decreased with consumers' experience. We outline the policy implications that consumer loss aversion entails, and strategies for competitive pricing.
\r\n\r\nIn future work, BROAD can be widely applicable for testing different behavioural models, e.g. in social preference and game theory, and in different contextual settings. Additional measurements beyond choice data, including biological measurements such as skin conductance, can be used to more rapidly eliminate hypothesis and speed up model comparison. Discrete choice models also provide a framework for testing behavioural models with field data, and encourage combined lab-field experiments.
", "date": "2014", "date_type": "degree", "id_number": "CaltechTHESIS:05272014-001635343", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:05272014-001635343", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Debajyoti Ray", "deposited_on": "2014-06-10 18:41:04", "doi": "10.7907/V184-1318", "divisions": { "items": [ "div_eng" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "chair" }, { "email": "mshum@caltech.edu", "id": "Shum-M-S", "name": { "family": "Shum", "given": "Matthew S." }, "role": "member" }, { "email": "pbs@hss.caltech.edu", "id": "Bossaerts-P-L", "name": { "family": "Bossaerts", "given": "Peter L." }, "role": "member" }, { "email": "katrina@caltech.edu", "id": "Ligett-K-A", "name": { "family": "Ligett", "given": "Katrina A." }, "role": "member" }, { "email": "krausea@ethz.ch", "id": "Krause-A", "name": { "family": "Krause", "given": "Andreas" }, "role": "member" }, { "email": "rweber@caltech.edu", "id": "Weber-R-M", "name": { "family": "Weber", "given": "Romann M." }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2014-05-28", "gradofc_approval_date": "2014-06-09", "review_status": "approved", "option_major": { "items": [ "cns" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2014", "author_list": "Ray, Debajyoti", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Shum, Matthew S.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/5280", "eprint_id": 5280, "rev_number": 26, "documents": [ { "id": "/id/document/8522", "doc_id": 8522, "rev_number": 5, "files": [ { "id": "/id/file/52869", "fileid": 52869, "datasetid": "document", "objectid": 8522, "filename": "Dissertation_Kang_final.pdf", "mime_type": "application/pdf", "filesize": 2750831, "mtime": "2012-12-26 03:17:42", "url": "/5280/6/Dissertation_Kang_final.pdf" } ], "eprint_id": 5280, "pos": 6, "mime_type": "application/pdf", "format": "application/pdf", "format_desc": "Dissertation_Kang_Final", "language": "en", "security": "public", "license": "other", "main": "Dissertation_Kang_final.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/24940" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/24940" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/24940" } ] } }, { "id": "/id/document/9384", "doc_id": 9384, "rev_number": 3, "files": [ { "id": "/id/file/204805", "fileid": 204805, "datasetid": "document", "objectid": 9384, "filename": "Kang_Min_Jeong_2010.PDF", "mime_type": "application/pdf", "filesize": 43242, "mtime": "2016-08-22 21:18:08", "url": "/5280/7/Kang_Min_Jeong_2010.PDF" } ], "eprint_id": 5280, "pos": 7, "format": "application/pdf", "language": "en", "security": "internal", "license": "other", "main": "Kang_Min_Jeong_2010.PDF", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "approvalform" }, { "id": "/id/document/24940", "doc_id": 24940, "rev_number": 2, "files": [ { "id": "/id/file/52867", "fileid": 52867, "datasetid": "document", "objectid": 24940, "filename": "preview.png", "mime_type": "image/png", "hash": "0f22a669e469ce680630a1ea6523b5bb", "hash_type": "MD5", "filesize": 18070, "mtime": "2012-12-26 03:17:41", "url": "/5280/8/preview.png" } ], "eprint_id": 5280, "pos": 8, "placement": 8, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/8522" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/8522" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/8522" } ] } }, { "id": "/id/document/125315", "doc_id": 125315, "rev_number": 1, "files": [ { "id": "/id/file/370749", "fileid": 370749, "datasetid": "document", "objectid": 125315, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "dbb4662b8bc892668964b487f16e7f93", "hash_type": "MD5", "filesize": 35226, "mtime": "2021-06-24 00:05:46", "url": "/5280/9/indexcodes.txt" } ], "eprint_id": 5280, "pos": 9, "placement": 9, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/8522" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/8522" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/8522" } ] } } ], "eprint_status": "archive", "userid": 22, "dir": "disk0/00/00/52/80", "datestamp": "2009-12-21 18:18:18", "lastmod": "2019-11-08 18:06:54", "status_changed": "2009-12-21 18:18:18", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "mjkang@haas.berkeley.edu", "id": "Kang-Min-Jeong", "name": { "family": "Kang", "given": "Min Jeong" }, "show_email": "NO" } ] }, "title": "Three Experimental Studies of Reward and Decision Making", "ispublished": "unpub", "full_text_status": "public", "keywords": "Neuroeconomics; fMRI; curiosity; Learning; value of information; hypothetical bias; timing game", "abstract": "This thesis investigates reward-driven decision making using a combination of techniques such as functional neuroimaging, behavioral experiments, and pupilometry. Different aspects of reward and decision making were examined in three different studies, including the nature of curiosity, similarities and differences in hypothetical and real decisions, and optimal-timing decisions. In the study of curiosity, my colleagues and I conceptualized information as a rewarding object and curiosity as a form of reward anticipation of the rewarding information. We explored this hypothesis using a combination of functional neuroimaging, pupillometry, behavioral experiments, and memory-retrieval experiments. In the study of hypothetical and real decisions, the neural differences and similarities underlying these types of decisions were explored. We discuss potential implications of the findings on scientific practices and suggest the possibility of a new use of fMRI to improve the prediction of real choices based on hypothetical choice data. In the third study, we explore how people make timing decisions when motivation to delay trades off against the motivation to take an action immediately. We experimentally test current theory and examine how strategic decisions become sophisticated over time. We further hypothesize about psychological processes that could guide decision making under uncertainty and time pressure.", "date": "2010", "date_type": "degree", "id_number": "CaltechETD:etd-09082009-143650", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechETD:etd-09082009-143650", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Min Jeong Kang", "deposited_on": "2009-12-21 18:18:18", "doi": "10.7907/1NPB-7J55", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "chair" }, { "email": "rangel@hss.caltech.edu", "id": "Rangel-A", "name": { "family": "Rangel", "given": "Antonio" }, "role": "member" }, { "email": "pbs@hss.caltech.edu", "id": "Bossaerts-P-L", "name": { "family": "Bossaerts", "given": "Peter L." }, "role": "member" }, { "email": "radolphs@hss.caltech.edu", "id": "Adolphs-R", "name": { "family": "Adolphs", "given": "Ralph" }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_submitted_date": "2009-09-08", "thesis_defense_date": "2009-08-20", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive\nlicense to archive and make accessible, under the conditions specified below,\nmy thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2010", "author_list": "Kang, Min Jeong", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Rangel, Antonio; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/2278", "eprint_id": 2278, "rev_number": 12, "documents": [ { "id": "/id/document/4286", "doc_id": 4286, "rev_number": 2, "files": [ { "id": "/id/file/24780", "fileid": 24780, "datasetid": "document", "objectid": 4286, "filename": "Myung-Dissertation.pdf", "mime_type": "application/pdf", "filesize": 5395547, "mtime": "2012-12-26 02:49:28", "url": "/2278/1/Myung-Dissertation.pdf" } ], "eprint_id": 2278, "pos": 1, "mime_type": "application/pdf", "format": "application/pdf", "format_desc": "Myung-Dissertation.pdf", "language": "en", "security": "public", "license": "other", "main": "Myung-Dissertation.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/20874" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/20874" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/20874" } ] } }, { "id": "/id/document/13885", "doc_id": 13885, "rev_number": 3, "files": [ { "id": "/id/file/203104", "fileid": 203104, "datasetid": "document", "objectid": 13885, "filename": "Myung_Noah_2009.PDF", "mime_type": "application/pdf", "filesize": 37643, "mtime": "2016-08-22 21:15:51", "url": "/2278/2/Myung_Noah_2009.PDF" } ], "eprint_id": 2278, "pos": 2, "format": "application/pdf", "language": "en", "security": "internal", "license": "other", "main": "Myung_Noah_2009.PDF", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "approvalform" }, { "id": "/id/document/20874", "doc_id": 20874, "rev_number": 2, "files": [ { "id": "/id/file/24778", "fileid": 24778, "datasetid": "document", "objectid": 20874, "filename": "preview.png", "mime_type": "image/png", "hash": "818f6e3ca178d80ca2a73bc9f31c295f", "hash_type": "MD5", "filesize": 14996, "mtime": "2012-12-26 02:49:28", "url": "/2278/3/preview.png" } ], "eprint_id": 2278, "pos": 3, "placement": 3, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/4286" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/4286" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/4286" } ] } }, { "id": "/id/document/122555", "doc_id": 122555, "rev_number": 1, "files": [ { "id": "/id/file/367953", "fileid": 367953, "datasetid": "document", "objectid": 122555, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "84ca1af62bdb731e58555b5134b40893", "hash_type": "MD5", "filesize": 23468, "mtime": "2021-06-23 22:00:22", "url": "/2278/4/indexcodes.txt" } ], "eprint_id": 2278, "pos": 4, "placement": 4, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/4286" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/4286" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/4286" } ] } } ], "eprint_status": "archive", "userid": 2, "dir": "disk0/00/00/22/78", "datestamp": "2009-06-02", "lastmod": "2021-10-28 18:56:29", "status_changed": "2009-09-25 02:33:10", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "noah.myung@caltech.edu", "id": "Myung-Noah", "name": { "family": "Myung", "given": "Noah" }, "show_email": "NO" } ] }, "title": "Organizational and Financial Economics", "ispublished": "unpub", "full_text_status": "public", "keywords": "ambiguity aversion; competition; computational testbed; coordination game; corporate culture; equilibrium selection; equity market home bias; experiments; mean-variance model; organization; prisoner's dilemma", "abstract": "We investigate behaviors in organizational and financial economics by utilizing and developing the latest techniques from game theory, experimental economics, computational testbed, and decision-making under risk and uncertainty.
\r\n\r\nIn the first chapter, we use game theory and experimental economics approaches to analyze the relationships between corporate culture and the persistent performance differences among seemingly similar enterprises. First, we show that competition leads to higher minimum effort levels in the minimum effort coordination game. Furthermore, we show that organizations with better coordination also lead to higher rates of cooperation in the prisoner's dilemma game. This supports the theory that the high-efficiency culture developed in coordination games act as a focal point for the outcome of subsequent prisoner's dilemma game. In turn, we argue that these endogenous features of culture developed from coordination and cooperation can help explain the persistent performance differences.
\r\n\r\nIn the second chapter, using a computational testbed, we theoretically predict and experimentally show that in the minimum effort coordination game, as the cost of effort increases: 1. the game converges to lower effort levels, 2. convergence speed increases, and 3. average payoff is not monotonically decreasing. In fact, the average profit is an U-shaped curve as a function of cost. Therefore, contrary to the intuition, one can obtain a higher average profit by increasing the cost of effort.
\r\n\r\nIn the last chapter, we investigate a well-known paradox in finance. The equity market home bias occurs when the investors over-invest in their home country assets. The equity market home bias is a paradox because the investors are not hedging their risk optimally. Even with unrealistic levels of risk aversion, the equity market home bias cannot be explained using the standard mean-variance model. We propose ambiguity aversion to be the behavioral explanation. We design six experiments using real-world assets and derivatives to show the relationship between ambiguity aversion and home bias. We tested for ambiguity aversion by showing that the investor's subjective probability is sub-additive. The result from the experiment provides support for the assertion that ambiguity aversion is related to the equity market home bias paradox.
\r\n", "date": "2009", "date_type": "degree", "id_number": "CaltechETD:etd-05292009-150803", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechETD:etd-05292009-150803", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Imported from ETD-db", "deposited_on": "2009-06-02", "doi": "10.7907/B75A-MW79", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Cvitani\u0107-J", "name": { "family": "Cvitani\u0107", "given": "Jak\u0161a" }, "orcid": "0000-0001-6651-3552", "role": "advisor" }, { "id": "Echenique-F", "name": { "family": "Echenique", "given": "Federico" }, "orcid": "0000-0002-1567-6770", "role": "advisor" }, { "id": "Plott-C-R", "name": { "family": "Plott", "given": "Charles R." }, "role": "advisor" }, { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "fede@hss.caltech.edu", "id": "Echenique-F", "name": { "family": "Echenique", "given": "Federico" }, "orcid": "0000-0002-1567-6770", "role": "co-chair" }, { "email": "cvitanic@hss.caltech.edu", "id": "Cvitani\u0107-J", "name": { "family": "Cvitani\u0107", "given": "Jak\u0161a" }, "orcid": "0000-0001-6651-3552", "role": "co-chair" }, { "email": "cplott@hss.caltech.edu", "id": "Plott-C-R", "name": { "family": "Plott", "given": "Charles R." }, "role": "member" }, { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_submitted_date": "2009-05-29", "thesis_defense_date": "2009-05-15", "thesis_approved_date": "2009-06-02", "gradofc_approval_date": "2009-06-01", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive\nlicense to archive and make accessible, under the conditions specified below,\nmy thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2009", "author_list": "Myung, Noah", "advisor_list": "Cvitani\u0107, Jak\u0161a; Echenique, Federico; et el.", "comittee_list": "Echenique, Federico; Cvitani\u0107, Jak\u0161a; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/1842", "eprint_id": 1842, "rev_number": 11, "documents": [ { "id": "/id/document/3071", "doc_id": 3071, "rev_number": 3, "files": [ { "id": "/id/file/18480", "fileid": 18480, "datasetid": "document", "objectid": 3071, "filename": "Diss.pdf", "mime_type": "application/pdf", "filesize": 6815819, "mtime": "2012-12-26 02:42:55", "url": "/1842/1/Diss.pdf" } ], "eprint_id": 1842, "pos": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "Diss.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/19772" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/19772" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/19772" } ] } }, { "id": "/id/document/19772", "doc_id": 19772, "rev_number": 2, "files": [ { "id": "/id/file/18478", "fileid": 18478, "datasetid": "document", "objectid": 19772, "filename": "preview.png", "mime_type": "image/png", "hash": "8fa4eb13b0b1195b03432db7fc0eab5d", "hash_type": "MD5", "filesize": 13763, "mtime": "2012-12-26 02:42:54", "url": "/1842/2/preview.png" } ], "eprint_id": 1842, "pos": 2, "placement": 2, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/3071" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/3071" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/3071" } ] } }, { "id": "/id/document/121371", "doc_id": 121371, "rev_number": 1, "files": [ { "id": "/id/file/366763", "fileid": 366763, "datasetid": "document", "objectid": 121371, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "a60c70655d5c8989237495345459ff1e", "hash_type": "MD5", "filesize": 36567, "mtime": "2021-06-23 21:24:57", "url": "/1842/3/indexcodes.txt" } ], "eprint_id": 1842, "pos": 3, "placement": 3, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/3071" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/3071" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/3071" } ] } } ], "eprint_status": "archive", "userid": 2, "dir": "disk0/00/00/18/42", "datestamp": "2008-07-30", "lastmod": "2019-11-27 18:36:05", "status_changed": "2009-09-25 02:17:26", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "mbhatt@hss.caltech.edu", "id": "Bhatt-Meghana-A", "name": { "family": "Bhatt", "given": "Meghana A." }, "show_email": "NO" } ] }, "title": "Three Papers in Neuroeconomics", "ispublished": "unpub", "full_text_status": "public", "keywords": "advertising; bargaining; belief formation; neuroeconomics", "abstract": "I consider the role of automatic psychological and neural processes in different settings. First, how does advertising affect consumer perceptions of a product? I assert that one of the ma jor mechanisms used in marketing is the creation of implicit associations among concepts. A neural network framework is adapted to model how these associations evolve and interact. Use of this formal model allows us to consider some of the indirect effects of advertising, particularly \u201cspillover\u201d and \u201cdilution\u201d effects where the advertisements for one product can help or harm ther perceptions of another. Second, I use fMRI to consider neural activation patterns during strategic thinking. Two studies reveal the possible importance of various neural areas to belief formation, strategic deception, and suspicion. The \ufb01rst study focuses on the neural correlates of belief formation, particularly the difference between equilibrium and out-of-equilibrium decisions. We \ufb01nd both neural activations and behavioral evidence that sub jects have relatively shallow belief processes, often apparently assigning too much agency to themselves, when they are out of equilibrium. The second study focuses on a bargaining interaction where a \u201cbuyer\u201d has incentive to deceive a \u201cseller\u201d in order to get a low price for a hypothetical product. We \ufb01nd neural correlates to strategic deception in the dorsal striatum and to suspicion of deception in the ACC.", "date": "2008", "date_type": "degree", "id_number": "CaltechETD:etd-05162008-165528", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechETD:etd-05162008-165528", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Imported from ETD-db", "deposited_on": "2008-07-30", "doi": "10.7907/X08G-9546", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "chair" }, { "email": "rangel@hss.caltech.edu", "id": "Rangel-A", "name": { "family": "Rangel", "given": "Antonio" }, "role": "member" }, { "email": "jkg@hss.caltech.edu", "id": "Goeree-J-K", "name": { "family": "Goeree", "given": "Jacob K." }, "role": "member" }, { "email": "lyariv@hss.caltech.edu", "id": "Yariv-L", "name": { "family": "Yariv", "given": "Leeat" }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_submitted_date": "2008-05-16", "thesis_defense_date": "2007-05-07", "thesis_approved_date": "2008-07-30", "gradofc_approval_date": "2008-07-24", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive\nlicense to archive and make accessible, under the conditions specified below,\nmy thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2008", "author_list": "Bhatt, Meghana A.", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Rangel, Antonio; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/470", "eprint_id": 470, "rev_number": 9, "documents": [ { "id": "/id/document/706", "doc_id": 706, "rev_number": 2, "files": [ { "id": "/id/file/4457", "fileid": 4457, "datasetid": "document", "objectid": 706, "filename": "Thesis_Final.pdf", "mime_type": "application/pdf", "filesize": 6566894, "mtime": "2012-12-26 02:29:59", "url": "/470/1/Thesis_Final.pdf" } ], "eprint_id": 470, "pos": 1, "mime_type": "application/pdf", "format": "application/pdf", "format_desc": "Thesis_Final.pdf", "language": "en", "security": "public", "license": "other", "main": "Thesis_Final.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/17523" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/17523" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/17523" } ] } }, { "id": "/id/document/17523", "doc_id": 17523, "rev_number": 2, "files": [ { "id": "/id/file/4455", "fileid": 4455, "datasetid": "document", "objectid": 17523, "filename": "preview.png", "mime_type": "image/png", "hash": "7507000a1bcff89a0eacb90d5da24bec", "hash_type": "MD5", "filesize": 8661, "mtime": "2012-12-26 02:29:59", "url": "/470/2/preview.png" } ], "eprint_id": 470, "pos": 2, "placement": 2, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/706" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/706" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/706" } ] } }, { "id": "/id/document/119940", "doc_id": 119940, "rev_number": 1, "files": [ { "id": "/id/file/365309", "fileid": 365309, "datasetid": "document", "objectid": 119940, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "b0b000a116f05c56c077546d154dd5a9", "hash_type": "MD5", "filesize": 34281, "mtime": "2021-06-23 20:28:07", "url": "/470/3/indexcodes.txt" } ], "eprint_id": 470, "pos": 3, "placement": 3, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/706" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/706" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/706" } ] } } ], "eprint_status": "archive", "userid": 2, "dir": "disk0/00/00/04/70", "datestamp": "2007-04-05", "lastmod": "2020-02-11 23:45:05", "status_changed": "2009-09-25 01:38:07", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "mhsu@haas.berkeley.eduu", "id": "Hsu-Ming", "name": { "family": "Hsu", "given": "Ming" }, "orcid": "0000-0001-7195-3579", "show_email": "NO" } ] }, "title": "Three Correlated Essays on the Neural Foundations of Economic Decision-Making", "ispublished": "unpub", "full_text_status": "public", "keywords": "Allais Paradox; decision making; decision theory; economics; Ellsberg Paradox; fMRI; lesion; neuroeconomics; neuroscience; probability weighting", "abstract": "Paradoxes are useful in science because they hint at errors or inconsistencies in our models of the world. In this thesis, I study two well-known and long-standing paradoxes in decision theory from the point of view of neuroeconomics. This approach combines tools and ideas from economics and neuroscience, and tries to understand the neural mechanisms and the causal structures behind these paradoxes.
\r\n\r\nSince its introduction in Ellsberg (1961), the Ellsberg Paradox has been one of the most studied violations of subjective expected utility theory (SEU). In one version of the paradox, a decision-maker is confronted containing two urns with 100 balls that are either red or blue. In the first (risky) urn, she is told there are 50 red and 50 blue; whereas no further information is given about the second (ambiguous) urn. A commonly observed choice pattern is for decision makers to choose to bet on both red and blue in the first urn. Clearly, if probabilities are additive, such rankings are inconsistent with SEU.
\r\n\r\nFirst, I present brain imaging that shows that the brain treats risky and ambiguous choices differently. This is done through the use of functional magnetic resonance imaging (fMRI), a method that measures brain activity indirectly through blood flow. I find evidence that the brain regions respond differently to ambiguity and risk. Furthermore, the region that is correlated with expected money value of choices are activated more under risk than ambiguity, confirming that expected utility of ambiguous gambles are lower than those of equivalent risk gambles. Finally, the temporal relationship between the regions suggests a network where one brain region signals the level of uncertainty (amygdala), sent through another region (orbitofrontal cortex), and increases (decreases) expected utility of the choices, represented in the activity of a third region (striatum).
\r\n\r\nBrain imaging results, however, is limited by its correlational nature. To assess necessity, if a particular brain region causes a certain behavior, taking it out should remove that behavior. Conversely, to assess sufficiency, stimulating the brain region should create that behavior.
\r\n\r\nIn the former, I study patients who have damage to the orbitofrontal cortex (same region found in the brain scans). I find that these patients were both ambiguity- and risk-neutral. This compares to ambiguity- and risk-averse behavior of patients with damage to other parts of the brain not found in the brain scans, similar to normal individuals. This confirms the idea that specific brain regions are necessary for distinguishing between risk and ambiguity. In the latter, I activate amygdala of (normal) subjects through mild electrical stimulation (a method known to elicit activation of the region). This allows us to test whether this method increases the ambiguity/risk aversion of subjects.
\r\n\r\nThe third chapter studies the Allais Paradox and the probability weighting function. The fact that people do not appear to weight probabilities linearly as dictated by subjective expected utility theory has been known since the 1950s. More specifically, people have been found to overweight small probabilities, and underweight large probabilities. This chapter has two goals. First, I attempt to find the neural correlate of the probability weighting function: that is, is the probability weighting function as discussed in the decision theory literature found in the brain? Second, I posit a hypothesis for the generation of the probability weighting function with data from psychophysics and neuroscience. Together they shed light on how the brain encodes probabilities as a physical quantity as well as how it might combine decision weights and rewards to calculate expected utility.
", "date": "2007", "date_type": "degree", "id_number": "CaltechETD:etd-02022007-163425", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechETD:etd-02022007-163425", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Imported from ETD-db", "deposited_on": "2007-04-05", "doi": "10.7907/JE01-F098", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "camerer@hss.caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "chair" }, { "email": "cplott@hss.caltech.edu", "id": "Plott-C-R", "name": { "family": "Plott", "given": "Charles R." }, "role": "member" }, { "email": "pbs@rioja.hss.caltech.edu", "id": "Bossaerts-P-L", "name": { "family": "Bossaerts", "given": "Peter L." }, "role": "member" }, { "email": "steve@hss.caltech.edu", "id": "Quartz-S-R", "name": { "family": "Quartz", "given": "Steven R." }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_submitted_date": "2007-02-02", "thesis_defense_date": "2006-07-31", "thesis_approved_date": "2007-04-05", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive\nlicense to archive and make accessible, under the conditions specified below,\nmy thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2007", "author_list": "Hsu, Ming", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Plott, Charles R.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/2029", "eprint_id": 2029, "rev_number": 9, "documents": [ { "id": "/id/document/3609", "doc_id": 3609, "rev_number": 2, "files": [ { "id": "/id/file/21273", "fileid": 21273, "datasetid": "document", "objectid": 3609, "filename": "Feiler-FullDissertation.pdf", "mime_type": "application/pdf", "filesize": 1172621, "mtime": "2012-12-26 02:45:52", "url": "/2029/1/Feiler-FullDissertation.pdf" } ], "eprint_id": 2029, "pos": 1, "mime_type": "application/pdf", "format": "application/pdf", "format_desc": "Feiler-FullDissertation.pdf", "language": "en", "security": "public", "license": "other", "main": "Feiler-FullDissertation.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/20277" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/20277" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/20277" } ] } }, { "id": "/id/document/15949", "doc_id": 15949, "rev_number": 3, "files": [ { "id": "/id/file/202368", "fileid": 202368, "datasetid": "document", "objectid": 15949, "filename": "Feiler_Lauren_Elizabeth_2007.PDF", "mime_type": "application/pdf", "filesize": 41923, "mtime": "2016-08-22 21:15:27", "url": "/2029/2/Feiler_Lauren_Elizabeth_2007.PDF" } ], "eprint_id": 2029, "pos": 2, "format": "application/pdf", "language": "en", "security": "internal", "license": "other", "main": "Feiler_Lauren_Elizabeth_2007.PDF", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "approvalform" }, { "id": "/id/document/20277", "doc_id": 20277, "rev_number": 2, "files": [ { "id": "/id/file/21271", "fileid": 21271, "datasetid": "document", "objectid": 20277, "filename": "preview.png", "mime_type": "image/png", "hash": "46a784db4ed87044f04a5b69d63dc011", "hash_type": "MD5", "filesize": 15454, "mtime": "2012-12-26 02:45:52", "url": "/2029/3/preview.png" } ], "eprint_id": 2029, "pos": 3, "placement": 3, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/3609" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/3609" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/3609" } ] } }, { "id": "/id/document/121891", "doc_id": 121891, "rev_number": 1, "files": [ { "id": "/id/file/367285", "fileid": 367285, "datasetid": "document", "objectid": 121891, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "a51fac01036535021e6ac000ddb863de", "hash_type": "MD5", "filesize": 24080, "mtime": "2021-06-23 21:40:27", "url": "/2029/4/indexcodes.txt" } ], "eprint_id": 2029, "pos": 4, "placement": 4, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/3609" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/3609" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/3609" } ] } } ], "eprint_status": "archive", "userid": 2, "dir": "disk0/00/00/20/29", "datestamp": "2007-05-31", "lastmod": "2020-02-11 23:33:13", "status_changed": "2009-09-25 02:23:51", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "email": "feiler1@stolaf.edu", "id": "Feiler-Lauren-Elizabeth", "name": { "family": "Feiler", "given": "Lauren Elizabeth" }, "show_email": "NO" } ] }, "title": "Behavioral Biases in Information Acquisition", "ispublished": "unpub", "full_text_status": "public", "keywords": "confirmation bias; confirmatory bias; information aversion; justification; rationalization", "abstract": "This dissertation examines two related biases in information acquisition, information avoidance and selective exposure to information. The first essay focuses on the use of information avoidance to justify self-serving decisions. Participants in an experimental dictator game are given the chance to avoid costless information about a recipient's payoffs. Many dictators choose an allocation that maximizes their own profit without learning whether this allocation will help or hurt the recipient. Even subjects who make equitable choices when non-aligned payoffs are known will avoid information, especially when it is likely that doing so will not hurt the recipient. Through assessing the role of beliefs in information avoidance, this chapter provides an evaluation of several theoretical models of avoidance.
\r\n\r\nThe second essay considers the effects of both information avoidance and information-seeking behavior on charitable donations. Experimental subjects are allowed to avoid or seek out a range of information about a charity before deciding how much to donate to the organization. Donation sizes are positively correlated with the amount of information subjects choose to obtain. When subjects are required to read descriptions of charities, longer descriptions lead to higher donations. This indicates that agents may avoid further information if they have already learned about a person or charity in need, because learning more could obligate them to give more.
\r\n \r\nThe final essay studies selective exposure, the tendency to seek information that could support or validate one's beliefs or preferences but not maximize payoffs. Subjects in a context-free environment have to guess an unknown state of nature, and we induce preferences for one particular state. When given a choice between different information sources, around half of all subjects choose a source that potentially confirms that the state is the one they prefer, but is inferior in terms of expected payoffs. This finding holds consistently across a variety of contexts. The results of these studies have implications within experimental economics, since experiments tend to impose information on subjects that they might not otherwise gain. They also demonstrate that the ability to selectively acquire or avoid information can have a large impact on economic decisions.
", "date": "2007", "date_type": "degree", "id_number": "CaltechETD:etd-05242007-170633", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechETD:etd-05242007-170633", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Imported from ETD-db", "deposited_on": "2007-05-31", "doi": "10.7907/FJ1V-HR48", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "email": "camerer@caltech.edu", "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "chair" }, { "email": "rangel@hss.caltech.edu", "id": "Rangel-A", "name": { "family": "Rangel", "given": "Antonio" }, "role": "member" }, { "email": "jkg@hss.caltech.edu", "id": "Goeree-J-K", "name": { "family": "Goeree", "given": "Jacob K." }, "role": "member" }, { "email": "lyariv@hss.caltech.edu", "id": "Yariv-L", "name": { "family": "Yariv", "given": "Leeat" }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_submitted_date": "2007-05-24", "thesis_defense_date": "2007-05-21", "thesis_approved_date": "2007-05-31", "gradofc_approval_date": "2007-05-30", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive\nlicense to archive and make accessible, under the conditions specified below,\nmy thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2007", "author_list": "Feiler, Lauren Elizabeth", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Rangel, Antonio; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/6792", "eprint_id": 6792, "rev_number": 20, "documents": [ { "id": "/id/document/14139", "doc_id": 14139, "rev_number": 4, "files": [ { "id": "/id/file/207702", "fileid": 207702, "datasetid": "document", "objectid": 14139, "filename": "Gailmard_s_2002.zip", "mime_type": "application/zip", "filesize": 5760104, "mtime": "2016-08-22 21:23:32", "url": "/6792/1/Gailmard_s_2002.zip" } ], "eprint_id": 6792, "pos": 1, "format": "application/zip", "format_desc": "TIFF", "language": "en", "security": "internal", "license": "other", "main": "Gailmard_s_2002.zip", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "archival" }, { "id": "/id/document/14140", "doc_id": 14140, "rev_number": 5, "files": [ { "id": "/id/file/91038", "fileid": 91038, "datasetid": "document", "objectid": 14140, "filename": "Gailmard_s_2002.pdf", "mime_type": "application/pdf", "filesize": 4741435, "mtime": "2012-12-26 04:40:00", "url": "/6792/2/Gailmard_s_2002.pdf" } ], "eprint_id": 6792, "pos": 2, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "Gailmard_s_2002.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/27780" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/27780" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/27780" } ] } }, { "id": "/id/document/27780", "doc_id": 27780, "rev_number": 3, "files": [ { "id": "/id/file/91036", "fileid": 91036, "datasetid": "document", "objectid": 27780, "filename": "preview.png", "mime_type": "image/png", "hash": "1f4b7a4ece382f3c9235a288ea0dbf7d", "hash_type": "MD5", "filesize": 21864, "mtime": "2012-12-26 04:40:00", "url": "/6792/3/preview.png" } ], "eprint_id": 6792, "pos": 3, "placement": 3, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/14140" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/14140" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/14140" } ] } }, { "id": "/id/document/127166", "doc_id": 127166, "rev_number": 1, "files": [ { "id": "/id/file/372600", "fileid": 372600, "datasetid": "document", "objectid": 127166, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "ccab073399fc810e516ca207d014f794", "hash_type": "MD5", "filesize": 28374, "mtime": "2021-06-24 01:30:49", "url": "/6792/4/indexcodes.txt" } ], "eprint_id": 6792, "pos": 4, "placement": 4, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from application/pdf to indexcodes", "language": "en", "security": "public", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/14140" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/14140" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/14140" } ] } } ], "eprint_status": "archive", "userid": 87, "dir": "disk0/00/00/67/92", "datestamp": "2012-01-30 19:36:29", "lastmod": "2022-08-18 22:51:00", "status_changed": "2012-01-30 19:36:29", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "id": "Gailmard-Sean-Patrick", "name": { "family": "Gailmard", "given": "Sean Patrick" }, "show_email": "NO" } ] }, "title": "Principal Agent Models of Bureaucratic and Public Decision Making", "ispublished": "unpub", "full_text_status": "public", "keywords": "Social Science", "abstract": "In this thesis I investigate three situations in which a principal must make a public decision. The optimal decision from the principal's point of view depends on information\r\nheld only by agents, who have different preferences from the principal about how the information is used.
\r\n\r\nIn the first two situations (Chapters 2 and 3) the principals and agents - legislatures and bureaus, respectively - are each part of the government and interact to create public policy. In Chapter 2 the bureau has private information about the cost of a public project, performed for multiple legislative principals who can each seek out cost information through oversight. The multiplicity of principals can cause the level of oversight to be inefficiently low due to a collective action problem. Further, the inefficiency becomes more likely as oversight becomes a more important part of the principals' utility functions, and as the oversight technology becomes more effective. For some parameters an increase in the effectiveness of the auditing technology reduces the welfare of the principals collectively.
\r\n\r\nIn Chapter 3 the bureau has substantive expertise about the effects of various policy choices. The principal can delegate policy making authority to the bureau to tap its expertise, but bureaus are imperfectly controlled by statutory restrictions. On the other hand, the scope for delegation can be reduced endogenously if the legislature\r\nchooses to acquire its own substantive expertise. I examine how strategic accounting for both bureaucratic subversion and costly development of legislative expertise affect\r\nthe legislature's delegation decision. I also show that legislatures may in fact want subversion to be \"cheap,\" while bureaucrats may want their own authority constrained\r\nand subversion to be costly.
\r\n\r\nIn the third situation (Chapter 4) the information desired by the principal is the valuation of an excludable public good for each member of society. I experimentally\r\ncompare three collective choice procedures for determining public good consumption and cost shares. The first, Serial Cost Sharing, has attractive incentive properties but\r\nis not efficient; the other two are \"hybrid\" bidding procedures that never exclude any agents but are manipulable. I characterize Bayesian Nash equilibria in the hybrid mechanisms, and prove some more general properties as well. Serial Cost Sharing tends to elicit values successfully, but is outperformed on several efficiency criteria by a hybrid mechanism - despite its incentive problems and coordination problems due to multiple equilibria.
", "date": "2002", "date_type": "degree", "id_number": "CaltechTHESIS:01302012-111845798", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:01302012-111845798", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Tony Diaz", "deposited_by": "Benjamin Perez", "deposited_on": "2012-01-30 19:36:29", "doi": "10.7907/AAG7-XR53", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Palfrey-T-R", "name": { "family": "Palfrey", "given": "Thomas R." }, "orcid": "0000-0003-0769-8109", "role": "advisor" }, { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "co-advisor" } ] }, "thesis_committee": { "items": [ { "id": "Palfrey-T-R", "name": { "family": "Palfrey", "given": "Thomas R." }, "orcid": "0000-0003-0769-8109", "role": "chair" }, { "id": "Jackson-M-O", "name": { "family": "Jackson", "given": "Matthew O." }, "role": "member" }, { "id": "Kiewiet-D-R", "name": { "family": "Kiewiet", "given": "D. Roderick" }, "role": "member" }, { "id": "McKelvey-R-D", "name": { "family": "McKelvey", "given": "Richard D." }, "role": "member" }, { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2002-05-06", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2002", "author_list": "Gailmard, Sean Patrick", "advisor_list": "Palfrey, Thomas R. and Camerer, Colin F.", "comittee_list": "Palfrey, Thomas R.; Jackson, Matthew O.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/343", "eprint_id": 343, "rev_number": 16, "documents": [ { "id": "/id/document/516", "doc_id": 516, "rev_number": 3, "files": [ { "id": "/id/file/3276", "fileid": 3276, "datasetid": "document", "objectid": 516, "filename": "Callander_s_2002.pdf", "mime_type": "application/pdf", "filesize": 22084351, "mtime": "2012-12-26 02:29:05", "url": "/343/1/Callander_s_2002.pdf" } ], "eprint_id": 343, "pos": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "Callander_s_2002.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/17342" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/17342" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/17342" } ] } }, { "id": "/id/document/17342", "doc_id": 17342, "rev_number": 2, "files": [ { "id": "/id/file/3274", "fileid": 3274, "datasetid": "document", "objectid": 17342, "filename": "preview.png", "mime_type": "image/png", "hash": "d12cd836fa233c800d2160f5f89160f5", "hash_type": "MD5", "filesize": 9211, "mtime": "2012-12-26 02:29:05", "url": "/343/2/preview.png" } ], "eprint_id": 343, "pos": 2, "placement": 2, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/516" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/516" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/516" } ] } } ], "eprint_status": "archive", "userid": 2, "dir": "disk0/00/00/03/43", "datestamp": "2008-01-25", "lastmod": "2021-11-05 19:50:18", "status_changed": "2009-09-25 01:35:02", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "id": "Callander-Steven- Joseph", "name": { "family": "Callander", "given": "Steven Joseph" }, "show_email": "NO" } ] }, "title": "Voting and Electoral Competition", "ispublished": "unpub", "full_text_status": "public", "keywords": "Voting ; electoral competition", "abstract": "The behavior of individuals and groups in the political realm is subject to many and varied incentives. These incentives impact significantly not only the candidates who win elections, but also the policies that they implement. This thesis analyzes several aspects of this problem that have until now gone unexplained.
\r\n\r\nPart 1 contains two models of candidate competition. Chapter 1 details a model of competition under the plurality rule that simultaneously explains two well-documented empirical regularities: that typically only two parties compete in each election (Duverger's Law), and that these parties choose non-centrist policy platforms. I show that if, and only if, competition is for multiple districts does an equilibrium consistent with these phenomena exist. I characterize bounds on district heterogeneity for this to be true, which can be interpreted as describing the domain for Duverger's Law. In Chapter 2, I turn attention to the run-off rule and study a similar model to that of Chapter 1. I find that this subtle change to the counting rule has a significant impact on the incentives and equilibria of the model. In the traditional single district environment there now exists a continuum of two-party non-centrist equilibria, which are robust to simultaneous competition for multiple districts.
\r\n\r\nIn Part 2, I investigate the behavior of voters, and particularly the effect of vote timing on voter behavior and election outcomes. In Chapter 3, I study a model of sequential voting and explain when and why the commonly observed phenomena of bandwagons and momentum arise. I show that only if voters have a desire to vote for the winning candidate, in addition to their desire to select the better candidate, is momentum observed and bandwagons begun. In Chapter 4, I compare these results with analogous results for when voting is simultaneous and characterize when each process is superior. The conclusions confirm commonly held views about the front-loading of U.S. presidential primaries: that in tight races a simultaneous vote is preferred, but in lopsided races a sequential vote is better. Strangely, the superior performance of sequential voting in lopsided races is precisely because bandwagons occur.
", "date": "2002", "date_type": "degree", "id_number": "CaltechETD:etd-01252008-133155", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechETD:etd-01252008-133155", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Imported from ETD-db", "deposited_on": "2008-01-25", "doi": "10.7907/67R6-E540", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Banks-J-S", "name": { "family": "Banks", "given": "Jeffrey S." }, "role": "advisor" }, { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "advisor" } ] }, "thesis_committee": { "items": [ { "id": "McKelvey-R-D", "name": { "family": "McKelvey", "given": "Richard D." }, "role": "chair" }, { "id": "Border-K-C", "name": { "family": "Border", "given": "Kim C." }, "orcid": "0000-0003-4437-0524", "role": "member" }, { "id": "Jackson-M-O", "name": { "family": "Jackson", "given": "Matthew O." }, "role": "member" }, { "id": "Palfrey-T-R", "name": { "family": "Palfrey", "given": "Thomas R." }, "orcid": "0000-0003-0769-8109", "role": "member" }, { "id": "Banks-J-S", "name": { "family": "Banks", "given": "Jeffrey S." }, "role": "member" }, { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_submitted_date": "2008-01-25", "thesis_defense_date": "2001-05-30", "thesis_approved_date": "2008-01-25", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive\nlicense to archive and make accessible, under the conditions specified below,\nmy thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2002", "author_list": "Callander, Steven Joseph", "advisor_list": "Banks, Jeffrey S. and Camerer, Colin F.", "comittee_list": "McKelvey, Richard D.; Border, Kim C.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/8165", "eprint_id": 8165, "rev_number": 20, "documents": [ { "id": "/id/document/46892", "doc_id": 46892, "rev_number": 3, "files": [ { "id": "/id/file/137470", "fileid": 137470, "datasetid": "document", "objectid": 46892, "filename": "Hung 2001.pdf", "mime_type": "application/pdf", "hash": "80cde7079ee334ab888107c9e1848790", "hash_type": "MD5", "filesize": 22561893, "mtime": "2014-03-25 17:32:59", "url": "/8165/1/Hung 2001.pdf" } ], "eprint_id": 8165, "pos": 1, "placement": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", 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"http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/46892" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/46892" } ] } } ], "eprint_status": "archive", "userid": 50, "dir": "disk0/00/00/81/65", "datestamp": "2014-03-26 16:37:41", "lastmod": "2022-08-24 23:15:37", "status_changed": "2014-03-26 16:37:41", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "id": "Hung-Angela-Ann-Chi", "name": { "family": "Hung", "given": "Angela Ann-Chi" }, "show_email": "NO" } ] }, "title": "A Theoretical and Empirical Study of Addiction", "ispublished": "unpub", "full_text_status": "public", "keywords": "Social Sciences", "abstract": "Consumption of addictive substances poses a challenge to economic models of rational, forward-looking agents. This dissertation presents a theoretical and empirical\r\nexamination of consumption of addictive goods.
\r\n\r\nThe theoretical model draws on evidence from psychology and neurobiology to\r\nimprove on the standard assumptions used in intertemporal consumption studies. I\r\nmodel agents who may misperceive the severity of the future consequences from consuming\r\naddictive substances and allow for an agent's environment to shape her preferences\r\nin a systematic way suggested by numerous studies that have found craving to\r\nbe induced by the presence of environmental cues associated with past substance use.\r\nThe behavior of agents in this behavioral model of addiction can mimic the pattern\r\nof quitting and relapsing that is prevalent among addictive substance users.
\r\n\r\nChapter 3 presents an empirical analysis of the Becker and Murphy (1988) model\r\nof rational addiction using data on grocery store sales of cigarettes. This essay empirically\r\ntests the model's predictions concerning consumption responses to future and\r\npast price changes as well as the prediction that the response to an anticipated price\r\nchange differs from the response to an unanticipated price change. In addition, I\r\nconsider the consumption effects of three institutional changes that occur during the\r\ntime period 1996 through 1999.
\r\n", "date": "2001", "date_type": "degree", "id_number": "CaltechTHESIS:03252014-094128132", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:03252014-094128132", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_on": "2014-03-26 16:37:41", "doi": "10.7907/2tnm-nq10", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "advisor" } ] }, "thesis_committee": { "items": [ { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "chair" }, { "id": "Grether-D-M", "name": { "family": "Grether", "given": "David M." }, "role": "member" }, { "id": "Jackson-M-O", "name": { "family": "Jackson", "given": "Matthew O." }, "role": "member" }, { "id": "Wilkie-S-J", "name": { "family": "Wilkie", "given": "Simon J." }, "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "2001-02-20", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2001", "author_list": "Hung, Angela Ann-Chi", "advisor_list": "Camerer, Colin F.", "comittee_list": "Camerer, Colin F.; Grether, David M.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/3532", "eprint_id": 3532, "rev_number": 12, "documents": [ { "id": "/id/document/6095", "doc_id": 6095, "rev_number": 3, "files": [ { "id": "/id/file/36393", "fileid": 36393, "datasetid": "document", "objectid": 6095, "filename": "Anderson_cm_2001.pdf", "mime_type": "application/pdf", "filesize": 9098248, "mtime": "2012-12-26 03:00:43", "url": "/3532/1/Anderson_cm_2001.pdf" } ], "eprint_id": 3532, "pos": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "Anderson_cm_2001.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/22635" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/22635" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/22635" } ] } }, { "id": "/id/document/12073", "doc_id": 12073, "rev_number": 3, "files": [ { "id": "/id/file/204091", "fileid": 204091, "datasetid": "document", "objectid": 12073, "filename": "Anderson_Christopher_Madden_2000.txt", "mime_type": "text/plain", "filesize": 2093, "mtime": "2016-08-22 21:16:47", "url": "/3532/2/Anderson_Christopher_Madden_2000.txt" } ], "eprint_id": 3532, "pos": 2, "format": "text/plain", "format_desc": "Author OK 2005", "language": "en", "security": "internal", "license": "other", "main": "Anderson_Christopher_Madden_2000.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "release" }, { "id": "/id/document/22635", "doc_id": 22635, "rev_number": 2, "files": [ { "id": "/id/file/36391", "fileid": 36391, "datasetid": "document", "objectid": 22635, "filename": "preview.png", "mime_type": "image/png", "hash": "bcb478635b58fcd444946d5bd0f8a4a2", "hash_type": "MD5", "filesize": 9506, "mtime": "2012-12-26 03:00:43", "url": "/3532/3/preview.png" } ], "eprint_id": 3532, "pos": 3, "placement": 3, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/6095" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/6095" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/6095" } ] } }, { "id": "/id/document/123677", "doc_id": 123677, "rev_number": 1, "files": [ { "id": "/id/file/369101", "fileid": 369101, "datasetid": "document", "objectid": 123677, "filename": "indexcodes.txt", "mime_type": "text/plain", "hash": "6382f2b8ad3f97ec4656899c8fc592fc", "hash_type": "MD5", "filesize": 988, "mtime": "2021-06-23 22:52:22", "url": "/3532/4/indexcodes.txt" } ], "eprint_id": 3532, "pos": 4, "placement": 4, "mime_type": "text/plain", "format": "other", "format_desc": "Generate index codes conversion from text/plain to indexcodes", "language": "en", "security": "internal", "license": "other", "main": "indexcodes.txt", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/12073" }, { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/12073" }, { "type": "http://eprints.org/relation/isIndexCodesVersionOf", "uri": "/id/document/12073" } ] } } ], "eprint_status": "archive", "userid": 2, "dir": "disk0/00/00/35/32", "datestamp": "2005-09-15", "lastmod": "2022-11-29 21:53:29", "status_changed": "2009-09-25 03:00:16", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "id": "Anderson-Christopher-Madden", "name": { "family": "Anderson", "given": "Christopher Madden" }, "show_email": "NO" } ] }, "title": "Behavioral Models of Strategies in Multi-Armed Bandit Problems", "ispublished": "unpub", "full_text_status": "public", "keywords": "ambiguity aversion; Bandit problems; hyperbolic discounting", "abstract": "In multi-armed bandit problems, agents must repeatedly choose among uncertain alternatives whose true values they can learn about only through experimentation. Information acquired from experimentation is valuable because it tells the agent whether to select a particular option again in the future. Economically significant applications include brand choice, natural resource exploration, research and development and, as special cases, job and price search.\r\n\r\nDespite the importance of these applications, little is known about whether firms and individuals appreciate the value of information in bandit problems. That which is known is based on laboratory and field studies of search problems. These studies suggest that people do not search enough, perhaps because of search cost or risk aversion. This thesis attempts to ascertain whether this undervaluation of information extends to the more general bandit environment, and, if so, whether the suboptimality is attributable to search cost, risk aversion, or some other cause.\r\n\r\nThe results of three laboratory experiments, each addressing a separate family of putative explanations for undervaluation of information in bandits, are presented. The first asks subjects to choose among a set of uncertain alternatives, controlling for mean-conditional risk and search cost. Although subjects appreciate that there is value to information, they experiment less than the optimal amount. Since there is no experimentation cost and mean-conditional risk is constant, these explanations cannot be the primary cause of underexperimentation.\r\n\r\nThe second experiment uses a more powerful design, asking subjects to report their Gittins indexes, rather than just make a choice. This additional information is used to test that agents are hyperbolic discounters who do not experiment enough because they are disproportionately tempted to maximize their current payoff at the expense of future payoffs. This, too, does not appear to be a primary explanation for underexperimentation because the agent's level of present bias changes over time, contrary to an assumption of the model.\r\n\r\nThe third experiment tests whether ambiguity aversion, or distaste for variance in the distribution from which the means of the payoff distributions are drawn, contributes to undervaluation of information. Consistent with a prediction of ambiguity aversion, subjects have both lower-than-optimal Gittins indexes and higher-than-optimal willingness to pay for information about the true values of ambiguous alternatives. These results are not consistent with hyperbolic discounting, risk aversion or quantal response behavior. However, the errors vary only with changes in the bandit's horizon, not with small changes in mean and variance as ambiguity aversion predicts. \r\n\r\nTaken together, these experiments suggest ambiguity aversion is a likely cause of suboptimal play in bandits, as is cognitive shortcuts used in formulating and solving the dynamic programming problem. If these errors can be demonstrated across a wide enough set of bandits, in the field as well as in the laboratory, then policies can be developed based on this behavioral understanding of choice. These policies can improve the welfare of the workers, shoppers and firms who have to solve bandit problems.\r\n", "date": "2001", "date_type": "degree", "id_number": "CaltechETD:etd-09142005-160157", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechETD:etd-09142005-160157", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Kathy Johnson", "deposited_by": "Imported from ETD-db", "deposited_on": "2005-09-15", "doi": "10.7907/94B0-ZB90", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "advisor" }, { "id": "Border-K-C", "name": { "family": "Border", "given": "Kim C." }, "orcid": "0000-0003-4437-0524", "role": "co-advisor" } ] }, "thesis_committee": { "items": [ { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "orcid": "0000-0003-4049-1871", "role": "chair" }, { "id": "Grether-D-M", "name": { "family": "Grether", "given": "David M." }, "role": "member" }, { "id": "Banks-J-S", "name": { "family": "Banks", "given": "Jeffrey S." }, "role": "member" }, { "id": "Ghirardato-P", "name": { "family": "Ghirardato", "given": "Paolo" }, "orcid": "0000-0001-9893-3762", "role": "member" } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_submitted_date": "2005-09-14", "thesis_defense_date": "2000-09-25", "thesis_approved_date": "2005-09-15", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive\nlicense to archive and make accessible, under the conditions specified below,\nmy thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2001", "author_list": "Anderson, Christopher Madden", "advisor_list": "Camerer, Colin F. and Border, Kim C.", "comittee_list": "Camerer, Colin F.; Grether, David M.; et el." }, { "id": "https://thesis.library.caltech.edu/id/eprint/6101", "eprint_id": 6101, "rev_number": 17, "documents": [ { "id": "/id/document/11434", "doc_id": 11434, "rev_number": 5, "files": [ { "id": "/id/file/75859", "fileid": 75859, "datasetid": "document", "objectid": 11434, "filename": "Weber-r-2000.pdf", "mime_type": "application/pdf", "filesize": 8487969, "mtime": "2012-12-26 04:31:03", "url": "/6101/1/Weber-r-2000.pdf" } ], "eprint_id": 6101, "pos": 1, "mime_type": "application/pdf", "format": "application/pdf", "language": "en", "security": "public", "license": "other", "main": "Weber-r-2000.pdf", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final", "relation": { "items": [ { "type": "http://eprints.org/relation/hasVolatileVersion", "uri": "/id/document/27044" }, { "type": "http://eprints.org/relation/haspreviewThumbnailVersion", "uri": "/id/document/27044" }, { "type": "http://eprints.org/relation/hasVersion", "uri": "/id/document/27044" } ] } }, { "id": "/id/document/11435", "doc_id": 11435, "rev_number": 3, "files": [ { "id": "/id/file/206170", "fileid": 206170, "datasetid": "document", "objectid": 11435, "filename": "Weber-r-2000.zip", "mime_type": "application/zip", "filesize": 21127797, "mtime": "2016-08-22 21:21:00", "url": "/6101/2/Weber-r-2000.zip" } ], "eprint_id": 6101, "pos": 2, "format": "application/zip", "format_desc": "TIFF", "language": "en", "security": "internal", "license": "other", "main": "Weber-r-2000.zip", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "content": "final" }, { "id": "/id/document/27044", "doc_id": 27044, "rev_number": 3, "files": [ { "id": "/id/file/75857", "fileid": 75857, "datasetid": "document", "objectid": 27044, "filename": "preview.png", "mime_type": "image/png", "hash": "b4074586a44eaeb8790a886b84a9e740", "hash_type": "MD5", "filesize": 11159, "mtime": "2012-12-26 04:31:02", "url": "/6101/3/preview.png" } ], "eprint_id": 6101, "pos": 3, "placement": 3, "mime_type": "image/png", "format": "image/png", "language": "en", "security": "public", "license": "other", "main": "preview.png", "media_duration": "0", "media_aspect_ratio": "0", "media_sample_start": "0", "media_sample_stop": "0", "relation": { "items": [ { "type": "http://eprints.org/relation/isVolatileVersionOf", "uri": "/id/document/11434" }, { "type": "http://eprints.org/relation/ispreviewThumbnailVersionOf", "uri": "/id/document/11434" }, { "type": "http://eprints.org/relation/isVersionOf", "uri": "/id/document/11434" } ] } } ], "eprint_status": "archive", "userid": 104, "dir": "disk0/00/00/61/01", "datestamp": "2010-10-05 22:37:35", "lastmod": "2021-04-16 22:58:24", "status_changed": "2010-10-05 22:37:35", "type": "thesis", "metadata_visibility": "show", "creators": { "items": [ { "id": "Weber-R", "name": { "family": "Weber", "given": "Roberto" }, "show_email": "NO" } ] }, "title": "Interdependence in organizations and laboratory groups", "ispublished": "unpub", "full_text_status": "public", "keywords": "Social sciences", "abstract": "Interdependence arises in organizations when the appropriate action by an individual or group depends on what action others are taking. The following chapters examine cases of interdependence through the lenses of game theory and laboratory experiments. The research focuses on two games \u2014 the dirty faces game and the weak-link coordination game \u2014 that, while apparently very different, are in fact quite similar in key aspects. The most important of these is that (under some assumptions) in both games the efficient or \"high effort\" action is only optimal if it is the action being taken by everyone.\r\nThe dirty faces game is first presented, analyzed and tested experimentally to determine whether actual behavior conforms to the optimal, theoretically proposed outcome. This is shown not to be the case even in simple versions of the game. The latter chapters examine a possible means for inducing optimal behavior in the weak-link coordination game. This method involves starting with small group sizes, which are better suited for efficient coordination, and then growing large groups slowly. The effectiveness of this method is supported by an example from the field, theory, and experimental results.\r\n", "date": "2000", "date_type": "degree", "id_number": "CaltechTHESIS:10052010-145303282", "refereed": "FALSE", "official_url": "https://resolver.caltech.edu/CaltechTHESIS:10052010-145303282", "rights": "No commercial reproduction, distribution, display or performance rights in this work are provided.", "collection": "CaltechTHESIS", "reviewer": "Tony Diaz", "deposited_by": "Dan Anguka", "deposited_on": "2010-10-05 22:37:35", "doi": "10.7907/qnh7-dd04", "divisions": { "items": [ "div_hss" ] }, "institution": "California Institute of Technology", "thesis_type": "phd", "thesis_advisor": { "items": [ { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." }, "role": "advisor" } ] }, "thesis_committee": { "items": [ { "id": "McKelvey-R-D", "name": { "family": "McKelvey", "given": "Richard D." }, "role": "member" }, { "id": "Palfrey-T-R", "name": { "family": "Palfrey", "given": "Thomas R." }, "role": "member" }, { "id": "Grether-D-M", "name": { "family": "Grether", "given": "David M." }, "role": "member" }, { "id": "Camerer-C-F", "name": { "family": "Camerer", "given": "Colin F." } } ] }, "thesis_degree": "PHD", "thesis_degree_grantor": "California Institute of Technology", "thesis_defense_date": "1999-07-01", "review_status": "approved", "option_major": { "items": [ "socsci" ] }, "copyright_statement": "Author's Rights Authorization: I hereby certify that, if appropriate, I have obtained a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted here is the same as that approved by my advisory committee.\n\nI hereby grant to California Institute of Technology or its agents the non-exclusive license to archive and make accessible, under the conditions specified under \"Thesis Availability\" in this submission, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation, or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report.", "resource_type": "thesis", "pub_year": "2000", "author_list": "Weber, Roberto", "advisor_list": "Camerer, Colin F.", "comittee_list": "McKelvey, Richard D.; Palfrey, Thomas R.; et el." } ]