Aiming to choose correctly or to choose wisely? The optimality-accuracy trade-off in decisions under uncertainty
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9 novembre 2017
- handle: 10670/1.p56pmv
- halshs: halshs-01631540
info:eu-repo/semantics/OpenAccess
Mots-clés
Optimality accuracy signal detection theory incentives experiment D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D83 - Search • Learning • Information and Knowledge • Communication • Belief • Unawareness Y - Miscellaneous CategoriesSujets proches
Detection theory, Signal Signal detection theory Detection, SignalCiter ce document
Thomas Garcia et al., « Aiming to choose correctly or to choose wisely? The optimality-accuracy trade-off in decisions under uncertainty », HAL-SHS : économie et finance, ID : 10670/1.p56pmv
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Résumé
When making a decision under uncertainty, individuals aim to achieve opti-mality. In general, an accurate decision is optimal. However, in real life situations asymmetric stakes induce an unusual divergence between optimality and accuracy. We highlight this optimality-accuracy trade-off and study its origins using two experiments on perceptual decision making. We use Signal Detection Theory as a normative benchmark. The first experiment confirms the existence of an optimality-accuracy trade-off with a leading role of accuracy. The second experiment explains this trade-off by the concern of people for being right. Abstract When making a decision under uncertainty, individuals aim to make the best