Decision Research at Warwick (DR@W) is an interdisciplinary initiative which focuses on behavioural and experimental research of decision making.
Formed in January 2010, DR@W brings together researchers and students from Economics, Psychology, Statistics, Warwick Mathematics Institute, Warwick Manufacturing Group and Warwick Business School that are interested in current developments in the area of experimental and behavioural research.
The Department of Economics have created and manage a large computer laboratory for use with experiments.
Visit the Decision Research at Warwick website for further details.
DR@W Forum (Hybrid Session): Sebastian Gluth (Hamburg)
Humans are required to find a suitable trade-off between making informed decisions on the one hand and limiting invested resources such as time and effort on the other hand. In this talk, I will present empirical work on the interaction between attention allocation and preference formation, suggesting that humans balance accuracy and effort by searching systematically for relevant information in an efficient and goal-directed, but not strictly optimal manner. Based on this notion, I will then present a Bayesian cognitive model of information search in multi-attribute decisions. The core element of this model is a transition rule, according to which an attribute is most likely to be attended next if it is expected to reveal decisive information in favour of its associated option. I will show that the model accounts for a rich body of empirical findings on attention-choice interactions in both binary and multi-alternative decisions and that simpler transition rules fail to capture these findings.
Meeting ID: 946 8150 5274