Imperfect Perception and Stochastic Choice in Experiments

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Pablo Brañas-Garza (Universidad Loyola Andalucía) John Alan Smith (Rutgers University, Camden)

Imperfect Perception and Stochastic Choice in Experiments

Pablo Brañas-Garza (Universidad Loyola Andalucía), John Alan Smith (Rutgers University, Camden)

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English

Cambridge University Press
01 February 2024

Economic theory & philosophy; Econometrics; Economic statistics; Behavioural economics; Stochastics

Series: Elements in Behavioural and Experimental Economics

The branch of psychology that studies how physical objects are perceived by subjects is known as psychophysics. A feature of the experimental design is that the experimenter presents objectively measurable objects that are imperfectly perceived by subjects. The responses are stochastic in that a subject might respond differently in otherwise identical situations. These stochastic choices can be compared to the objectively measurable properties. This Element offers a brief introduction to the topic, explains how psychophysics insights are already present in economics, and describes experimental techniques with the goal that they are useful in the design of economics experiments. Noise is a ubiquitous feature of experimental economics and there is a large strand of economics literature that carefully considers the noise. However, the authors view the psychophysics experimental techniques as uniquely suited to helping experimental economists uncover what is hiding in the noise.

By: Pablo Brañas-Garza (Universidad Loyola Andalucía), John Alan Smith (Rutgers University, Camden)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Weight: 116g
ISBN: 9781009048699
ISBN 10: 1009048694
Series: Elements in Behavioural and Experimental Economics
Pages: 70
Publication Date: 01 February 2024
Audience: College/higher education , Further / Higher Education
Format: Paperback
Publisher's Status: Active

1. The apparently random coffee purchases of a colleague; 2. A brief introduction to the psychophysics literature; 3. Psychophysics insights already in the economics literature; 4. Models that are difficult to test without psychophysics experimental techniques; 5. Incentivized perceptual decision-making literature; 6. Possible directions for experimental economics; References.