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920期 8月16日 :Decision making with incomplete preferences: An experimental investigation(Authors: Jianying Qiu and Qiyan Ong)(裘建颖, 副教授, 荷兰奈梅亨大学)

【主讲】裘建颖 (副教授, 荷兰奈梅亨大学)

【主题】Decision making with incomplete preferences: An experimental investigation(Authors: Jianying Qiu and Qiyan Ong)

【时间】2018年8月16日 (周四) 15:30-17:00

【地点】上海财经大学经济学院楼702室

【语言】英文

【摘要】We examine directly decision making with incomplete preferences. Incomplete preferences are characterized by decision makers having contradicting valuations over an option. Various rules have been proposed to aggregate those contradicting valuations when individuals are forced make a final decision. A direct test of those rules faces the difficulty of eliciting subjective valuations. We circumvent the difficulty by replacing subjective valuations with objective information that is directly observable and easily manipulable. Our results suggest that while subjects give more weights to cautious valuations, they use all valuations in their decision-making. Furthermore, the decision utility increases with the mean of and decreases with the dispersion across valuations. Finally, while ignored by all existing models, the third-order distribution ‑ the confidence on the distribution of the valuations ‑ also plays an important role in decisions.

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