Arbeitspapier
Reason, Intuition, and Time
We study the influence of reason and intuition on decision making over time. Facing a sequence of similar problems, agents can either decide rationally according to expected utility theory or intuitively according to case-based decision theory. Rational decisions are more precise but create higher costs, though these costs may decrease over time. We find that intuition will outperform reason in the long run if individuals are sufficiently ambitious. Moreover, intuitive decisions are prevalent in early and late stages of a learning process, whereas reason governs decisions in intermediate stages. Examples range from playing behavior in games like Chess to professional decisions during a manager's career.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 5134
- Klassifikation
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Computational Techniques; Simulation Modeling
- Thema
-
expected utility theory
case-based decision theory
cognitive costs
learning
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Sahm, Marco
von Weizsäcker, Robert K.
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Sahm, Marco
- von Weizsäcker, Robert K.
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2014
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