Thursday, September 28, 2023 12:00 PM to 1:00 PM EDT
Vernon Smith Hall (formerly Metropolitan Building), Room 5075
The Interdisciplinary Center for Economic Science (ICES) presents an ICES Brown Bag Lecture featuring:
George Mason University
Action Bias or Illusion of Control?
Abstract
We set out to measure the relative effect sizes, if any, of the illusion of control and actions bias in simple games. To this end, we employ a stochastic game in which both illusion of control and action bias could play a role and a very similar deterministic game, which should only be affected by action bias. In both cases, subjects can either buy, or sell, the right to be a more active (though not a more influential, or controlling), participant in their assigned game. We measure subjects willingness to pay, or willingness to accept payment, for this right through third price clock auctions and can thereby compare the prevalence, and strength, of illusion of control and action bias.
For more information about the Brown Bag Lectures, please visit the Brown Bag Schedule homepage.
