| Publication type: | Article in scientific journal |
| Type of review: | Peer review (publication) |
| Title: | Do institutions promote rationality? : an experimental study of the three-door anomaly |
| Authors: | Slembeck, Tilman Tyran, Jean-Robert |
| DOI: | 10.1016/j.jebo.2003.03.002 |
| Published in: | Journal of Economic Behavior & Organization |
| Volume(Issue): | 54 |
| Issue: | 3 |
| Page(s): | 337 |
| Pages to: | 350 |
| Issue Date: | 2004 |
| Publisher / Ed. Institution: | Elsevier |
| ISSN: | 0167-2681 |
| Language: | English |
| Subjects: | Communication; Competition; Institution; Learning; Three door anomaly; Group decision making; Individual decision making |
| Subject (DDC): | 150: Psychology 330: Economics |
| Abstract: | The three-door problem is an example of a systematic violation of a key rationality postulate that has attracted much attention. In this seemingly simple individual decision task, most people initially fail to apply correctly Bayes’ Law, and to make the payoff-maximizing choice. Previous experimental studies have shown that individual learning reduces the incidence of irrational choices somewhat, but is far from eliminating it. We experimentally study the roles of communication and competition as institutions to mitigate the choice anomaly. We show that the three-door anomaly can be entirely eliminated by these institutions. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/9635 |
| Fulltext version: | Published version |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Management and Law |
| Organisational Unit: | Center for Labor, Digital and Regional Economics (CLDR) |
| Appears in collections: | Publikationen School of Management and Law |
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Slembeck, T., & Tyran, J.-R. (2004). Do institutions promote rationality? : an experimental study of the three-door anomaly. Journal of Economic Behavior & Organization, 54(3), 337–350. https://doi.org/10.1016/j.jebo.2003.03.002
Slembeck, T. and Tyran, J.-R. (2004) ‘Do institutions promote rationality? : an experimental study of the three-door anomaly’, Journal of Economic Behavior & Organization, 54(3), pp. 337–350. Available at: https://doi.org/10.1016/j.jebo.2003.03.002.
T. Slembeck and J.-R. Tyran, “Do institutions promote rationality? : an experimental study of the three-door anomaly,” Journal of Economic Behavior & Organization, vol. 54, no. 3, pp. 337–350, 2004, doi: 10.1016/j.jebo.2003.03.002.
SLEMBECK, Tilman und Jean-Robert TYRAN, 2004. Do institutions promote rationality? : an experimental study of the three-door anomaly. Journal of Economic Behavior & Organization. 2004. Bd. 54, Nr. 3, S. 337–350. DOI 10.1016/j.jebo.2003.03.002
Slembeck, Tilman, and Jean-Robert Tyran. 2004. “Do Institutions Promote Rationality? : An Experimental Study of the Three-Door Anomaly.” Journal of Economic Behavior & Organization 54 (3): 337–50. https://doi.org/10.1016/j.jebo.2003.03.002.
Slembeck, Tilman, and Jean-Robert Tyran. “Do Institutions Promote Rationality? : An Experimental Study of the Three-Door Anomaly.” Journal of Economic Behavior & Organization, vol. 54, no. 3, 2004, pp. 337–50, https://doi.org/10.1016/j.jebo.2003.03.002.
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