Abstract
I collect data on how subjects acquire information about risky choices in both real and hypothetical settings using process-tracing software called Mouselab. On average, there are no significant differences across settings in the amount of time subjects take to make a choice or the completeness of the information they acquire. Subjects also acquire information in sequences consistent with an integration model of decision-making, such as expected utility theory or prospect theory. I do not find significant differences in risk preferences across settings, on average, but I do find that subjects' risk preferences are related to the completeness of the information that they acquire and where they start their information acquisition. (JEL C91, D80, D83).
Original language | English |
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Pages (from-to) | 352-367 |
Number of pages | 16 |
Journal | Economic Inquiry |
Volume | 55 |
Issue number | 1 |
DOIs | |
State | Published - Jan 1 2017 |