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1 results

  • Colour-coded decisions: an experiment on case-based decision theory

  • Benjamin Radoc
  • Journal:
    Journal of the Economic Science Association / Volume 10 / Issue 2 / December 2024
    Published online by Cambridge University Press:
    01 January 2025, pp. 519-530
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  • Decision makers typically possess limited knowledge on states of the world so that use of information from past similar experiences is reasonable. This analogical thinking is formalised by case-based decision theory (CBDT). We created a novel experimental setting to validate the predictive power of CBDT versus Bayesian reasoning. Participants encountered a salient but irrelevant cue which a Bayesian decision maker is likely to ignore but a case-based decision maker may use in assessing similarity. We find that although the irrelevant similarity cue was used, the pattern in participants’ decisions is neither case-based nor Bayesian. The results suggest that CBDT does not apply in simple decision settings where similarity cues are uninformative.