The DOI matches its Crossref record; 42 of the 42 references it cites were found in a registry or an index.
An Economist’s Perspective on Probability Matching
Abstract
The experimental phenomenon known as ‘probability matching’ is often offered as evidence in support of adaptive learning models and against the idea that people maximise their expected utility. Recent interest in dynamic‐based equilibrium theories means the term re‐appears in Economics. However, there seems to be conflicting views on what is actually meant by the term and about the validity of the data. The purpose of this paper is therefore threefold: First, to introduce today’s readers to what is meant by probability matching, and in particular to clarify which aspects of this phenomenon challenge the utility‐maximisation hypothesis. Second, to familiarise the reader with the different theoretical approaches to behaviour in such circumstances, and to focus on the differences in predictions between these theories in light of recent advances. Third, to provide a comprehensive survey of repeated, binary choice experiments.
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Cites
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RELATIVE AND ABSOLUTE STRENGTH OF RESPONSE AS A FUNCTION OF FREQUENCY OF REINFORCEMENT 1, 2
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ON TWO TYPES OF DEVIATION FROM THE MATCHING LAW: BIAS AND UNDERMATCHING 1
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Cited by
Decision making and the avoidance of cognitive demand
Kool, W., McGuire, J. T., Rosen, Z. B., & Botvinick, M. M. (2010) · Journal of Experimental Psychology: General · doi:10.1037/a0020198 · Cited by 1,141
Lieder, F., & Griffiths, T. L. (2020) · Behavioral and Brain Sciences · doi:10.1017/s0140525x1900061x · Cited by 892
Behavioral Economics: Past, Present, and Future
Thaler, R. H. (2016) · American Economic Review · doi:10.1257/aer.106.7.1577 · Cited by 799
with the HITEC Investigators, Ancker, J. S., Edwards, A., Nosal, S., Hauser, D., Mauer, E., & Kaushal, R. (2017) · BMC Medical Informatics and Decision Making · doi:10.1186/s12911-017-0430-8 · Cited by 709
“Response rates may reflect probability matching, a cognitive phenomenon in which likelihood of acting in response to a stimulus becomes calibrated to pay-off likelihood [16, 36].”
BackgroundCoincident but Distinct Messages of Midbrain Dopamine and Striatal Tonically Active Neurons
Morris, G., Arkadir, D., Nevet, A., Vaadia, E., & Bergman, H. (2004) · Neuron · doi:10.1016/j.neuron.2004.06.012 · Cited by 574
Metadata
- Authors
- Vulkan, N.
- Venue
- Journal of Economic Surveys
- Publisher
- Wiley
- Published
- 2000-02
- Volume
- 14
- Issue
- 1
- Pages
- 101-118
- ISSN
- 0950-0804 (ISSN-L)
- 1467-6419
- OpenAlex
- W1974795190
- Cited by
- 403
- References
- 42
- FWCI
- 1.11
- Type
- journal article
- Language
- en
- Open access
- closed
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