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Escaping the maximization trap in choice

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ĎURINÍK Michal FIŠAR Miloš

Druh Konferenční abstrakty
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
Popis Some people do not settle for good enough choices – they want to make sure what they select is the best. These people are called Maximizers. To discover the best options possible, they exert large amounts of time and effort, sometimes getting stuck in an obsessive search for more alternatives to compare. In our experiment, subjects have the option to engage in such a search – just like in real life, excessive searching in the experiment also comes with opportunity costs. We investigate information availability and ability to exit while waiting as ways to help maximizers escape the excessive search and reduce the opportunity costs. The total duration of two experimental tasks (the decisionmaking task (DMT) and real effort task (RET)) is limited to a certain time. In DMT, subjects are presented with choice set of payouts. They can either select one (presumably the highest available) payout and proceed to RET, or they can repeatedly choose to expand the choice set by one item. The new item is unknown to the subject until displayed, and there is a cost of waiting time until the new item appears (this waiting time increases with each iteration). Once the time limit for DMT and RET passes, subjects are asked to fill in the Maximization Scale. We look at how the maximization score is related to the number of items uncovered and to the total payouts. Also we investigate the effectivness of different approaches to help maximizers not to ruminate and over-think their decisions.
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