Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results

The article reviews the use of economics, psychology and business administration science laboratory experiments in the study of decision making in complex and dynamic environments. Such environments have not been sufficiently utilized in the laboratory, in spite of knowing that they greatly contribu...

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Autores Principales: Castaneda Acevedo, Jaime Andres, Arango, Santiago, Olaya, Yris
Formato: Artículo (Article)
Lenguaje:Inglés (English)
Publicado: Pontificia Universidad Javeriana 2009
Materias:
Acceso en línea:https://repository.urosario.edu.co/handle/10336/28436
id ir-10336-28436
recordtype dspace
spelling ir-10336-284362020-08-28T15:48:11Z Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results Economía experimental aplicada a la toma de decisiones en entornos dinámicos y complejos: una revisión de diseños y resultados Castaneda Acevedo, Jaime Andres Arango, Santiago Olaya, Yris Laboratory experiments Decision making Dynamic and complex environments Bounded rationality The article reviews the use of economics, psychology and business administration science laboratory experiments in the study of decision making in complex and dynamic environments. Such environments have not been sufficiently utilized in the laboratory, in spite of knowing that they greatly contribute to the external validation of experiments. In the ambit of economics, the results support, with some exceptions, the rational choice or perfect rationality theory; whereas in psychology and business administration sciences they support the limited rationality theory and the use of heuristics or mental shortcuts for making decisions. In general, it can be said that the complexity that people confront in dynamic environments compromises their rationality, which in turn has a negative effect on their decision making performance. The reviewed studies manifest the flexibility offered by experimental economics in designing laboratory trials, particularly those intended to test theories that are relevant in a large number of situations, especially in complex and dynamic environments. 2009-09 2020-08-28T15:48:11Z info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion ISSN 0120-3592 https://repository.urosario.edu.co/handle/10336/28436 eng info:eu-repo/semantics/restrictedAccess application/pdf Pontificia Universidad Javeriana Cuadernos de Administracion
institution EdocUR - Universidad del Rosario
collection DSpace
language Inglés (English)
topic Laboratory experiments
Decision making
Dynamic and complex environments
Bounded rationality
spellingShingle Laboratory experiments
Decision making
Dynamic and complex environments
Bounded rationality
Castaneda Acevedo, Jaime Andres
Arango, Santiago
Olaya, Yris
Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results
description The article reviews the use of economics, psychology and business administration science laboratory experiments in the study of decision making in complex and dynamic environments. Such environments have not been sufficiently utilized in the laboratory, in spite of knowing that they greatly contribute to the external validation of experiments. In the ambit of economics, the results support, with some exceptions, the rational choice or perfect rationality theory; whereas in psychology and business administration sciences they support the limited rationality theory and the use of heuristics or mental shortcuts for making decisions. In general, it can be said that the complexity that people confront in dynamic environments compromises their rationality, which in turn has a negative effect on their decision making performance. The reviewed studies manifest the flexibility offered by experimental economics in designing laboratory trials, particularly those intended to test theories that are relevant in a large number of situations, especially in complex and dynamic environments.
format Artículo (Article)
author Castaneda Acevedo, Jaime Andres
Arango, Santiago
Olaya, Yris
author_facet Castaneda Acevedo, Jaime Andres
Arango, Santiago
Olaya, Yris
author_sort Castaneda Acevedo, Jaime Andres
title Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results
title_short Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results
title_full Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results
title_fullStr Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results
title_full_unstemmed Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results
title_sort experimental economics applied to decision making in dynamic and complex environments: a review of designs and results
publisher Pontificia Universidad Javeriana
publishDate 2009
url https://repository.urosario.edu.co/handle/10336/28436
_version_ 1676708296807940096
score 11,383439