Rationally Biased Learning

Abstract : Are human perception and decision biases grounded in a form of rationality? You return to your camp after hunting or gathering. You see the grass moving. You do not know the probability that a snake is in the grass. Should you cross the grass — at the risk of being bitten by a snake — or make a long, hence costly, detour? Based on this storyline, we consider a rational decision maker maximizing expected discounted utility with learning. We show that his optimal behavior displays three biases: status quo, salience, overestimation of small probabilities. Biases can be the product of rational behavior.
Type de document :
Pré-publication, Document de travail
2017
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https://hal.archives-ouvertes.fr/hal-01581982
Contributeur : Michel De Lara <>
Soumis le : mardi 5 septembre 2017 - 14:34:23
Dernière modification le : mardi 19 septembre 2017 - 01:07:27

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  • HAL Id : hal-01581982, version 1
  • ARXIV : 1709.02256

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Michel De Lara. Rationally Biased Learning. 2017. 〈hal-01581982〉

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