Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Imperfect Perception and Stochastic Choice in Experiments

Imperfect Perception and Stochastic Choice in Experiments

Brañas-Garza, Pablo
Smith, John Alan

Hardcover

Series: Elements in Behavioural and Experimental Economics

Economics

ISBN10: 1009454412
ISBN13: 9781009454414
Publisher: Cambridge
Published: Feb 1 2024
Pages: 70
Weight: 0.59
Height: 0.25 Width: 6.00 Depth: 9.00
Language: English
The branch of psychology that studies how physical objects are perceived by subjects is known as psychophysics. A feature of the experimental design is that the experimenter presents objectively measurable objects that are imperfectly perceived by subjects. The responses are stochastic in that a subject might respond differently in otherwise identical situations. These stochastic choices can be compared to the objectively measurable properties. This Element offers a brief introduction to the topic, explains how psychophysics insights are already present in economics, and describes experimental techniques with the goal that they are useful in the design of economics experiments. Noise is a ubiquitous feature of experimental economics and there is a large strand of economics literature that carefully considers the noise. However, the authors view the psychophysics experimental techniques as uniquely suited to helping experimental economists uncover what is hiding in the noise.

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