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Market feedback does not eliminate biases in the perception of independence

Fischer, S.; (2009) Market feedback does not eliminate biases in the perception of independence. (ELSE Working Papers 346). ESRC Centre for Economic Learning and Social Evolution: London, UK. Green open access

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Abstract

In individual decision making experiments I test the robustness of biases in the perception of independence and whether they survive feedback about the median decision in groups of five. I argue that the median decision reflects the market clearing price in an equivalent interactive market setting. Despite better experimental control, known biases are confirmed but also qualified. While feedback reduces biases it does not affect behavior significantly and no learning over the 98 repetitions can be observed.

Type: Working / discussion paper
Title: Market feedback does not eliminate biases in the perception of independence
Open access status: An open access version is available from UCL Discovery
Publisher version: http://else.econ.ucl.ac.uk/newweb/papers.php#2009
Language: English
Keywords: Biased perception of randomness, gambler’s fallacy, markets, experiment
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/18233
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