Modeling Imprecision in Perception, Valuation, and Choice

IF 6.8 2区 经济学 Q1 ECONOMICS Annual Review of Economics Pub Date : 2020-08-02 DOI:10.1146/annurev-economics-102819-040518
M. Woodford
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引用次数: 29

Abstract

Traditional decision theory assumes that people respond to the exact features of the options available to them, but observed behavior seems much less precise. This review considers ways of introducing imprecision into models of economic decision making and stresses the usefulness of analogies with the way that imprecise perceptual judgments are modeled in psychophysics—the branch of experimental psychology concerned with the quantitative relationship between objective features of an observer's environment and elicited reports about their subjective appearance. It reviews key ideas from psychophysics, provides examples of the kinds of data that motivate them, and proposes lessons for economic modeling. Applications include stochastic choice, choice under risk, decoy effects in marketing, global game models of strategic interaction, and delayed adjustment of prices in response to monetary disturbances.
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感知、评估和选择中的建模不精确
传统的决策理论假设人们对可供选择的确切特征做出反应,但观察到的行为似乎不那么精确。这篇综述考虑了在经济决策模型中引入不精确性的方法,并强调了与心理物理学中不精确的感知判断建模方式进行类比的有用性。心理物理学是实验心理学的一个分支,研究观察者环境的客观特征与其主观报告之间的定量关系外貌它回顾了心理物理学的关键思想,提供了激励它们的数据类型的例子,并为经济建模提供了经验教训。应用包括随机选择、风险下的选择、市场营销中的诱饵效应、战略互动的全球博弈模型以及响应货币扰动的价格延迟调整。
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来源期刊
CiteScore
9.70
自引率
3.60%
发文量
34
期刊介绍: The Annual Review of Economics covers significant developments in the field of economics, including macroeconomics and money; microeconomics, including economic psychology; international economics; public finance; health economics; education; economic growth and technological change; economic development; social economics, including culture, institutions, social interaction, and networks; game theory, political economy, and social choice; and more.
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