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The stochastic component in choice and regression to the mean
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García-Gallego, Aurora, Georgantzís, N. (Nikolaos), Navarro-Martínez, Daniel and Sabater-Grande, Gerardo (2011) The stochastic component in choice and regression to the mean. Theory and Decision, Vol.71 (No.2). pp. 251-267. doi:10.1007/s11238-010-9223-6 ISSN 0040-5833.
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Official URL: http://dx.doi.org/10.1007/s11238-010-9223-6
Abstract
In this article, we illustrate experimentally an important consequence of the stochastic component in choice behaviour which has not been acknowledged so far. Namely, its potential to produce 'regression to the mean' (RTM) effects. We employ a novel approach to individual choice under risk, based on repeated multiple-lottery choices (i.e. choices among many lotteries), to show how the high degree of stochastic variability present in individual decisions can distort crucially certain results through RTM effects. We demonstrate the point in the context of a social comparison experiment.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | B Philosophy. Psychology. Religion > BF Psychology Q Science > QA Mathematics |
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| Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | ||||
| Library of Congress Subject Headings (LCSH): | Choice (Psychology), Regression analysis, Stochastic analysis, Stochastic processes, Decision making, Decision making -- Mathematical models | ||||
| Journal or Publication Title: | Theory and Decision | ||||
| Publisher: | Springer Netherlands | ||||
| ISSN: | 0040-5833 | ||||
| Official Date: | 2011 | ||||
| Dates: |
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| Volume: | Vol.71 | ||||
| Number: | No.2 | ||||
| Page Range: | pp. 251-267 | ||||
| DOI: | 10.1007/s11238-010-9223-6 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Funder: | Spain. Ministerio de Ciencia e Innovación (MCINN), Fundación Bancaja (Spain), Andalusia (Spain) | ||||
| Grant number: | ECO2008-04636/ECON (MCINN), P1 1B2007-14 (FB), P07-SEJ-03155 (Andalusia) |
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