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• W3124241100 abstract "The three-door problem is an example of a systematic violation of a key rationality postulate that has attracted much attention. In this seemingly simple individual decision task, most people initially fail to apply correctly Bayes’ Law, and to make the payoff-maximizing choice. Previous experimental studies have shown that individual learning reduces the incidence of irrational choices somewhat, but is far from eliminating it. We experimentally study the roles of communication and competition as institutions to mitigate the choice anomaly. We show that the three-door anomaly can be entirely eliminated by these institutions." @default.
• W3124241100 created "2021-02-01" @default.
• W3124241100 creator A5076721113 @default.
• W3124241100 creator A5051005636 @default.
• W3124241100 date "2004-07-01" @default.
• W3124241100 modified "2023-10-07" @default.
• W3124241100 title "Do institutions promote rationality?" @default.
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• W3124241100 doi "https://doi.org/10.1016/j.jebo.2003.03.002" @default.
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