How Biases in Individual Judgments Affect Market Outcome
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
This project continues research involving a series of experiments               designed to test whether decision-making biases of individuals persist          in a market environment.  The investigator has completed a set of               experiments and found that decision-making biases do persist to some            extent in simple-market situations.  The purpose of this project is to          undertake a set of experiments in more complex market environments to           determine whether or not the market can correct for these biases.               This research is important for two reasons.  First, it is often                 asserted that markets are efficient and, in the aggregate, eliminate            irrational decisions of individuals.  This research is aimed at testing         this basic assumption.  Secondly, the research has the potential to             expand our understanding of how, in fact, markets operate to mitigate           or eliminate irrational decisions by examining the significance of              different market features.  The results of this study should yield              important insights into the nature of decision making under conditions          of uncertainty, and to spur the development of new models and                   hypotheses and to set the standards for empirical work in this area of          research.
[{'FirstName': 'Howard', 'LastName': 'Kunreuther', 'PI_MID_INIT': 'C', 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Howard C Kunreuther', 'EmailAddress': 'kunreuther@wharton.upenn.edu', 'NSF_ID': '000120192', 'StartDate': '07/15/1987', 'EndDate': None, 'RoleCode': 'Co-Principal Investigator'}, {'FirstName': 'Colin', 'LastName': 'Camerer', 'PI_MID_INIT': 'F', 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Colin F Camerer', 'EmailAddress': 'camerer@hss.caltech.edu', 'NSF_ID': '000234795', 'StartDate': '07/15/1987', 'EndDate': None, 'RoleCode': 'Principal Investigator'}]
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[{'Code': '1320', 'Text': 'Economics'}, {'Code': '9120', 'Text': 'CROSS-DIRECTORATE PROGRAMS'}]
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