Robin M. Hogarth

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We study the effectiveness of simple heuristics in multiattribute decision making. We consider the case of an additive separable utility function with nonnegative, nonincreasing attribute weights. In this case, cumulative dominance ensures that the so-called cumulative dominance compliant heuristics will choose a best alternative. For the case of binary(More)
Does ethical differentiation of products affect market behavior? We examined this issue in triopolistic experimental markets where producers set prices. One producer's costs were higher than the others. In two treatments, the additional costs were attributed to compliance with ethical guidelines. In the third, no justification was provided. Many consumers(More)
Excess entry – or the high failure rate of market-entry decisions – is often attributed to overconfidence exhibited by entrepreneurs. We show analytically that whereas excess entry is an inevitable consequence of imperfect assessments of entrepreneurial skill, it does not imply overconfidence. Judgmental fallibility leads to excess entry even when everyone(More)
This study examined the effects of a minor tranquilizer, diazepam, on a cognitive task that involved the updating of beliefs. On this task, subjects are first asked to express their strength of belief in a hypothesis and then to update this on the basis of new evidence. Past research has shown that revision of beliefs can be affected by many variables(More)
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