Ryan O. Murphy

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We report the results of two experiments with different parameter sets designed to study sequential observation and selection decision problems in which payoffs increase monotonically in the quality of the selected alternative. In this class of search problems, applicants are interviewed one at a time, decision makers only learn the applicant's rank(More)
This paper is composed of two related parts. In the first, we present a dynamic programming procedure for finding optimal policies for a class of sequential search problems that includes the well-known " secretary problem. " In the second, we propose a stochastic model of choice behavior for this class of problems and test the model with two extant data(More)
We study a problem of selling a fixed number of goods over a finite and known horizon. After presenting a procedure for computing optimal decision policies and some numerical results on a simple heuristic policy for the problem, we describe results from three experiments involving financially motivated subjects. The experiments reveal that decision makers(More)
We study a class of sequential selection and assignment problems, where a decision maker (DM) must sequentially assign applicants to positions in an attempt to minimize total expected cost. In modeling this class of problems, we assume that the DM is only informed of the rank of an applicant relative to the applicants that she previously observed and(More)
The study aimed to test the potential of functional near-infrared spectroscopy (fNIRS) in combination with electrodermal activity (EDA) in a decision paradigm by means of the Columbia Card Task (CCT). The CCT is a dynamic decision task characterized by assessing subjects’ risk-taking via eliciting voluntary stopping points in a series of incrementally(More)
One of the fundamental tradeoffs underlying society is that between efficiency and equality. The challenge for institutional design is to strike the right balance between these two goals. Game-theoretic models of public-goods provision under 'meritocratic' matching succinctly capture this tradeoff: under zero meritocracy (society is randomly formed), theory(More)
The study measured cortical hemodynamic signals and peripheral correlates of decision makers during a dynamic risky task, the Just One More task (JOM), in which the risky decision entails choosing whether to incrementally increase accumulated earnings at the risk of ruin (going bust ending up with nothing). Twenty subjects participated in multiple(More)
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