Can subjective expectations data be used in choice models ? Evidence on cognitive biases

@inproceedings{Zafar2010CanSE,
  title={Can subjective expectations data be used in choice models ? Evidence on cognitive biases},
  author={Basit Zafar},
  year={2010}
}
A pervasive concern with the use of subjective data in choice models is that the data are biased and endogenous. This paper examines the extent to which cognitive biases plague subjective data, specifically addressing 1) whether cognitive dissonance affects the reporting of beliefs, and 2) whether individuals exert sufficient mental effort when probed about their subjective beliefs. For this purpose, I collect a unique panel data set of Northwestern University undergraduates that contains their… CONTINUE READING

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