Theory and Decision

, Volume 85, Issue 2, pp 151–177 | Cite as

Behavioral patterns and reduction of sub-optimality: an experimental choice analysis

  • Daniela Di CagnoEmail author
  • Arianna Galliera
  • Werner Güth
  • Noemi Pace


This paper attempts to identify behavioral patterns and compare their average success considering several criteria of bounded rationality. Experimentally observed choice behavior in various decision tasks is used to assess heterogeneity in how individual participants respond to 15 randomly ordered portfolio choices, each of which is experienced twice. Treatments differ in (not) granting probability information and in (not) eliciting aspirations. Since in our setting neither other regarding concerns nor risk attitude matter and probability of the binary chance move is (optimal) choice irrelevant, categorizing decision types relies on parameter dependence and choice adaptations. We find that most participants reduce systematically sub-optimality when following the identified criteria.


(Un)bounded rationality Satisficing Experiments Heterogeneity 


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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  • Daniela Di Cagno
    • 1
    Email author
  • Arianna Galliera
    • 1
    • 4
  • Werner Güth
    • 1
    • 2
  • Noemi Pace
    • 3
  1. 1.LuissRomeItaly
  2. 2.Max Planck InstituteBonnGermany
  3. 3.Ca’ Foscari University of VeniceVeniceItaly
  4. 4.Politecnico di MilanoMilanItaly

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