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Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results

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dc.creatorCastañeda, Jaime Andrés
dc.creatorArango, Santiagospa
dc.creatorOlaya, Yrisspa
dc.date.accessioned2020-08-28T15:48:11Z
dc.date.available2020-08-28T15:48:11Z
dc.date.created2009-09spa
dc.description.abstractThe article reviews the use of economics, psychology and business administration science laboratory experiments in the study of decision making in complex and dynamic environments. Such environments have not been sufficiently utilized in the laboratory, in spite of knowing that they greatly contribute to the external validation of experiments. In the ambit of economics, the results support, with some exceptions, the rational choice or perfect rationality theory; whereas in psychology and business administration sciences they support the limited rationality theory and the use of heuristics or mental shortcuts for making decisions. In general, it can be said that the complexity that people confront in dynamic environments compromises their rationality, which in turn has a negative effect on their decision making performance. The reviewed studies manifest the flexibility offered by experimental economics in designing laboratory trials, particularly those intended to test theories that are relevant in a large number of situations, especially in complex and dynamic environments.eng
dc.format.mimetypeapplication/pdf
dc.identifier.issnISSN 0120-3592
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/28436
dc.language.isoengspa
dc.publisherPontificia Universidad Javerianaspa
dc.relation.citationIssueNo. 39
dc.relation.citationTitleCuadernos de Administracion
dc.relation.citationVolumeVol. 22
dc.relation.ispartofCuadernos de Administracion, ISSN 0120-3592, Vol.22, No. 39 (2002)spa
dc.relation.urihttp://www.scielo.org.co/scielo.php?script=sci_arttext&pid=S0120-35922009000200003spa
dc.rights.accesRightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.accesoRestringido (Acceso a grupos específicos)spa
dc.sourceCuadernos de Administracionspa
dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subject.keywordLaboratory experimentsspa
dc.subject.keywordDecision makingspa
dc.subject.keywordDynamic and complex environmentsspa
dc.subject.keywordBounded rationalityspa
dc.titleExperimental economics applied to decision making in dynamic and complex environments: A review of designs and resultsspa
dc.title.TranslatedTitleEconomía experimental aplicada a la toma de decisiones en entornos dinámicos y complejos: una revisión de diseños y resultadosspa
dc.typearticleeng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículospa
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