Research ArticleOpen accessIn the keywordsA Laboratory Study of Bayesian Updating in Small Feedback-Based Decision ProblemsTakemi Fujikawa, Sobei H. OdaThis study explores small feedback-based decision problems experimentally. Conducted were the experiments in which the decision-maker’s payoff distribution was limited to either favorable distribution or unfavorable distribution. The first remarkable observation revealed complexity/loss aversion in the experiment. The second observation included the law of small numbers. Deviations from maximization were also observed. Finally, we investigated the imperfect Bayesian decision-makers observed … …American Journal of Applied Sciences, Vol. 2, Issue 7 · 31 Jul 2005 · 6,754 accessesView PDFCite