Research ArticleOpen accessPhrase in the titleA 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
Research ArticleOpen accessIn the abstractA Laboratory Study of Curiosity Behavior in Feedback-Based DecisionsTakemi FujikawaProblem statement: This study adopts an interdisciplinary approach in conducting the study on "curiosity" with a toolset of experimental economics. Approach: I hypothesized that the Decision Makers (DMs) tended to exhibit curiosity behavior when two conditions were met: (1) The DMs faced "small feedback-based" decision problems; (2) The DMs bore tangible costs of their curiosity behavior. Results: This study was … …American Journal of Applied Sciences, Vol. 7, Issue 12 · 31 Dec 2010 · 7,461 accessesView PDFCite
Research ArticleOpen accessIn the abstractAn Experimental Study of Petty Corrupt Behaviour in Small Decision Making ProblemsTakemi FujikawaThis research discusses small decision making problems and petty corruption as their practical applications with a structured economic experiment. One of examples of petty corruption considered includes demands for petty bribes by traffic officials followed by police. We examine that it is caused by subjective underweighting of rare events and its objective probabilities. This literature reports results of an experiment, … …American Journal of Applied Sciences, Vol. 2, Issue 13 · 3 Dec 2005 · 8,105 accessesView PDFCite