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Field
Abstract
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Before
Using an online experiment, we investigate when people are likely to commit default bias in decision-making and whether offering a coin-flipping option can mitigate the default bias. The participants engage in a series of decision-making tasks, choosing between two lotteries. One lottery is provided as the default option and they must decide whether to keep the default option or trade for another lottery. The participants are randomly assigned to a control condition and a treatment condition, where they can toss a coin to make the decision. We further vary the statistical relationship between the two lotteries and measure participants’ attentiveness. We seek to answer the following questions: 1) Do the statistical relationships between the two lotteries affect the tendency to commit the default bias? 2) Does participants’ attentiveness affect committing the default bias and the tendency of random choice? 3) When coin-flipping, is it more likely to mitigate the default bias?
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After
Using an online experiment, we investigate when people are likely to commit default bias in decision-making and whether offering a coin-flipping option can mitigate the default bias. The participants engage in a series of decision-making tasks, choosing between two lotteries. One lottery is provided as the default option and they must decide whether to keep the default option or trade for another lottery. The participants are randomly assigned to a control condition and a treatment condition, where they can toss a coin to make the decision. We further vary the statistical relationship between the two lotteries and measure participants’ attentiveness. We seek to answer the following questions: 1) Do the statistical relationships between the two lotteries affect the tendency to commit the default bias and the tendency of choosing coin-flipping? 2) Does participants’ attentiveness affect committing the default bias and the tendency of choosing coin-flipping? 3) When coin-flipping is more likely to mitigate the default bias?
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