@article {10.3844/ajassp.2005.1129.1133,
article_type = {journal},
title = {A Laboratory Study of Bayesian Updating in Small Feedback-Based Decision Problems},
author = {Fujikawa, Takemi and Oda, Sobei H.},
volume = {2},
year = {2005},
month = {Jul},
pages = {1129-1133},
doi = {10.3844/ajassp.2005.1129.1133},
url = {https://thescipub.com/abstract/ajassp.2005.1129.1133},
abstract = {This 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 in the experiment by exploring to what extent the decision-makers could update subjective Bayesian probability and rely on it in making decisions.},
journal = {American Journal of Applied Sciences},
publisher = {Science Publications}
}