Workshop
Quantity of Information and Quality of Decisions
Insufficient information is crucial for the quality of decisions. Modern societies are characterized by an abundant supply of all kind of data and information. The quality of decisions, however, will not increase monotonically with the amount of information: research on rationality of decisions in Economics and Psychology suggests that intuitive decisions based on little information may be quite effective in some situations while, in other contexts, the precision of decisions may require large amounts of information.
In this workshop international researchers will present their current research on issues related to the relationship between the quantity of information and the quality of decisions. This workshop complements our own research the Marsilius College.
Jürgen Eichberger (Economics), Klaus Fiedler (Psychology), Knut Schnell (Psychiatry)
Program
9:15 - 9:30 Welcome
9:30 - 10:30 Yakov Kareev: "Time Course of Noisy Choices from Choice Sets Di¤ering in Size"
10:30 - 11:30 Tim Pleskac: "How an adaptive mind exploits the relationship between risk and reward"
11:30 - 12:00 Coffee break
12:00 - 13:00 Klaus Wälde (with Christopher Kops):
"Between feeling and reasoning: The speed and accuracy of decisions"
13:00 - 14:30 Lunch break
14:30 - 15:30 Karl Schlag: "How to learn without priors in repeated decisions: the role of past information"
15:30 - 16:30 Ido Erev & Klaus Fiedler: "The reliance on small samples hypothesis: A theoretical stone soup, a cognitive constraint, or an approximation of distinct processes?"
16:00 - 16:30 Coffee break
16:30 - 17:30 Jürgen Eichberger & Klaus Fiedler & Knut Schnell: "Information and decision: an experiment"
17:30 - 18:00 General discussion
Friday, 10th June 2016, 9 a.m. - 5 p.m.
Venue: Marsilius-Kolleg, Saal
Im Neuenheimer Feld 130.1, 69120 Heidelberg
