How well do we understand how people make choices? Place a bet on your favorite theory

Put your money where your mouth is, as they say:

The goal of this competition is to facilitate the derivation of models that can capture the classical choice anomalies (including Allais, St. Petersburg, and Ellsberg paradoxes, and loss aversion) and provide useful forecasts of decisions under risk and ambiguity (with and without feedback).

The rules of the competition are described in http://departments.agri.huji.ac.il/cpc2015. The submission deadline is May17, 2015. The prize for the winners is an invitation to be a co-author of the paper that summarizes the competition (the first part can be downloaded fromhttp://departments.agri.huji.ac.il/economics/teachers/ert_eyal/CPC2015.pdf)…

Our analysis of these 90 problems (see http://departments.agri.huji.ac.il/cpc2015) shows that the classical anomalies are robust, and that the popular descriptive models (e.g., prospect theory) cannot capture all the phenomena with one set of parameters. We present one model (a baseline model) that can capture all the results, and challenge you to propose a better model.

There was a competition recently that asked people to predict seizures from EEG activity; the public blew the neuroscientists out of the water. How will the economists do?

Register” by April 1. The submission deadline is May 17!

 

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