A Laboratory Study of Curiosity Behavior in Feedback-Based Decisions
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Published On: 31 December 2010
Copyright: © 2020 Takemi Fujikawa. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
Problem 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 the first to address the phenomenon of curiosity, using an economics experiment, where the DMs received financial performance-based incentives (i.e., monetary payoffs that were contingent on their performance in the experiment). Economics studies the cost and benefit of any action made by the DMs, whereas psychologists do not. A key feature of the current experiment was that the DMs faced 100-fold binary choice between two alternatives, both of which yielded fixed payoffs. Conclusion/Recommendations: Experimental results were interpreted as a confirmation of the hypothesis that curiosity was aroused when the aforementioned two conditions were met.
- Decision Making
- small feedback-based decisions
- ambiguous treatment
- hypothetical situations
- frequent smoking
- ambiguous/imperfect information