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X-WR-CALNAME:Department of Economics at Columbia University
X-ORIGINAL-URL:https://econ.columbia.edu
X-WR-CALDESC:Events for Department of Economics at Columbia University
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20150331T140000
DTEND;TZID=America/New_York:20150331T153000
DTSTAMP:20260409T085628
CREATED:20180719T175853Z
LAST-MODIFIED:20200402T183040Z
UID:10359-1427810400-1427815800@econ.columbia.edu
SUMMARY:Tom Cunningham - "Hierarchical Aggregation of Information and Decision-Making"
DESCRIPTION:It is commonly argued that the brain aggregates information in a hierarchical fashion. I will discuss how hierarchical aggregation of information gives rise to predictable imperfections in inference\, consistent with well-known features of perceptual illusions and decision biases. I demonstrate the basic results in a setup with two modules: both seek to infer some unobserved value\, and each has private information\, but the second module additionally observes the first module’s posterior. As a whole this system will fail to aggregate information efficiently. In particular\, it predicts two commonly observed features of decision-making: (1) the influence of irrelevant associations (framing effects)\, and (2) the avoidance of dominated options. I discuss experimental evidence for both features. This combination of properties is not predicted by either random utility or inattention. \n
URL:https://econ.columbia.edu/event/tom-cunningham-hierarchical-aggregation-of-information-and-decision-making/
LOCATION:311 Warren Hall
CATEGORIES:Cognition and Decision Seminar Series
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