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Hemmati, Mehdi; Smith, J. Cole – Journal of Problem Solving, 2011
We consider a version of an optimal stopping problem, in which a customer is presented with a finite set of items, one by one. The customer is aware of the number of items in the finite set and the minimum and maximum possible value of each item, and must purchase exactly one item. When an item is presented to the customer, she or he observes its…
Descriptors: Consumer Economics, Problem Solving, Decision Making, Purchasing
Robinson, A. Emanuel; Sloman, Steven A.; Hagmayer, York; Hertzog, Christopher K. – Journal of Problem Solving, 2010
The role of causal beliefs in people's decisions when faced with economic problems was investigated. Two experiments are reported that vary the causal structure in prisoner's dilemma-like economic situations. We measured willingness to cooperate or defect and collected justifications and think-aloud protocols to examine the strategies that people…
Descriptors: Causal Models, Beliefs, Problem Solving, Economics