Imitation versus rationality: An experimental perspective on decision making |
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| Affiliation: | 1. Institute Astronomical Observatory, Faculty of Physics, Adam Mickiewicz University, Poznań, Poland;2. Institute of Geology, Adam Mickiewicz University, ul. Krygowskiego 12, 61-606 Poznań, Poland;1. Egyptian Petroleum Research Institute, 1A ahmed El-Zomor st. Naser city 11727, Cairo, Egypt;2. Ain-Shams University for Girls, Roqqsy Squire, Cairo, Egypt;1. Institute of Coal Chemistry, Chinese Academy of Sciences, Taiyuan 030001, China;2. University of Chinese Academy of Sciences, Beijing 100049, China |
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| Abstract: | Rather than comparing alternatives before making a choice, decision makers often simply imitate the choices made by others. Imitation may be advantageous when comparing alternatives is relatively costly. However, if everyone strictly imitates, then improvements in choice cannot occur. This article presents the results of an experiment designed to examine the use of imitation as an alternative to rationality and extent to which imitation can complement rationality in the search for economic efficiency. |
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