humani nil a me alienum puto

random rants about news, the law, healthcare law, economics and anything I find amusing

Healthcare Economist · Think Aloud: A tool for experimental economists

In his Healthcare Economist Blog, Jason Shafrin discusses a new paper that asks the the pressing economic question:  are individuals rational (in face of some pretty kooky decisions that people sometimes make).  He reviews a recent study that asks participants to “talk outloud” when they make a decision.  And, as it turns out, maybe we are rational, but the assumptions that we bring to the table are kooky.  He gives some examples from the study.   It’s a good lesson for those doing such research (are my assumptions the same as potentially idosyncratic assumptions of my test group?).  And also a psychological question for the rest of us — what is “rational” is often based upon the baseline assumptions that people bring to the table.  Maybe it’s there that the rational decision-maker model breaks down.  Ryan, Watson, and Entwistle (2009) ”Rationalising the irrational: a think aloud study of discrete choice experiment responses” Health Economics, v18(3):321-336.

via Healthcare Economist · Think Aloud: A tool for experimental economists.

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