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The Cognitive Illusion Controversy: A Methodological Debate in Disguise That Matters to Economists

In: Experimental Business Research

Author

Listed:
  • Ralph Hertwig

    (University of Basel)

  • Andreas Ortmann

    (Charles University and Academy of Sciences of the Czech Republic)

Abstract
In the early 1970s, Daniel Kahneman and Amos Tversky launched a research program that showed that heuristic short-cuts can result in probability judgments that deviate from statistical principles. Because these cognitive illusions have important implications for economic behavior, the heuristics-and-biases program has attracted the attention of economists as well as numerous social scientists. Even as the heuristics-and-biases program gained acceptance outside psychology, it drew criticism within the field. In this chapter, we mine the debate among psychologists about the reality of cognitive illusions for methodological lessons of relevance to experimental economists. Our concern here is neither the controversy about cognitive illusions nor its implications for rationality. Instead, it is what we see as the important methodological insights that have emerged from the controversy, which can inform the choices that all behavioral experimenters wittingly or unwittingly make when they sample and represent stimuli for use in their experiments.

Suggested Citation

  • Ralph Hertwig & Andreas Ortmann, 2005. "The Cognitive Illusion Controversy: A Methodological Debate in Disguise That Matters to Economists," Springer Books, in: Rami Zwick & Amnon Rapoport (ed.), Experimental Business Research, chapter 0, pages 113-130, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-24244-6_5
    DOI: 10.1007/0-387-24244-9_5
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    Citations

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    Cited by:

    1. Dorian Jullien & Nicolas Vallois, 2014. "A probabilistic ghost in the experimental machine," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(3), pages 232-250, September.
    2. Andreas Ortmann & Leonidas Spiliopoulos, 2017. "The beauty of simplicity? (Simple) heuristics and the opportunities yet to be realized," Chapters, in: Morris Altman (ed.), Handbook of Behavioural Economics and Smart Decision-Making, chapter 7, pages 119-136, Edward Elgar Publishing.
    3. Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet E., 2010. "Behavioral econometrics for psychologists," Journal of Economic Psychology, Elsevier, vol. 31(4), pages 553-576, August.
    4. Krajc, Marian & Ortmann, Andreas, 2008. "Are the unskilled really that unaware? An alternative explanation," Journal of Economic Psychology, Elsevier, vol. 29(5), pages 724-738, November.
    5. Arcidiacono, Davide, 2011. "Consumer rationality in a multidisciplinary perspective," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(5), pages 516-522.

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