{"id":"https://openalex.org/W1997607724","doi":"https://doi.org/10.1257/aer.98.2.163","title":"The Impact of Computation Time and Experience on Decision Values","display_name":"The Impact of Computation Time and Experience on Decision Values","publication_year":2008,"publication_date":"2008-04-01","ids":{"openalex":"https://openalex.org/W1997607724","doi":"https://doi.org/10.1257/aer.98.2.163","mag":"1997607724"},"language":"en","primary_location":{"id":"doi:10.1257/aer.98.2.163","doi":"https://doi.org/10.1257/aer.98.2.163","is_oa":false,"landing_page_url":"https://doi.org/10.1257/aer.98.2.163","pdf_url":null,"source":{"id":"https://openalex.org/S23254222","display_name":"American Economic Review","issn_l":"0002-8282","issn":["0002-8282","1944-7981"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Economic Review","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5112733651","display_name":"K. Carrie Armel","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210137306","display_name":"Stanford Medicine","ror":"https://ror.org/03mtd9a03","country_code":"US","type":"healthcare","lineage":["https://openalex.org/I4210137306","https://openalex.org/I97018004"]},{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"K. Carrie Armel","raw_affiliation_strings":["Stanford Prevention Research Center, Stanford University School of Medicine, Hoover Pavilion, N229, 211 Quarry Road, Stanford, CA 94305"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Stanford Prevention Research Center, Stanford University School of Medicine, Hoover Pavilion, N229, 211 Quarry Road, Stanford, CA 94305","institution_ids":["https://openalex.org/I4210137306","https://openalex.org/I97018004"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5103949769","display_name":"Antonio Rangel","orcid":"https://orcid.org/0009-0009-1399-7886","observed_orcids":["https://orcid.org/0009-0009-1399-7886"]},"institutions":[{"id":"https://openalex.org/I122411786","display_name":"California Institute of Technology","ror":"https://ror.org/05dxps055","country_code":"US","type":"education","lineage":["https://openalex.org/I122411786"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Antonio Rangel","raw_affiliation_strings":["HSS and Computational and Neural Systems, California Institute of Technology, 1200 E. California Blvd., Pasadena, CA 91103"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"HSS and Computational and Neural Systems, California Institute of Technology, 1200 E. California Blvd., Pasadena, CA 91103","institution_ids":["https://openalex.org/I122411786"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.0987,"has_fulltext":false,"cited_by_count":44,"citation_normalized_percentile":{"value":0.76522962,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"98","issue":"2","first_page":"163","last_page":"168"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.989300012588501,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.989300012588501,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.006200000178068876,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10042","display_name":"Neural and Behavioral Psychology Studies","score":0.002300000051036477,"subfield":{"id":"https://openalex.org/subfields/2805","display_name":"Cognitive Neuroscience"},"field":{"id":"https://openalex.org/fields/28","display_name":"Neuroscience"},"domain":{"id":"https://openalex.org/domains/1","display_name":"Life Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/decision-value","display_name":"decision value","score":0.8560000061988831},{"id":"https://openalex.org/keywords/value-computation","display_name":"value computation","score":0.9330000281333923},{"id":"https://openalex.org/keywords/computational-time","display_name":"computational time","score":0.8579999804496765},{"id":"https://openalex.org/keywords/experience","display_name":"experience","score":0.3610000014305115},{"id":"https://openalex.org/keywords/neuroeconomics","display_name":"neuroeconomics","score":0.7070000171661377},{"id":"https://openalex.org/keywords/value-assignment","display_name":"value assignment","score":0.531000018119812},{"id":"https://openalex.org/keywords/in-store-marketing","display_name":"in-store marketing","score":0.8360000252723694},{"id":"https://openalex.org/keywords/display-effects","display_name":"display effects","score":0.6010000109672546},{"id":"https://openalex.org/keywords/behavioral-effects","display_name":"behavioral effects","score":0.31299999356269836},{"id":"https://openalex.org/keywords/welfare-effects","display_name":"welfare effects","score":0.734000027179718},{"id":"https://openalex.org/keywords/decision-models","display_name":"decision models","score":0.4480000138282776}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7049325704574585},{"id":"https://openalex.org/C45374587","wikidata":"https://www.wikidata.org/wiki/Q12525525","display_name":"Computation","level":2,"score":0.6247604489326477},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4391219913959503},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.20528531074523926},{"id":"https://openalex.org/C11413529","wikidata":"https://www.wikidata.org/wiki/Q8366","display_name":"Algorithm","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.1257/aer.98.2.163","doi":"https://doi.org/10.1257/aer.98.2.163","is_oa":false,"landing_page_url":"https://doi.org/10.1257/aer.98.2.163","pdf_url":null,"source":{"id":"https://openalex.org/S23254222","display_name":"American Economic Review","issn_l":"0002-8282","issn":["0002-8282","1944-7981"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Economic Review","raw_type":"journal-article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.514.9801","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.514.9801","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://authors.library.caltech.edu/11130/1/ARMaer08.pdf","raw_type":"text"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.592.3826","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.592.3826","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.rnl.caltech.edu/publications/pdf/armel2008b.pdf","raw_type":"text"},{"id":"pmh:oai:authors.library.caltech.edu:11130","doi":null,"is_oa":false,"landing_page_url":"https://resolver.caltech.edu/CaltechAUTHORS:ARMaer08","pdf_url":null,"source":{"id":"https://openalex.org/S4306402161","display_name":"CaltechAUTHORS (California Institute of Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I122411786","host_organization_name":"California Institute of Technology","host_organization_lineage":["https://openalex.org/I122411786"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:RePEc:aea:aecrev:v:98:y:2008:i:2:p:163-68","doi":null,"is_oa":false,"landing_page_url":"http://www.aeaweb.org/articles.php?doi=10.1257/aer.98.2.163","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"mag:2512672870","doi":null,"is_oa":false,"landing_page_url":"https://www.jstor.org/stable/pdfplus/29730014.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":13,"referenced_works":["https://openalex.org/W1492146705","https://openalex.org/W1522115819","https://openalex.org/W1979103550","https://openalex.org/W1991432474","https://openalex.org/W1999943693","https://openalex.org/W2051913671","https://openalex.org/W2087615164","https://openalex.org/W2096648510","https://openalex.org/W2126880773","https://openalex.org/W2143046471","https://openalex.org/W2149763484","https://openalex.org/W2186236647","https://openalex.org/W2344952903"],"related_works":["https://openalex.org/W7099510705","https://openalex.org/W2512672870","https://openalex.org/W2329973208","https://openalex.org/W2126275173","https://openalex.org/W2904908948","https://openalex.org/W2164778565","https://openalex.org/W2067567534","https://openalex.org/W115244455","https://openalex.org/W1516074452","https://openalex.org/W2741132805"],"abstract_inverted_index":{"Most":[0],"economists":[1,151],"and":[2,15,32,59,68,181,199,210],"neuroeconomists":[3],"believe":[4],"that":[5,52,86,92,128,132,216,227],"individuals":[6,160],"make":[7,98,164],"choices":[8],"first":[9],"by":[10,17],"assigning":[11],"values":[12,51,83],"to":[13,84,135,150,158,163,219],"objects":[14,85],"then":[16],"selecting":[18],"the":[19,22,47,50,62,76,79,90,102,108,117,124,130,141,156,169,179,214],"option":[20],"with":[21,26,40,89],"highest":[23],"value,":[24],"perhaps":[25],"some":[27],"noise":[28],"(Rangel,":[29],"Colin":[30],"Camerer,":[31],"Read":[33],"Montague":[34],"2007).":[35],"This":[36],"raises":[37],"a":[38,203],"question":[39],"important":[41,176],"implications":[42,177],"for":[43,178],"economics:":[44],"How":[45],"does":[46,96],"brain":[48,80],"compute":[49],"guide":[53],"decisions":[54],"(henceforth":[55],"called":[56],"decision":[57],"values)":[58],"what":[60],"are":[61,87,161],"properties":[63,139,154,170],"of":[64,72,104,126,140,148,171,184,206],"those":[65,153],"processes?":[66],"Important":[67],"more":[69],"concrete":[70],"examples":[71],"these":[73,172,196],"questions":[74,197],"include":[75],"following:":[77],"Does":[78,101],"always":[81],"assign":[82],"commensurate":[88],"benefits":[91],"they":[93],"generate,":[94],"or":[95],"it":[97],"mistakes":[99],"sometimes?":[100],"amount":[103],"time":[105,125,209],"spent":[106],"computing":[107],"value":[109,131,143,215],"matter?":[110],"Are":[111],"there":[112],"incidental":[113],"variables,":[114],"such":[115,186],"as":[116,187],"way":[118],"an":[119],"object":[120],"is":[121,133,217],"displayed":[122],"at":[123],"sale,":[127],"affect":[129,213],"assigned":[134,218],"it?":[136],"\\n":[137,190],"\\nThe":[138],"brain\u2019s":[142],"computation":[144,208],"processes":[145,173],"should":[146],"be":[147],"interest":[149],"since":[152],"determine":[155],"extent":[157],"which":[159],"able":[162],"quality":[165],"choices.":[166],"In":[167],"addition,":[168],"could":[174],"have":[175],"behavioral":[180,231],"welfare":[182],"effects":[183],"practices":[185],"in-store":[188],"marketing.":[189],"\\nIn":[191],"this":[192],"paper":[193],"we":[194,228],"explore":[195],"theoretically":[198],"experimentally.":[200],"We":[201],"propose":[202],"simple":[204],"model":[205,222],"how":[207],"experience":[211],"can":[212],"items.":[220],"The":[221],"makes":[223],"several":[224],"stark":[225],"predictions":[226],"test":[229],"using":[230],"experiments.":[232]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":5},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":5},{"year":2012,"cited_by_count":2}],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2016-06-24T00:00:00"}
