Economía experimental en la toma de decisiones en ambientes dinámicos y complejos: Una revisión de diseños y resultados

Translated title of the contribution: Experimental economics applied to decision making in dynamic and complex environments: A review of designs and results

Jaime Andrés Castañeda, Santiago Arango, Yris Olaya

Research output: Contribution to journalReview articlepeer-review

3 Scopus citations

Abstract

The article reviews the use of economics, psychology and business administration science laboratory experiments in the study of decision making in complex and dynamic environments. Such environments have not been sufficiently utilized in the laboratory, in spite of knowing that they greatly contribute to the external validation of experiments. In the ambit of economics, the results support, with some exceptions, the rational choice or perfect rationality theory; whereas in psychology and business administration sciences they support the limited rationality theory and the use of heuristics or mental shortcuts for making decisions. In general, it can be said that the complexity that people confront in dynamic environments compromises their rationality, which in turn has a negative effect on their decision making performance. The reviewed studies manifest the flexibility offered by experimental economics in designing laboratory trials, particularly those intended to test theories that are relevant in a large number of situations, especially in complex and dynamic environments.

Translated title of the contributionExperimental economics applied to decision making in dynamic and complex environments: A review of designs and results
Original languageSpanish
Pages (from-to)31-57
Number of pages27
JournalCuadernos de Administracion
Volume22
Issue number39
StatePublished - Sep 2009
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Economics, Econometrics and Finance(all)
  • Strategy and Management

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