Researcher ORCID Identifier

https://orcid.org/0000-0001-8883-7291

Graduation Year

2021

Date of Submission

4-2021

Document Type

Open Access Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Ben Gillen

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Rights Information

© Yusuf A Ismaeel

Abstract

This thesis examines the differences between probability matchers and utility maximizers in their preferences for information sources in a lab environment. In this paper, we consider the best source of information to be the most connected one. We conducted several linear probability model type regressions along with logit regressions. Furthermore, we also attempted to control and fix any potential misclassifications in classifying the cognitive strategy by using instrumental variables. The results show that utility maximizers will almost always choose the most informed node. Probability matchers, on the other hand, do not exhibit such a behavior as the probability matching strategy shows that there is no difference between probability matchers and non-utility maximizers. Furthermore, we find that even if we control for the type of network in which the experiment is held, there is still no difference between the behavior of probability matchers and non-utility maximizers whereas the behavior of utility maximizers shows that they will always choose the most connected node.

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