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Last active Mar 15, 2016

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Optimal Foraging Theory: The Game

Decision-Making: An Experiment

Participant Instructions

Let's play a game.

The aim is to have the most points at the end of the game.

On every turn of the game, you can either:

  • Lose 1 point and take a card. A card is worth points.
  • Trade in a card for points. This ends the game (all other cards are thrown away).

We will play the game 5 times.

Instructions for the Laboratory

You will need 96 cards, normally distributed around 10 with a standard deviation of 5:

Value Number of Cards
1 / 2 / 18 / 19 2
3 / 17 3
4 / 16 4
5 / 15 5
6 / 14 6
7 / 8 / 12 / 13 7
9 / 10 / 11 8

Experiment Design

The aim of this experiment is to gather information on how people react in a situation where there is a cost for getting more information. We believe this is similar to deciding which products to buy: we exchange our own time in order to find more information.

We expect the results to follow a model consistent with the marginal value thorem.

Criticism

  • Can we get closer to the real-life situation of 'spending time to get more information'?
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