Making Case-Based Decision Theory Directly Observable

Han Bleichrodt, Amit Kothiyal, M Filko, Peter Wakker

Research output: Contribution to journalArticleAcademicpeer-review

15 Citations (Scopus)


Case-based decision theory (CBDT) provided a new way of revealing preferences, with decisions under uncertainty determined by similarities with cases in memory. This paper introduces a method to measure CBDT that requires no commitment to parametric families and that relates directly to decisions. Thus, CBDT becomes directly observable and can be used in prescriptive applications. Two experiments on real estate investments demonstrate the feasibility of our method. Our implementation of real incentives not only avoids the income effect, but also avoids interactions between different memories. We confirm CBDT's predictions except for one violation of separability of cases in memory.
Original languageEnglish
Pages (from-to)123-151
Number of pages29
JournalAmerican Economic Journal. Microeconomics
Issue number1
Publication statusPublished - 2017


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