| By: |
Alessandro Innocenti;
Alessandra Rufa;
Jacopo Semmoloni |
| Abstract: |
This paper investigates the validity of the model of dual processing by means
of eyetracking methods. In this theoretical framework, gaze direction may be a
revealing signal of how automatic detection is modified or sustained by
controlled search. We performed an experiment by using a stylized decisional
framework, i.e. informational cascade, proposed by economists to investigate
the rationality of imitative behavior. Our main result is that automatic
detection as revealed by gaze direction is driven by mechanisms that are
dependent on cognitive biases. In particular, we find significant statistical
correlation between subjects’ first fixation and their revealed patterns of
choice. Our findings support the hypothesis that the process of automatic
detection is not independent on cognitive processes. |
| Keywords: |
informational cascades, overconfidence, eye-tracking, information processing, cognitive biases |
| JEL: |
C91 D82 D83 D87 |
| Date: |
2008–06 |
| URL: |
http://d.repec.org/n?u=RePEc:usi:labsit:022&r=neu |