An Information‐Theoretic Approach*
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TL;DR
The search aspect of decision making is examined by construing the information environment in the form of a maze and measuring “transmitted” information according to the Shannon-Weaver logarithmic metric to assess the power of subjects' search heuristics.
Abstract
ABSTRACT This paper examines the search aspect of decision making. An experiment was conducted to assess the amount of information utilized by subjects prior to committing themselves to a choice. By construing the information environment in the form of a maze and measuring “transmitted” information according to the Shannon‐Weaver logarithmic metric, the power of subjects' search heuristics was assessed.