Combining Estimates of Epistemic and Aleatory Uncertainty to Reduce Overprecision

Expectations of prices and quality are critical in consumers’ decisions, and should be shaped by the distributional properties of the outcome and the uncertainty in a person’s estimate of the average. We show that people do not naturally focus on all these sources, leading to excessively narrow confidence intervals.



Citation:

Daniel G. Goldstein and David Rothschild (2017) ,"Combining Estimates of Epistemic and Aleatory Uncertainty to Reduce Overprecision", in NA - Advances in Consumer Research Volume 45, eds. Ayelet Gneezy, Vladas Griskevicius, and Patti Williams, Duluth, MN : Association for Consumer Research, Pages: 336-340.

Authors

Daniel G. Goldstein, Microsoft Research, USA
David Rothschild, Microsoft Research, USA



Volume

NA - Advances in Consumer Research Volume 45 | 2017



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