This experiment isn’t up to the usual standards of an economics experiment. When economists do such an information experiment, we give subjects some indication of the distribution that the hidden truth will be drawn from, and then we actually draw from that distribution. You can always make subjects look like fools if you give them an example that is rare given their prior expectations.
This experiment isn’t up to the usual standards of an economics experiment. When economists do such an information experiment, we give subjects some indication of the distribution that the hidden truth will be drawn from, and then we actually draw from that distribution. You can always make subjects look like fools if you give them an example that is rare given their prior expectations.