An Examination of the Conservative Information Processing Bias in an Accounting Framework
回顾了会计情境下个体信息处理不符合贝叶斯定理等规范模型的实验证据，并指出资本市场和委托代理研究中的个体模型与这些证据不一致，探讨了次优个体行为如何可能聚合为理性市场行为。
As early as 1973, Dickhaut found that subjects in accounting settings did not process information according to normative (e.g., Bayes') theorems. Similar results have been obtained by Wright [1978], Swieringa et al. [1976], and more recently Joyce and Biddle [1981]. While these studies on human information processing have focused on individual performance, work in related accounting areas, such as capital market research in accounting and the principal-agent area of accounting, has employed models of the individual which rest on assumptions inconsistent with the results cited above. Commenting on the apparent divergence between the capital market research and human information processing research, Einhorn [1976, p. 98] noted: Of course, the fascinating, but unanswered question remains as to how sub-optimal individual behavior can lead to 'rational' behavior at the aggregate level (if indeed this exists).