Pairwise normalization: A neuroeconomic theory of multi-attribute choice

• 成果类型: Article
• 署名作者: Landry, Peter; Webb, Ryan
• 署名单位: University of Toronto; University of Toronto; University Toronto Mississauga; University of Toronto
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2021.105221
• 发表日期: 2021
• 关键词: Neuroeconomics; consumer theory; Multi-attribute choice; Decoy effects

摘要

We present a theory of multi-attribute choice founded in the neuroscience of perception. Valuation is formed through a series of pairwise, attribute-level comparisons implemented by (divisive) normalization ? a form of relative value coding observed across sensory modalities and in species ranging from honeybees to humans. Such ?pairwise normalization? captures a broad range of behavioral regularities in multi-attribute choice, including the compromise and asymmetric dominance effects, the diversification bias in allocation decisions, and majority-rule preference cycles. ? 2021 Elsevier Inc. All rights reserved.