The attraction effect and its explanations

• 成果类型: Article
• 署名作者: Castillo, Geoffrey
• 署名单位: University of Vienna
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2019.10.012
• 发表日期: 2020
• 页码: 123-147
• 关键词: Attraction effect; Asymmetric dominance effect; Decoy effect; Range effect; risky choice; Individual decision-making

摘要

The attraction effect violates choice consistency, one of the central assumptions of economics. I present a risky choice experiment to test it and disentangle some of its explanations. I find the attraction effect, but in a smaller magnitude than previously thought. I uncover a 'range effect' that shows that people weight more attributes whose range increases. I also show that the aggregate results hide considerable heterogeneity between subjects. (C) 2019 Elsevier Inc. All rights reserved.