DIFFERENCES ATTRACT: AN EXPERIMENTAL STUDY OF FOCUSING IN ECONOMIC CHOICE

• 成果类型: Article
• 署名作者: Andersson, Ola; Carlson, Jim Ingebretsen; Wengstrom, Erik
• 署名单位: Uppsala University; Research Institute of Industrial Economics (IFN); Lund University; Hanken School of Economics
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueab032
• 发表日期: 2021
• 页码: 2671-2692
• 关键词: cognitive reflection; risk-aversion; DECISION; SALIENCE; context; MODEL; preferences; consumers; anomalies; ability

摘要

Several behavioural models of choice assume that decision makers place more weight on attributes where options differ more, an assumption we test in a set of experiments. We find that subjects are more likely to choose an option when we add options increasing the maximal difference in the original option's strongest attribute, suggesting that the decision maker's focus is drawn to attributes with a high spread. Additional experiments corroborate this finding. Still, we document that the focusing effect diminishes when options are presented using numbers instead of graphs or when subjects are forced to wait before submitting their answers.