Differences Attract: An Experimental Study of Focusing in Economic Choice

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Andersson , O , Ingebretsen Carlson , J & Wengström , E 2021 , ' Differences Attract: An Experimental Study of Focusing in Economic Choice ' , The Economic Journal , vol. 131 , no. 639 , ueab032 , pp. 2671-2692 . https://doi.org/10.1093/ej/ueab032

Title: Differences Attract: An Experimental Study of Focusing in Economic Choice
Author: Andersson, Ola; Ingebretsen Carlson, Jim; Wengström, Erik
Contributor: Hanken School of Economics, Economics, Helsinki
Belongs to series: The Economic Journal
ISSN: 0013-0133
Abstract: 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.
Date: 2021-04-16
Subject: 511 Economics
individual decision making
focus
attention
salience
decoy
experiments
KOTA2021?
PREM2021_10
2 - Hybrid open access publication channel
1 - Self archived
1- Minst en av författarna har en utländsk affiliation
1- Publicerad utomlands
0- Ingen affiliation med ett företag
AoS: Competition economics and service strategy - Quantitative consumer behaviour and competition economics
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