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How choice proliferation affects revealed preferences
- Source :
- Theory and Decision, Theory and Decision, Springer Verlag, In press, ⟨10.1007/s11238-021-09848-7⟩, Theory and Decision, 2021, 93, pp.331-358. ⟨10.1007/s11238-021-09848-7⟩
- Publication Year :
- 2021
- Publisher :
- HAL CCSD, 2021.
-
Abstract
- International audience; Whereas the literature on choice overload has shown that people tend to defer their choice or experience less satisfaction under choice proliferation, this paper aims to test how the profusion of choice directly affects individuals’ revealed preferences over options. To do so, we run an experiment where subjects have to compare familiar (i.e., easy, salient and relatively safe) and unfamiliar options under different choice contexts (Large or Small choice sets). We hypothesize that, as the choice set expands, the decisions become harder and more costly and subjects may find familiar items relatively more attractive. Our results provide clear evidence of set size dependence of revealed preferences: Subjects prefer familiar items more frequently in larger choice sets. This evidence is robust to a number of experimental variations and statistical controls.
- Subjects :
- JEL: D - Microeconomics/D.D9 - Intertemporal Choice
Choice set
05 social sciences
General Social Sciences
General Decision Sciences
[SHS.ECO]Humanities and Social Sciences/Economics and Finance
Computer Science Applications
Test (assessment)
[SHS]Humanities and Social Sciences
Arts and Humanities (miscellaneous)
Salient
0502 economics and business
Developmental and Educational Psychology
050211 marketing
Set (psychology)
Psychology
General Economics, Econometrics and Finance
Size dependence
Applied Psychology
ComputingMilieux_MISCELLANEOUS
050205 econometrics
Cognitive psychology
Subjects
Details
- Language :
- English
- ISSN :
- 00405833 and 15737187
- Database :
- OpenAIRE
- Journal :
- Theory and Decision, Theory and Decision, Springer Verlag, In press, ⟨10.1007/s11238-021-09848-7⟩, Theory and Decision, 2021, 93, pp.331-358. ⟨10.1007/s11238-021-09848-7⟩
- Accession number :
- edsair.doi.dedup.....db69fd36026c7cf40a63ecd12102f3c7