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Multi-attribute decision by sampling : an account of the attraction, compromise and similarity effects

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Ronayne, David and Brown, G. D. A. (Gordon D. A.) (2016) Multi-attribute decision by sampling : an account of the attraction, compromise and similarity effects. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS) (1124). (Unpublished)

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Abstract

Consumers’ choices are typically influenced by choice context in ways that standard models cannot explain. We provide a concise explanation of the attraction, compromise and similarity effects. Value is assumed to be determined by simple dominance relations between choice
options and sampled comparators, and selection of comparators is assumed to be systematically influenced by the choice options. In one experiment, participants viewed differing selections of market options prior to choice. The classic context effects appeared and disappeared as
predicted. In the second experiment, individuals’ sampling distributions of market options were influenced by the choice set as predicted by the model.

Item Type: Working or Discussion Paper (Working Paper)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Consumers' preferences, Decision making
Series Name: Warwick economics research papers series (WERPS)
Publisher: University of Warwick. Department of Economics
Place of Publication: Coventry
ISSN: 0083-7350
Official Date: June 2016
Dates:
DateEvent
June 2016UNSPECIFIED
Number: 1124
Number of Pages: 54
Institution: University of Warwick
Status: Not Peer Reviewed
Publication Status: Unpublished
Access rights to Published version: Open Access
Description:

JEL: C9, D03, D12

Funder: University of Warwick. Department of Economics. Warwick Policy Lab, Economic and Social Research Council (Great Britain) (ESRC), Leverhulme Trust (LT)
Grant number: ES/K002201/1 (ESRC), RP2012-V-022 (LT)

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