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Comparison‐specific preferences : the attentional dilution effect for delay and risk
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Read, Daniel, McDonald, Rebecca and Cubitt, Robin (2023) Comparison‐specific preferences : the attentional dilution effect for delay and risk. Journal of Behavioral Decision Making, 36 (5). e2348. doi:10.1002/bdm.2348 ISSN 0894-3257.
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WRAP-comparison‐specific-preferences-attentional-dilution-effect-delay-risk-Read-2023.pdf - Published Version - Requires a PDF viewer. Available under License Creative Commons Attribution 4.0. Download (2429Kb) | Preview |
Official URL: http://dx.doi.org/10.1002/bdm.2348
Abstract
In cross-modal decisions, the options differ on many attributes, and in uni-modal decisions, they differ on few. We supply new theory and data to understand how discounting for both delay and risk differs between cross-modal and uni-modal decisions. We propose the attentional dilution effect in decision making in which (a) allocation of limited attention to an attribute determines that attribute's decision weight and (b) the attention an attribute receives is increasing in the difference between options on that attribute and decreasing in the number of other attributes that differ between options. We introduce the random order delayed compensation method and conduct two experiments focusing on delayed and risky receipt of consumer goods. Consistent with the attentional dilution effect, we find that in this domain, patience and risk tolerance are generally higher in cross-modal than uni-modal decisions. We suggest that, since many real-world choices are cross-modal, people may be more patient and risk-tolerant in their everyday life than is suggested by standard lab experiments.
Item Type: | Journal Article | |||||||||
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Subjects: | H Social Sciences > HB Economic Theory | |||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Consumption (Economics), Decision making -- Econometric models, Consumers' preferences -- Econometric models, Risk, Risk management | |||||||||
Journal or Publication Title: | Journal of Behavioral Decision Making | |||||||||
Publisher: | John Wiley & Sons Ltd. | |||||||||
ISSN: | 0894-3257 | |||||||||
Official Date: | December 2023 | |||||||||
Dates: |
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Volume: | 36 | |||||||||
Number: | 5 | |||||||||
Article Number: | e2348 | |||||||||
DOI: | 10.1002/bdm.2348 | |||||||||
Status: | Peer Reviewed | |||||||||
Publication Status: | Published | |||||||||
Access rights to Published version: | Open Access (Creative Commons) | |||||||||
Date of first compliant deposit: | 22 August 2023 | |||||||||
Date of first compliant Open Access: | 23 August 2023 | |||||||||
RIOXX Funder/Project Grant: |
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