A taxonomy of rationalization by incomplete preferences

Barokas, Guy

doi:10.1016/j.econlet.2017.07.031

Cited by 4 publications

(2 citation statements)

References 8 publications

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“…Extensive work has studied the factors influencing the decoy effect, such as the role of gender differences [ 19 ] and the role of decisiveness [ 20 ]. Recent studies provide models of rationalization with incomplete preferences that can provide further explanations for the decoy effect [ 21 , 22 ]. Other authors also aimed at understanding the biological underpinnings of the decoy effect by examining genetic risk factors [ 23 ] and neural biomarkers [ 24 ], with the overall goal of understanding how this cognitive bias influences decision-making mechanisms.…”

Section: Introductionmentioning

confidence: 99%

“…They found that, while a greater set size of options decreases decision confidence, the addition of a decoy option compensates for this negative effect and helps boost confidence [ 35 ]. A recent study also showed that individuals’ decisiveness can have a moderating role in the decoy effect [ 21 ]. Another study has shown that the presence of a decoy increases the willingness to pay for consumer goods compared to the no-decoy condition [ 8 ].…”

Section: Introductionmentioning

confidence: 99%

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Changing Decisions: The Interaction between Framing and Decoy Effects

Di Crosta,

Marin,

Palumbo

et al. 2023

Behavioral Sciences

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Background: Cognitive biases are popular topics in psychology and marketing, as they refer to systematic cognitive tendencies in human thinking that deviate from logical and rational reasoning. The framing effect (FE) and the decoy effect (DE) are examples of cognitive biases that can influence decision making and consumer preferences. The FE involves how options are presented, while the DE involves the addition of a third option that influences the choice between the other two options. Methods: We investigated the interaction between the FE and the DE in the case of both incongruent (ID) and congruent (CD) decoys in a sample of undergraduates (n = 471). The study had a two (positive vs. negative valence) × three (original, congruent decoy, incongruent decoy) within-subject design. Results: The ID option reduces the FE in both positive- and negative-framed conditions compared to the controls, while adding the CD option increases the FE only in the positive-framed condition. Additionally, the inclusion of the CD option enhances the level of decision confidence, whereas no significant differences were found in the ID condition. Conclusions: Our findings gave new insights into the interplay between two of the most frequent cognitive biases.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Changing Decisions: The Interaction between Framing and Decoy Effects

Di Crosta,

Marin,

Palumbo

et al. 2023

Behavioral Sciences

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A model of menu-dependent evaluations and comparison-aversion

Maltz

Rachmilevitch

2021

Journal of Behavioral and Experimental Economics

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The Moderating Role of Decisiveness in the Attraction Effect

Barokas,

Gamliel

2023

The B.E. Journal of Economic Analysis &Amp; Policy

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This study examines decisiveness as a potential moderator of the attraction effect. In an online experiment, we find that even though decisiveness moderates the attraction effect, it also moderates the preference reversal in the absence of a decoy. This suggests that the moderating role of decisiveness in the attraction effect lies, at least partially, in moderating choice reversals unrelated to the decoy. In addition, our findings show that about one-third of the most decisive participants exhibit an attraction effect. These findings are inconsistent with a conceptualization of a moderate attraction effect, arguing that only indecisive agents exhibit the effect. We discuss the theoretical and practical implications of our findings.

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A taxonomy of rationalization by incomplete preferences

Cited by 4 publications

References 8 publications

Changing Decisions: The Interaction between Framing and Decoy Effects

Changing Decisions: The Interaction between Framing and Decoy Effects

A model of menu-dependent evaluations and comparison-aversion

The Moderating Role of Decisiveness in the Attraction Effect

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