The Importance of Price Beliefs in Consumer Search

Jindal, Pranav; Aribarg, Anocha

doi:10.2139/ssrn.3225263

Cited by 4 publications

(2 citation statements)

References 53 publications

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“…There is abundant evidence that people's attention span is limited (Caplin & Dean, 2015). People often do not pay attention in natural environments (Jindal & Aribarg, 2021), so why should lab experiments be restricted solely to those who do? It has been argued that inattentive participants should be excluded because they often behave randomly, which adds noise to the data and ultimately reduces the data quality (Berinsky, Margolis, & Sances, 2014;Berinsky, Margolis, Sances, & Warshaw, 2021;Goodman, Cryder, & Cheema, 2013).…”

Section: Introductionmentioning

confidence: 99%

Attention Checks in Decisions From Experience: The Case of Checking Experiments

Roth¹,

Yakobi²

2022

Preprint

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Can online participants be compared to laboratory subjects. In the five studies (Ntotal = 1519) reported in this article, we comprehensively compared the behavior of online attentive and inattentive participants; i.e., those who passed or failed a simple attention check. The findings show that in a decisions from experience paradigm (i.e., a multi-trial repeated choice task), even one simple attention check is sufficient to differentiate between attentive and inattentive participants. The validity of this separation is further evidenced in the significant difference in the reported conscientiousness measure.The results fully replicated three previously run lab studies for the attentive participants, but not for the inattentive participants. This highlights the importance of using attention checks to avoid spurious conclusions. There are three explanations for the behavioral differences between the attentive and inattentive participants. Attentive participants exhibited a pre-disposition towards checking. They also had a greater likelihood of noticing distinct outcomes. Finally, the inattentive participants tended to behave more randomly. When checking was beneficial, these three effects pointed in the same direction, leading to a major difference between participants. When checking was detrimental, these effects cancelled each other out, resulting in similar checking rates and indistinguishable behavior.

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Section: Introductionmentioning

confidence: 99%

Attention Checks in Decisions From Experience: The Case of Checking Experiments

Roth¹,

Yakobi²

2022

Preprint

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“…Ursu (2018)) require assumptions regarding whether consumers take into account option value, whether they solve an optimal stopping problem or "satisfice", distributional assumptions about prior beliefs and search costs, and whether choices are simultaneous or sequential, among others. The empirical literature suggests that canonical assumptions in all of these cases are often rejected by the data (respectively, Gabaix et al (2006), Schwartz et al (2002), Jindal and Aribarg (2018), Honka and Chintagunta (2016)).…”

Section: Introductionmentioning

confidence: 99%

A Method to Estimate Discrete Choice Models that is Robust to Consumer Search

Abaluck¹,

Compiani²

2020

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and UT Austin for helpful comments and suggestions. Tianyu Han and Jaewon Lee provided excellent research assistance. Jason blames any remaining errors on the widening partisan divide in this country (the US) and the lackluster proofreading efforts of the economics Twitter community. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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An Economic Model Explaining Reference Price Effects

Kim

Joo

2017

SSRN Journal

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The Importance of Price Beliefs in Consumer Search

Cited by 4 publications

References 53 publications

Attention Checks in Decisions From Experience: The Case of Checking Experiments

Attention Checks in Decisions From Experience: The Case of Checking Experiments

A Method to Estimate Discrete Choice Models that is Robust to Consumer Search

An Economic Model Explaining Reference Price Effects

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