A first test of focusing theory


Dertwinkel-Kalt, Markus ; Riener, Gerhard


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URL: https://ub-madoc.bib.uni-mannheim.de/40840
URN: urn:nbn:de:bsz:180-madoc-408401
Document Type: Working paper
Year of publication: 2016
The title of a journal, publication series: Working Paper Series
Volume: 16-08
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > VWL, Experimentelle Wirtschaftsforschung (Orzen 2009-)
MADOC publication series: Department of Economics > Working Paper Series
Subject: 330 Economics
Classification: JEL: D03 , D11 , D90,
Keywords (English): Attention , Focusing , Rational choice
Abstract: Focusing theory hypothesizes a bias toward concentration according to which consumers prefer goods with one outstanding feature over those with several smaller sized upsides. In contrast to models of present-biased behavior, focusing theory prescribes also future-biased behavior if an option’s future reward is particularly outstanding. Our laboratory experiment yields substantial support for the bias toward concentration and finds both present-biased and future-biased choices as predicted by focusing theory.

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Dertwinkel-Kalt, Markus ; Riener, Gerhard (2016) A first test of focusing theory. Open Access Working Paper Series Mannheim 16-08 [Working paper]
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