The attraction effect and its explanations

Castillo, G ORCID: https://orcid.org/0000-0002-1144-1704, 2020. The attraction effect and its explanations. Games and Economic Behavior, 119, pp. 123-147. ISSN 0899-8256

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Abstract

The attraction effect violates choice consistency, one of the central assumptions of economics. I present a risky choice experiment to test it and disentangle some of its explanations. I find the attraction effect, but in a smaller magnitude than previously thought. I uncover a ‘range effect’ that shows that people weight more attributes whose range increases. I also show that the aggregate results hide considerable heterogeneity between subjects.

Item Type:	Journal article
Publication Title:	Games and Economic Behavior
Creators:	Castillo, G.
Publisher:	Elsevier
Date:	January 2020
Volume:	119
ISSN:	0899-8256
Identifiers:	Number Type 10.1016/j.geb.2019.10.012 DOI S0899825619301654 Publisher Item Identifier 2432739 Other
Divisions:	Schools > Nottingham Business School
Record created by:	Jonathan Gallacher
Date Added:	29 Apr 2025 11:41
Last Modified:	29 Apr 2025 11:41
URI:	https://irep.ntu.ac.uk/id/eprint/53491

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