Cognitive Dissonance and Choice

Larry Epstein () and Igor Kopylov

No 525, RCER Working Papers from University of Rochester - Center for Economic Research (RCER)

Abstract: People like to feel good about past decisions. This paper models self- justification of past decisions. The model is axiomatic: axioms are defined on preference over ex ante actions (modeled formally by menus) The representation of preference admits the interpretation that the agent adjusts beliefs after taking an action so as to be more optimistic about its possible consequences. In particular, the ex post choice of beliefs is part of the representation of preference and not a primitive assumption. Behavioral characterizations are given to the comparisons "1 exhibits more dissonance than 2" and "1 is more self-justifying than 2."

Keywords: cognitive dissonance; optimism; temptation; self-control; self-justification; choice-theoretic; choosing beliefs (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-hpe and nep-upt
Date: 2006-03
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