Dynamic choice under familiarity-based attention
Guy Barokas ()
Additional contact information
Guy Barokas: Ruppin Academic Center
Social Choice and Welfare, 2021, vol. 57, issue 4, No 1, 703-720
Abstract Evidence from consumer research indicates that people tend to focus their attention on options with which they are familiar; for this reason, they are also more likely to choose them. To study this phenomenon axiomatically, we extend the standard choice data to specify the timing of choices. This allows us to consider several (nested) time-evolving, experience-based choice models. Specifically, the agent in our theory first considers only the subset of available options with which he is familiar, and only if none of the options in this subset is satisfying (according to a fixed threshold) does he consider the entire possibility set. Importantly, we allow the set of familiar options to expand as the agent acquires experience. We provide choice-theoretic foundations for maximizing a single preference relation under this dynamic, familiarity-based attention, and show how one can reveal from the observed behavior an agent’s preferences and his threshold level. We also provide a comparative measure of preference for familiar options that is observable from choice and relate it to our main representation.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s00355-021-01335-w Abstract (text/html)
Access to the full text of the articles in this series is restricted.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spr:sochwe:v:57:y:2021:i:4:d:10.1007_s00355-021-01335-w
Ordering information: This journal article can be ordered from
http://www.springer. ... c+theory/journal/355
Access Statistics for this article
Social Choice and Welfare is currently edited by Bhaskar Dutta, Marc Fleurbaey, Elizabeth Maggie Penn and Clemens Puppe
More articles in Social Choice and Welfare from Springer, The Society for Social Choice and Welfare Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().