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Dual Decision Processes: Retrieving Preferences When Some Choices Are Automatic

Francesco Cerigioni ()

Journal of Political Economy, 2021, vol. 129, issue 6, 1667 - 1704

Abstract: Evidence from the cognitive sciences suggests that some choices are conscious and reflect individual volition, while others tend to be automatic. Under these circumstances, standard economic modeling might not always be applicable because not all choices are the result of individual tastes. We propose a behavioral model that can be used in standard economic analysis that formalizes the way in which conscious and automatic choices arise. We then present a novel method capable of identifying a set of conscious choices from observed behavior and discuss its usefulness as a framework for studying asymmetric pricing and empirical puzzles in different settings.

Date: 2021
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Working Paper: Dual decision processes: retrieving preferences when some choices are automatic (2019) Downloads
Working Paper: Dual Decision Processes: Retrieving Preferences when some Choices are Automatic (2016) Downloads
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