The attraction effect and its explanations

Geoffrey Castillo

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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.

Keywords: attraction effect; asymmetric dominance effect; decoy effect; range effect; risky choice (search for similar items in EconPapers)
Date: 2020-01
Note: View the original document on HAL open archive server: https://hal.science/hal-03900629
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Citations: View citations in EconPapers (5)

Published in Games and Economic Behavior, 2020, 119, pp.123-147. ⟨10.1016/j.geb.2019.10.012⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03900629

DOI: 10.1016/j.geb.2019.10.012

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