A first test of focusing theory
Markus Dertwinkel-Kalt () and
No 214, DICE Discussion Papers from University of Düsseldorf, Düsseldorf Institute for Competition Economics (DICE)
Focusing theory hypothesizes a bias toward concentration according to which consumers prefer goods with one outstanding feature over those with several smaller sized upsides. In contrast to models of present-biased behavior, focusing theory prescribes also future-biased behavior if an option's future reward is particularly outstanding. Our laboratory experiment yields substantial support for the bias toward concentration and finds both present-biased and future-biased choices as predicted by focusing theory.
Keywords: Attention; Focusing; Rational choice (search for similar items in EconPapers)
JEL-codes: D03 D11 D90 (search for similar items in EconPapers)
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Working Paper: A first test of focusing theory (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:dicedp:214
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