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A first test of focusing theory

Markus Dertwinkel-Kalt () and Gerhard Riener

No 214, DICE Discussion Papers from University of Düsseldorf, Düsseldorf Institute for Competition Economics (DICE)

Abstract: 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)
Date: 2016
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