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24 juin 2021
- 2106.13350
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Economics - Theoretical EconomicsSujets proches
Concentration (Psychology)Citer ce document
Matthew Kovach et al., « Reference Dependence and Random Attention », arXiv - économie
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Résumé
We explore the ways that a reference point may direct attention. Utilizing a stochastic choice framework, we provide behavioral foundations for the Reference-Dependent Random Attention Model (RD-RAM). Our characterization result shows that preferences may be uniquely identified even when the attention process depends arbitrarily on both the menu and the reference point. The RD-RAM is able to capture rich behavioral patterns, including frequency reversals among non-status quo alternatives and choice overload. We also analyze specific attention processes, characterizing reference-dependent versions of several prominent models of stochastic consideration.