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, such as quality or price. An attribute is salient for a good when it stands out among the good's characteristics, in the … are characterized by only one quality attribute and price, salience tilts choices toward goods with higher ratios of … quality to price. We use the model to account for a variety of disparate bits of evidence, including decoy effects in consumer …
Persistent link: https://www.econbiz.de/10012460712
We present a theory in which the choice set cues a consumer to recall a norm, and surprise relative to the norm shapes his attention and choice. We model memory based on Kahana (2012), where past experiences that are more recent or more similar to the cue are recalled and crowd out others. We...
Persistent link: https://www.econbiz.de/10012455425