perceived salience of their own payoffs and, if own-payoff salience is uninformative, on the perceived salience of their …

the IIA axiom, we argue that models of context-dependent behavior, such as salience theory, better explain newsvendor …-like behavior than loss aversion-based models. We conduct a novel experiment which allows us to clearly distinguish between the role … of loss aversion and salience, and find strong support for the latter. Thereby, we also add to the agenda of comparing …