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In this paper we provide choice-process experimental evidence that the attraction effect is a short-term phenomenon, that disappears when individuals are given time and incentives to revise their choices. The attraction (or decoy) effect is the most prominent example of context effects, and it...
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procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item … decision maker picks the default option. We provide the necessary and sufficient conditions that characterize this model in a …
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An agent wants to derive her belief over outcomes based on past observations collected in her database (memory). There is well establish evidence in the psychology and marketing literature that agents consistently fail (or choose not) to process all available information. An agent might be...
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