Bordalo, Pedro; Gennaioli, Nicola; Shleifer, Andrei - In: Journal of Political Economy 121 (2013) 5, pp. 803-803
We present a theory of context-dependent choice in which a consumer’s attention is drawn to salient attributes of goods, such as quality or price. An attribute is salient for a good when it stands out among the good’s attributes relative to that attribute’s average level in the choice set...