Status quo bias with choice overload

IF 1 3区 经济学 Q3 ECONOMICS
Jiaqi Yang
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引用次数: 0

Abstract

This paper proposes a model that parsimoniously captures evidence on status quo bias, the reference effect and choice overload. Choice overload is behaviorally defined as an increase in intensity of status quo bias when the menu enlarges. Our decision maker follows a two-step procedure by first limiting consideration to the alternatives that weakly dominate the status quo according to a menu-dependent list of attributes, and then maximizing preference over this subset with tie breaking in favor of the status quo. Choice overload is generated by the key feature that the list of attributes is increasing in menu size. An axiomatic characterization and three applications are provided. In particular, a policy maker has to nudge the agent through a series of small changes in her choice problems. An incumbent firm can deter entry by exploiting choice overload, while an entrant firm can introduce new product more efficiently using information on attention.
选择过多的现状偏见
本文提出了一个模型,该模型可以简洁地捕获关于现状偏差、参考效应和选择过载的证据。选择过载在行为上被定义为当菜单扩大时,对现状的偏见强度增加。我们的决策者遵循两步程序,首先根据菜单依赖的属性列表限制对弱支配现状的替代方案的考虑,然后在这个子集上最大化偏好,并打破对现状的支持。选择过载是由属性列表在菜单大小中增加这一关键特性产生的。给出了一种公理化性质和三种应用。特别是,政策制定者必须推动代理人通过她的选择问题中的一系列小变化。现有企业可以利用选择过载来阻止进入,而进入企业可以利用注意力信息更有效地推出新产品。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.90
自引率
9.10%
发文量
148
期刊介绍: Games and Economic Behavior facilitates cross-fertilization between theories and applications of game theoretic reasoning. It consistently attracts the best quality and most creative papers in interdisciplinary studies within the social, biological, and mathematical sciences. Most readers recognize it as the leading journal in game theory. Research Areas Include: • Game theory • Economics • Political science • Biology • Computer science • Mathematics • Psychology
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