Investigating the empirical validity of salience theory: The role of display format effects

IF 2.3 2区 经济学 Q2 ECONOMICS
Christoph Ostermair
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引用次数: 0

Abstract

The salience theory of choice under risk predicts that the correlation between lotteries will affect subjects’ preferences. We conduct two online experiments to challenge this perception. In our first experiment, we show that recent prominent experimental findings in support of salience-predicted correlation effects were driven by changes in the display format rather than the salience of payoffs: (i) salience effects vanish when controlling for simultaneous changes in the display format when varying the correlation structure; (ii) choice patterns previously attributed to the salience mechanism can be induced by keeping the correlation structure constant and simply varying the display format. In our second experiment, we find that, in a contest between display format and salience effects, the former are quantitatively more important than the latter. In a setup allowing the investigation of correlation effects in the absence of confounding changes in the display format, we are unable to detect significant salience-predicted correlation effects.
探究显著性理论的实证有效性:显示格式效应的作用
风险下选择的显著性理论预测,彩票之间的相关性将影响受试者的偏好。我们进行了两个在线实验来挑战这种看法。在我们的第一个实验中,我们发现最近支持显著性预测相关效应的重要实验结果是由显示格式的变化而不是回报的显著性驱动的:(i)当改变相关结构时,控制显示格式的同时变化时,显著性效应消失;(ii)通过保持关联结构不变和简单改变显示格式,可以诱导先前归因于显著性机制的选择模式。在我们的第二个实验中,我们发现,在显示格式和显著性效果之间的竞争中,前者在数量上比后者更重要。在允许在没有显示格式混淆变化的情况下调查相关效应的设置中,我们无法检测到显著性预测的相关效应。
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来源期刊
CiteScore
5.20
自引率
31.40%
发文量
69
审稿时长
63 days
期刊介绍: The Journal aims to present research that will improve understanding of behavioral, in particular psychological, aspects of economic phenomena and processes. The Journal seeks to be a channel for the increased interest in using behavioral science methods for the study of economic behavior, and so to contribute to better solutions of societal problems, by stimulating new approaches and new theorizing about economic affairs. Economic psychology as a discipline studies the psychological mechanisms that underlie economic behavior. It deals with preferences, judgments, choices, economic interaction, and factors influencing these, as well as the consequences of judgements and decisions for economic processes and phenomena. This includes the impact of economic institutions upon human behavior and well-being. Studies in economic psychology may relate to different levels of aggregation, from the household and the individual consumer to the macro level of whole nations. Economic behavior in connection with inflation, unemployment, taxation, economic development, as well as consumer information and economic behavior in the market place are thus among the fields of interest. The journal also encourages submissions dealing with social interaction in economic contexts, like bargaining, negotiation, or group decision-making. The Journal of Economic Psychology contains: (a) novel reports of empirical (including: experimental) research on economic behavior; (b) replications studies; (c) assessments of the state of the art in economic psychology; (d) articles providing a theoretical perspective or a frame of reference for the study of economic behavior; (e) articles explaining the implications of theoretical developments for practical applications; (f) book reviews; (g) announcements of meetings, conferences and seminars.
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