The Achilles’ heel of Salience theory and a way to fix it

C-Tier
Journal: Economics Letters
Year: 2020
Volume: 193
Issue: C

Score contribution per author:

0.503 = (α=2.01 / 2 authors) × 0.5x C-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Salience theory has been successfully used to explain a wide range of empirical and experimental phenomena such as the Allais paradox, framing effect, the preference reversal phenomenon or the decoy and compromise effects. In this paper we show that salience theory carries a notable flaw and under certain circumstances it suggests that a salient thinker may prefer a dominated option even when a strictly dominant alternative is available to her. To solve this problem we propose a possible alteration of the theory and show how it accounts for the same phenomena as the salience theory.

Technical Details

RePEc Handle
repec:eee:ecolet:v:193:y:2020:i:c:s0165176520301804
Journal Field
General
Author Count
2
Added to Database
2026-01-24