Reference dependence and random attention

B-Tier
Journal: Journal of Economic Behavior and Organization
Year: 2023
Volume: 215
Issue: C
Pages: 421-441

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

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

Abstract

We explore the ways that a reference point may direct attention. Utilizing a stochastic choice framework, we provide behavioral foundations for the Reference-Dependent Random Attention Model (RD-RAM). Our characterization result shows that preferences may be uniquely identified even when the attention process depends arbitrarily on both the menu and the reference point. We then analyze specific attention processes, characterizing reference-dependent versions of several prominent models of stochastic consideration. Our analysis illustrates which attention processes can accommodate behavioral patterns commonly observed in studies, such as frequency reversals among non-status quo alternatives and choice overload.

Technical Details

RePEc Handle
repec:eee:jeborg:v:215:y:2023:i:c:p:421-441
Journal Field
Theory
Author Count
2
Added to Database
2026-01-25