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Search Dynamics in Consumer Choice under Time Pressure: An Eye-Tracking Study

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  • Elena Reutskaja
  • Rosemarie Nagel
  • Colin F. Camerer
  • Antonio Rangel

Abstract

We study decisions that involve choosing between different numbers of options under time pressure using eye-tracking to monitor the search process of the subjects. We find that subjects are quite adept at optimizing within the set of items that they see, that the initial search process is random in value, that subjects use a stopping rule to terminate the search process that combines features of optimal search and satisficing, and that subjects search more often in certain focal regions of the display, which leads to choice biases. (JEL C91, D12, M31)

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 101 (2011)
Issue (Month): 2 (April)
Pages: 900-926

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Handle: RePEc:aea:aecrev:v:101:y:2011:i:2:p:900-926

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Citations

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Cited by:
  1. Edward J. Webb, 2014. "Perception and quality choice in vertically differentiated markets," Discussion Papers 14-07, University of Copenhagen. Department of Economics.
  2. Papi, Mauro, 2013. "Satisficing and maximizing consumers in a monopolistic screening model," Mathematical Social Sciences, Elsevier, vol. 66(3), pages 385-389.
  3. Amos Arieli & Yaniv Ben-Ami & Ariel Rubinstein, 2011. "Tracking Decision Makers under Uncertainty," American Economic Journal: Microeconomics, American Economic Association, vol. 3(4), pages 68-76, November.
  4. Kocher, Martin G. & Pahlke, Julius & Trautmann, Stefan T., 2013. "Tempus Fugit: Time pressure in risky decisions," Munich Reprints in Economics 18174, University of Munich, Department of Economics.
  5. Papi, Mauro, 2012. "Satisficing choice procedures," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 451-462.
  6. Yingyao Hu & Yutaka Kayaba & Matt Shum, 2010. "Nonparametric learning rules from bandit experiments: the eyes have it!," CeMMAP working papers CWP15/10, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
  7. Andrew Caplin & Daniel Martin, 2011. "A Testable Theory of Imperfect Perception," NBER Working Papers 17163, National Bureau of Economic Research, Inc.
  8. Buckert, Magdalena & Oechssler, Jörg & Schwieren, Christiane, 2014. "Imitation under stress," Working Papers 0556, University of Heidelberg, Department of Economics.
  9. Paola Manzini & Marco Mariotti, 2014. "Competing for Attention: Is the Showiest also the Best?," Discussion Paper Series, Department of Economics 201403, Department of Economics, University of St. Andrews.
  10. Andrew Caplin & Mark Dean & Daniel Martin, 2011. "Search and Satisficing," American Economic Review, American Economic Association, vol. 101(7), pages 2899-2922, December.
  11. Novarese, Marco & Wilson, Chris M., 2013. "Being in the Right Place: A Natural Field Experiment on List Position and Consumer Choice," MPRA Paper 48074, University Library of Munich, Germany.
  12. Paola Manzini & Marco Mariotti, 2013. "Imperfect Attention and Menu Evaluation," Discussion Paper Series, Department of Economics 201319, Department of Economics, University of St. Andrews, revised 25 Mar 2014.

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