The role of attribution of causality in economic decision making
AbstractResearch has established that economic decisions often deviate from game theoretic predictions. We explore the process of causal thinking as a possible explanation for such deviations. Specifically, we suggest that causal information affects economic decisions based on the principles advocated by Weiner's (1985, 1986) attribution theory (AT) of motivation and emotion. Prior research in this area considered only subsets of the dimensions employed by the theory. We test the predictions stemming from AT in contexts where economic decisions involve sharing gains between party members (e.g., splitting profits) and assess how such decisions are affected by the reasons attributed for obtaining the gains. Results indicate a significant link between causal attribution and economic decisions and shed light on the rules and the rationale that guide this link. We conclude that research into economic decision making should pay a greater attention to the explanatory value of AT.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).
Volume (Year): 41 (2012)
Issue (Month): 4 ()
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Web page: http://www.elsevier.com/locate/inca/620175
Attribution theory; Decision making; Emotions; Judgment;
Find related papers by JEL classification:
- A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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