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A Note on Salience of Own Preferences and the Consensus Effect

Author

Listed:
  • Thomas Dohmen

    (University of Bonn, IZA Institute of Labor Economics, Maastricht University)

  • Simone Quercia

    (University of Verona)

  • Jana Willrodt

    (Düsseldorf Institute for Competition Economics (DICE))

Abstract

In this paper, we hypothesize that the strength of the consensus effect, i.e., the tendency for people to overweight the prevalence of their own values and preferences when forming beliefs about others’ values and preferences, depends on the salience of own preferences. We manipulate salience by varying the order of elicitation of preferences and beliefs. Although our results confirmthe existence of the consensus effect, we find no evidence of a difference between the two orders of elicitation. While our results highlight the robustness of the consensus effect, they also indicate that salience does not mediate the strength of this phenomenon.

Suggested Citation

  • Thomas Dohmen & Simone Quercia & Jana Willrodt, 2023. "A Note on Salience of Own Preferences and the Consensus Effect," ECONtribute Discussion Papers Series 219, University of Bonn and University of Cologne, Germany.
    • Handle: RePEc:ajk:ajkdps:219
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    References listed on IDEAS

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    Cited by:

    1. Thomas Dohmen & Simone Quercia & Jana Willrodt, 2023. "On the psychology of the relation between optimism and risk taking," Journal of Risk and Uncertainty, Springer, vol. 67(2), pages 193-214, October.

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    More about this item

    Keywords

    Consensus effect; social preferences; trust game; beliefs;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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