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On attitude towards choice - Some experimental evidence of choice aversion

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Author Info

  • Fabrice Le Lec

    (Catholic University of Lille and LEM, UMR CNRS 8179)

  • Benoît Tarroux

    (University of Rennes 1 - CREM, UMR CNRS 6211 - IDEP)

Abstract

This paper investigates how people value choice. The experiment consists of eliciting subjects' willingness to accept for various choice sets. This approach allows us to assess whether prior to making their decision, people appreciate a wider set of options or not. In contrast with the existing literature, our experimental protocol controsl for several parameters usually left aside and provides an environment where usual explanations are unlikely to hold, e.g., complexity of task. Our results suggest that on average individuals are choice averse: the value of a choice set is significantly and robustly lower than the one of its preferred element.

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Bibliographic Info

Paper provided by Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS in its series Economics Working Paper Archive (University of Rennes 1 & University of Caen) with number 201230.

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Date of creation: Aug 2012
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Handle: RePEc:tut:cremwp:201230

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Related research

Keywords: Choice Aversion; Choice Attitude; Hyperchoice; Freedom of Choice; Choice Overload;

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References

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  1. Steffen Andersen & Glenn Harrison & Morten Lau & E. Rutström, 2009. "Elicitation using multiple price list formats," Experimental Economics, Springer, vol. 12(3), pages 365-366, September.
  2. Steffen Anderson & Glenn Harrison & Morten Lau & Rutstrom Elisabet, 2007. "Valuation using multiple price list formats," Applied Economics, Taylor & Francis Journals, vol. 39(6), pages 675-682.
  3. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
  4. Gravel, Nicolas, 1994. "Can a Ranking of Opportunity Sets Attach an Intrinsic Importance to Freedom of Choice?," American Economic Review, American Economic Association, vol. 84(2), pages 454-58, May.
  5. Michal Krawczyk & Fabrice Le Lec, 2010. "‘Give me a chance!’ An experiment in social decision under risk," Experimental Economics, Springer, vol. 13(4), pages 500-511, December.
  6. Todd Sarver, 2008. "Anticipating Regret: Why Fewer Options May Be Better," Econometrica, Econometric Society, vol. 76(2), pages 263-305, 03.
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  1. Weekly Roundup 186: A Curated Linkfest For The Smartest People On The Web!
    by Miguel in Simoleon Sense on 2012-09-16 04:29:18

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  1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Thermoeconomics > Bifurcations of the entropy law

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