On attitude towards choice - Some experimental evidence of choice aversion
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.
|Date of creation:||Aug 2012|
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- Todd Sarver, 2008. "Anticipating Regret: Why Fewer Options May Be Better," Econometrica, Econometric Society, vol. 76(2), pages 263-305, 03.
- 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.
- Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
- Steffen Andersen & Glenn Harrison & Morten Lau & E. Rutström, 2009.
"Elicitation using multiple price list formats,"
Springer, vol. 12(3), pages 365-366, September.
- 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.
- 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.
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