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A first test of focusing theory

Listed author(s):
  • Dertwinkel-Kalt, Markus
  • Riener, Gerhard

Focusing theory hypothesizes a bias toward concentration according to which consumers prefer goods with one outstanding feature over those with several smaller sized upsides. In contrast to models of present-biased behavior, focusing theory prescribes also future-biased behavior if an option's future reward is particularly outstanding. Our laboratory experiment yields substantial support for the bias toward concentration and finds both present-biased and future-biased choices as predicted by focusing theory.

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File URL: https://www.econstor.eu/bitstream/10419/128593/1/848532554.pdf
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Paper provided by Düsseldorf Institute for Competition Economics (DICE), University of Düsseldorf in its series DICE Discussion Papers with number 214.

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Date of creation: 2016
Handle: RePEc:zbw:dicedp:214
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  1. Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2008. "Cognitive Abilities and Behavioral Biases," Papers 08-05, Sonderforschungsbreich 504.
  2. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  3. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer;Economic Science Association, vol. 10(2), pages 171-178, June.
  4. James Andreoni & Charles Sprenger, 2010. "Estimating Time Preferences from Convex Budgets," Levine's Working Paper Archive 814577000000000457, David K. Levine.
  5. Adam Szeidl & Botond Koszegi, 2011. "A Model of Focusing in Economic Choice," 2011 Meeting Papers 1441, Society for Economic Dynamics.
  6. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
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