Deviations of rational choice: an integrative explanation of the endowment and several context effects
| Autor: | Maarten Marsman, Joost Kruis, Han L. J. van der Maas, Maria Bolsinova, Gunter Maris |
|---|---|
| Přispěvatelé: | Psychologische Methodenleer (Psychologie, FMG), Psychology Other Research (FMG), Department of Methodology and Statistics |
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
RESPONSE-TIME
Computer science INHIBITION lcsh:Medicine ISING-MODEL ATTRACTION Rationality 050105 experimental psychology 03 medical and health sciences 0302 clinical medicine Loss aversion 0501 psychology and cognitive sciences DECISION FIELD-THEORY NETWORK Set (psychology) lcsh:Science Multidisciplinary Context effect 05 social sciences lcsh:R Probabilistic logic Rational choice theory Bounded rationality PROBABILITY SIMILARITY lcsh:Q JUDGMENT Mathematical economics ALTERNATIVES 030217 neurology & neurosurgery Endowment effect |
| Zdroj: | Scientific Reports, 10:16226. Nature Publishing Group Scientific Reports, Vol 10, Iss 1, Pp 1-16 (2020) Scientific Reports, 10(1):16226. Nature Publishing Group |
| ISSN: | 2045-2322 |
| Popis: | People’s choices are often found to be inconsistent with the assumptions of rational choice theory. Over time, several probabilistic models have been proposed that account for such deviations from rationality. However, these models have become increasingly complex and are often limited to particular choice phenomena. Here we introduce a network approach that explains a broad set of choice phenomena. We demonstrate that this approach can be used to compare different choice theories and integrates several choice mechanisms from established models. A basic setup implements bounded rationality, loss aversion, and inhibition in a natural fashion, which allows us to predict the occurrence of well-known choice phenomena, such as the endowment effect and the similarity, attraction, compromise, and phantom context effects. Our results show that this network approach provides a simple representation of complex choice behaviour, and can be used to gain a better understanding of how the many choice phenomena and key theoretical principles from different types of decision-making are connected. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|