Journal ArticleDOI
The robustness of the asymmetrically dominated effect: Buying frames, phantom alternatives, and in‐store purchases
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In this article, the asymmetrically dominated effect is demonstrated for real, in-store purchases and the authors conclude that the effect is robust, has a wide scope, is quite sizeable, and is of practical significance.Abstract:
Given a choice set of two alternatives, the addition of a third alternative that is clearly inferior to one of the existing alternatives (but not the other), can result in a shift of preference to the alternative that dominates the new alternative. The basic asymmetrically dominated effect, as it is called, is first demonstrated under two different buying frames of mind (“What would you buy?” and “What would most people buy?”). It is then shown that the third alternative may be recognized as an unavailable option, yet still cause a preference shift. Finally, the asymmetrically dominated effect is demonstrated for real, in-store purchases. It is concluded that the effect is robust, has a wide scope, is quite sizeable, and is of practical significance. © 1999 John Wiley & Sons, Inc.read more
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What's Advertising Content Worth? Evidence from a Consumer Credit Marketing Field Experiment
TL;DR: This article analyzed a consumer credit marketing field experiment in South Africa, where the bank offered loans with repayment periods ranging from 4 to 18 months, and deadlines for response were randomly allocated from 2 weeks to 6 weeks.
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Cooperation, psychological game theory, and limitations of rationality in social interaction
TL;DR: Psychological game theory, based on nonstandard assumptions, is required to solve the problems of Orthodox conceptions of rationality, which are evidently internally deficient and inadequate for explaining human interaction.
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Context-dependent violations of rational choice in honeybees (Apis mellifera) and gray jays (Perisoreus canadensis)
TL;DR: It is shown that honeybees and gray jays are also influenced by the addition of an option to a choice set (i.e., by a change in local context), contradict the view that nonhuman animals should be immune to such psychological effects and that they should conform with normative accounts.
Journal ArticleDOI
Contextual Inference in Markets: On the Informational Content of Product Lines
TL;DR: The authors identify informational asymmetries under which apparently anomalous behaviors, such as the compromise effect and choice overload, arise as market equilibria, and identify the reasons why consumers violate naive formulations of standard choice theoretic principles.
Journal ArticleDOI
Comparative evaluation and its implications for mate choice.
Melissa Bateson,Susan D. Healy +1 more
TL;DR: It is argued that, because there is also selective pressure for animals to make mating decisions quickly, and because potential mates also differ in multiple attributes, similar decision heuristics might have evolved for mate choice.
References
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Journal ArticleDOI
Choice Based on Reasons: The Case of Attraction and Compromise Effects
TL;DR: In this paper, the authors proposed that consumers select the alternative supported by the best reasons and provided an explanation for the so-called attraction effect and led to the prediction of a compromise effect.
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Adding asymmetrically dominated alternatives: Violations of regularity and the similarity hypothesis.
TL;DR: This paper showed that adding an asymmetrically dominated alternative to a choice set can increase the probability of choosing the item that dominates it, which points to the inadequacy of many current choice models and suggests product line strategies that might not otherwise be intuitively plausible.
Journal ArticleDOI
Choice in Context: Tradeoff Contrast and Extremeness Aversion:
Itamar Simonson,Amos Tversky +1 more
TL;DR: In this paper, two hypotheses about the effect of context on choice are proposed, one hypothesis is that consumer choice is often influenced by the context, defined by the set of alternatives under consideration.
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Context-dependent preferences
Amos Tversky,Itamar Simonson +1 more
TL;DR: The authors present a context-dependent model that expresses the value of each option as an additive combination of two components: a contingent weighting process that captures the effect of the background context, and a binary comparison process that describes the local context.