What are the tests that have been done about the salience theory for consumer choice?
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Tests have been conducted to examine the salience theory for consumer choice. One study found that increasing the relative payoff contrast by one percent led to an increased odds ratio by about 0.4 percent, supporting the behavioral implications of salience theory . Another experiment tested the axioms of social welfare functions and found that three properties of standard social welfare functions were violated, indicating a framing effect and other deviations from traditional social choice models. This study also supported a salience-based social choice model that explained these anomalies . Additionally, a study investigated the influence of salience strategies on dietary choices and found that consumers were more likely to have unhealthy diets when food choices and conditions were saliently manipulated . Another econometric analysis examined the performance of salience theory and found that only a minority of people acted consistently with the theory when making lottery choices, raising questions about the assumptions of salience theory . Finally, a study demonstrated that a salience-based model of category-dependent preferences could explain choices over multidimensional outcomes and also explained anomalies in financial markets and insurance markets .
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Open access•Posted Content | The paper mentions that recent studies have tested whether people treat multidimensional risky choices in the same manner as unidimensional monetary lotteries. These studies found that choices over consumer goods are less risk-averse and more consistent with expected utility theory than choices over monetary lotteries. |
| The paper examines the performance of Salience Theory (ST) for explaining observed behavior outside of a fully defined state contingent setting. It compares the choice behavior explained by ST with Expected Utility and finds that ST explains choice behavior less consistently. | |
2 Citations | The paper mentions a quasi-experimental method combining salience measures with Bayesian analysis to test the hypothesis that consumers are more likely to have unhealthy diets when food choices and conditions are saliently manipulated. |
| The provided paper does not discuss tests of the salience theory for consumer choice. | |
5 Citations | The paper describes an experiment conducted to test the basic choice effect predicted by Salience Theory. The experiment involves varying an apparent payoff ratio to influence salience and the findings are consistent with the behavioral implications of Salience Theory. No other tests about the salience theory for consumer choice are mentioned in the paper. |
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