REASON-BASED CHOICE AND CONTEXT-DEPENDENCE: AN EXPLANATORY FRAMEWORK

Franz K. Dietrich · Christian List

75 citations0/0 files storedEconomics and Philosophy

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Decision-Making and Behavioral Economics Economic Theory and Institutions Experimental Behavioral Economics Studies

Abstract

Abstract: We introduce a ‘reason-based’ framework for explaining and predicting individual choices. The key idea is that a decision-maker focuses on some but not all properties of the options and chooses an option whose ‘motivationally salient’ properties he/she most prefers. Reason-based explanations can capture two kinds of context-dependent choice: (i) the motivationally salient properties may vary across choice contexts, and (ii) they may include ‘context-related’ properties, not just ‘intrinsic’ properties of the options. Our framework allows us to explain boundedly rational and sophisticated choice behaviour. Since properties can be recombined in new ways, it also offers resources for predicting choices in unobserved contexts.

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References

1981The Framing of Decisions and the Psychology of Choice 2008Nudge: improving decisions about health, wealth, and happiness 1966A New Approach to Consumer Theory 1976A New Approach to Consumer Theory 1991Loss Aversion in Riskless Choice: A Reference-Dependent Model 2008Nudge: Improving Decisions About Health, Wealth and Happiness 2006A Model of Reference-Dependent Preferences 2002Stanford encyclopedia of philosophy

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