Attentional shifts and preference reversals: An eye-tracking study
The classic preference reversal phenomenon, where monetary evaluations contradict risky choices, has been argued to arise due to a focus on outcomes during the evaluation of alternatives, leading to overpricing of long-shot options. Such an explanation makes the implicit assumption that attentional...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2021-01-01
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| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | http://journal.sjdm.org/20/201007a/jdm201007a.pdf |
| _version_ | 1797765805574717440 |
|---|---|
| author | Carlos Alós-Ferrer Alexander Jaudas Alexander Ritschel |
| author_facet | Carlos Alós-Ferrer Alexander Jaudas Alexander Ritschel |
| author_sort | Carlos Alós-Ferrer |
| collection | DOAJ |
| description | The classic
preference reversal phenomenon, where monetary evaluations contradict risky
choices, has been argued to arise due to a focus on outcomes during the
evaluation of alternatives, leading to overpricing of long-shot options. Such
an explanation makes the implicit assumption that attentional shifts drive the
phenomenon. We conducted an eye-tracking study to causally test this hypothesis
by comparing a treatment based on cardinal, monetary evaluations with a
different treatment avoiding a monetary frame. We find a significant treatment
effect in the form of a shift in attention toward outcomes (relative to
probabilities) when evaluations are monetary. Our evidence suggests that
attentional shifts resulting from the monetary frame of evaluations are a
driver of preference reversals. |
| first_indexed | 2024-03-12T20:15:25Z |
| format | Article |
| id | doaj.art-47c81f7490a64931b685f57160bf19cf |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T20:15:25Z |
| publishDate | 2021-01-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-47c81f7490a64931b685f57160bf19cf2023-08-02T01:21:25ZengCambridge University PressJudgment and Decision Making1930-29752021-01-011615793Attentional shifts and preference reversals: An eye-tracking studyCarlos Alós-FerrerAlexander JaudasAlexander RitschelThe classic preference reversal phenomenon, where monetary evaluations contradict risky choices, has been argued to arise due to a focus on outcomes during the evaluation of alternatives, leading to overpricing of long-shot options. Such an explanation makes the implicit assumption that attentional shifts drive the phenomenon. We conducted an eye-tracking study to causally test this hypothesis by comparing a treatment based on cardinal, monetary evaluations with a different treatment avoiding a monetary frame. We find a significant treatment effect in the form of a shift in attention toward outcomes (relative to probabilities) when evaluations are monetary. Our evidence suggests that attentional shifts resulting from the monetary frame of evaluations are a driver of preference reversals.http://journal.sjdm.org/20/201007a/jdm201007a.pdfpreference reversals ranking compatibility hypothesis eye-trackingnakeywords |
| spellingShingle | Carlos Alós-Ferrer Alexander Jaudas Alexander Ritschel Attentional shifts and preference reversals: An eye-tracking study Judgment and Decision Making preference reversals ranking compatibility hypothesis eye-trackingnakeywords |
| title | Attentional shifts
and preference reversals: An eye-tracking study |
| title_full | Attentional shifts
and preference reversals: An eye-tracking study |
| title_fullStr | Attentional shifts
and preference reversals: An eye-tracking study |
| title_full_unstemmed | Attentional shifts
and preference reversals: An eye-tracking study |
| title_short | Attentional shifts
and preference reversals: An eye-tracking study |
| title_sort | attentional shifts and preference reversals an eye tracking study |
| topic | preference reversals ranking compatibility hypothesis eye-trackingnakeywords |
| url | http://journal.sjdm.org/20/201007a/jdm201007a.pdf |
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