Comparison‐specific preferences
The attentional dilution effect for delay and risk
Bibliographic Data
| ID | 12166312 |
|---|---|
| Authors | Daniel Read (0000-0001-6672-9310, Warwick Business School Coventry UK, corresponding author), Rebecca Mcdonald (0000-0003-1593-7675, University of Birmingham Birmingham UK), Robin Cubitt (University of Nottingham Nottingham UK) |
| Year | 2023 |
| Volume | 36 |
| Issue | 5 |
| Publication date | 2023-08-17 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Behavioral Decision Making (JOURNAL) |
| Journal identifiers | ISSN: 0894-3257 • E-ISSN: 1099-0771 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/bdm.2348 |
| OpenAlex | W4386001161 |
| Language | EN |
| Citations received | 1 |
| References cited | 40 |
In cross‐modal decisions, the options differ on many attributes, and in uni‐modal decisions, they differ on few. We supply new theory and data to understand how discounting for both delay and risk differs between cross‐modal and uni‐modal decisions. We propose the attentional dilution effect in decision making in which (a) allocation of limited attention to an attribute determines that attribute's decision weight and (b) the attention an attribute receives is increasing in the difference between options on that attribute and decreasing in the number of other attributes that differ between options. We introduce the random order delayed compensation method and conduct two experiments focusing on delayed and risky receipt of consumer goods. Consistent with the attentional dilution effect, we find that in this domain, patience and risk tolerance are generally higher in cross‐modal than uni‐modal decisions. We suggest that, since many real‐world choices are cross‐modal, people may be more patient and risk‐tolerant in their everyday life than is suggested by standard lab experiments
Delay discounting · Discounting · Econometrics · Economics · Generality · Modal · Order (exchange · Patience · Receipt · Variance (accounting · Computer Science · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Health Systems, Economic Evaluations, Quality of Life · Psychology · Social Psychology
Mindful Judgment and Decision Making
Semiorders and a Theory of Utility Discrimination
Anomalies in Intertemporal Choice
Elimination by aspects
Preferences for sequences of outcomes.
Sex differences and statistical stereotyping in attitudes toward financial risk
Features of similarity.
Heroin addicts have higher discount rates for delayed rewards than non-drug-using controls.
Salience Theory of Choice Under Risk
Advances in prospect theory
Preference reversals between joint and separate evaluations of options
Good or Bad, We Want it Now
Determinants of willingness to pay in separate and joint evaluations of options
Intransitive indifference
Salience and Consumer Choice
Anticipation and the Valuation of Delayed Consumption
The Determinateness of the Utility Function
Regret Theory
Cancellation and Focus
Choice Based on Reasons
| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2026 - 2026 (1) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 1 |