In two-stage choices, decision makers often compare a new (isolated) option with the winner from the first stage. Previous research has identified a choice advantage for an isolated option, ostensibly due to loss aversion. We propose an alternative mechanism suggesting that instability of the criteria used in each choice stage is the main driver of the isolated option effect. Results from a series of experiments support the criteria instability account and not loss aversion as the explanation for the isolated option effect. (c) 2008 Elsevier Inc. All rights reserved.
机构:
Global Univ Islamic Finance, INCEIF, Lorong Univ A, Kuala Lumpur 59100, MalaysiaGlobal Univ Islamic Finance, INCEIF, Lorong Univ A, Kuala Lumpur 59100, Malaysia
Baaquie, Belal E.
Yu, Miao
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Natl Univ Singapore, Dept Phys, 2 Sci Dr 3, Singapore 117542, SingaporeGlobal Univ Islamic Finance, INCEIF, Lorong Univ A, Kuala Lumpur 59100, Malaysia
机构:
Zhejiang Normal Univ, Inst Phys Chem, Jinhua 321004, Zhejiang, Peoples R ChinaZhejiang Normal Univ, Inst Phys Chem, Jinhua 321004, Zhejiang, Peoples R China
Li, ZL
Ren, B
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机构:Zhejiang Normal Univ, Inst Phys Chem, Jinhua 321004, Zhejiang, Peoples R China
Ren, B
Niu, ZJ
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机构:Zhejiang Normal Univ, Inst Phys Chem, Jinhua 321004, Zhejiang, Peoples R China
Niu, ZJ
Xiao, XM
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机构:Zhejiang Normal Univ, Inst Phys Chem, Jinhua 321004, Zhejiang, Peoples R China
Xiao, XM
Zeng, Y
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机构:Zhejiang Normal Univ, Inst Phys Chem, Jinhua 321004, Zhejiang, Peoples R China
Zeng, Y
Tian, ZQ
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机构:Zhejiang Normal Univ, Inst Phys Chem, Jinhua 321004, Zhejiang, Peoples R China