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Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. TI 2021-031/I
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
Economists have become increasingly interested in using attention to explain behavioral patterns both on the micro and macro level. This has resulted in several disparate theoretical approaches. Some, like rational inattention, assume a "top-down" model of executive optimization. Others, like salience theory, assume a "bottom-up" influence where attention is driven by contextual factors. This distinction is fundamental for the economic implications of attention, but so far there is little understanding of their relative importance. We propose a multi-attribute random utility model that unifies prior theoretical approaches by distinguishing between the impact of top-down and bottom-up attention. We accomplish this by separating agent-specific and decision-specific variation in attention and verify our framework in an eye-tracking experiment on risky choice. We find that both top-down and bottom-up attention are connected to important choice variables: both are associated with the weighting of the attributes of choice options, while top-down attention is additionally associated with measures of loss aversion. We discuss the insights regarding the nature of attention and its role in economic theory.
Schlagwörter: 
Attention
Random
Utility Models
Eye-tracking
Loss Aversion
JEL: 
D81
D83
D87
D91
Dokumentart: 
Working Paper
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