A Range-Normalization Model of Context-Dependent Choice: A New Model and Evidence

Abstract

Most utility theories of choice assume that the introduction of an irrelevant option (called the decoy) to a choice set does not change the preference between existing options. On the contrary, a wealth of behavioral data demonstrates the dependence of preference on the decoy and on the context in which the options are presented. Nevertheless, neural… (More)
DOI: 10.1371/journal.pcbi.1002607

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