Scarcity Frames Value
Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people's preferences are often malleable and influenced by normatively irrelevant contextual features. Whereas economics derives its predictions from the assum...
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| Vydáno v: | Psychological science Ročník 26; číslo 4; s. 402 - 412 |
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| Hlavní autoři: | , , |
| Médium: | Journal Article |
| Jazyk: | angličtina |
| Vydáno: |
Los Angeles, CA
SAGE Publications
01.04.2015
SAGE PUBLICATIONS, INC |
| Témata: | |
| ISSN: | 0956-7976, 1467-9280, 1467-9280 |
| On-line přístup: | Získat plný text |
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| Abstract | Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people's preferences are often malleable and influenced by normatively irrelevant contextual features. Whereas economics derives its predictions from the assumption that people navigate a world of scarce resources, recent psychological work has shown that people often do not attend to scarcity. In this article, we show that when scarcity does influence cognition, it renders people less susceptible to classic context effects. Under conditions of scarcity, people focus on pressing needs and recognize the trade-offs that must be made against those needs. Those trade-offs frame perception more consistently than irrelevant contextual cues, which exert less influence. The results suggest that scarcity can align certain behaviors more closely with traditional economic predictions. |
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| AbstractList | Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people’s preferences are often malleable and influenced by normatively irrelevant contextual features. Whereas economics derives its predictions from the assumption that people navigate a world of scarce resources, recent psychological work has shown that people often do not attend to scarcity. In this article, we show that when scarcity does influence cognition, it renders people less susceptible to classic context effects. Under conditions of scarcity, people focus on pressing needs and recognize the trade-offs that must be made against those needs. Those trade-offs frame perception more consistently than irrelevant contextual cues, which exert less influence. The results suggest that scarcity can align certain behaviors more closely with traditional economic predictions. Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people's preferences are often malleable and influenced by normatively irrelevant contextual features. Whereas economics derives its predictions from the assumption that people navigate a world of scarce resources, recent psychological work has shown that people often do not attend to scarcity. In this article, we show that when scarcity does influence cognition, it renders people less susceptible to classic context effects. Under conditions of scarcity, people focus on pressing needs and recognize the trade-offs that must be made against those needs. Those trade-offs frame perception more consistently than irrelevant contextual cues, which exert less influence. The results suggest that scarcity can align certain behaviors more closely with traditional economic predictions.Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people's preferences are often malleable and influenced by normatively irrelevant contextual features. Whereas economics derives its predictions from the assumption that people navigate a world of scarce resources, recent psychological work has shown that people often do not attend to scarcity. In this article, we show that when scarcity does influence cognition, it renders people less susceptible to classic context effects. Under conditions of scarcity, people focus on pressing needs and recognize the trade-offs that must be made against those needs. Those trade-offs frame perception more consistently than irrelevant contextual cues, which exert less influence. The results suggest that scarcity can align certain behaviors more closely with traditional economic predictions. Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people's preferences are often malleable and influenced by normatively irrelevant contextual features. Whereas economics derives its predictions from the assumption that people navigate a world of scarce resources, recent psychological work has shown that people often do not attend to scarcity. In this article, we show that when scarcity does influence cognition, it renders people less susceptible to classic context effects. Under conditions of scarcity, people focus on pressing needs and recognize the trade-offs that must be made against those needs. Those trade-offs frame perception more consistently than irrelevant contextual cues, which exert less influence. The results suggest that scarcity can align certain behaviors more closely with traditional economic predictions. Reprinted by permission of Sage Publications |
| Author | Shah, Anuj K. Shafir, Eldar Mullainathan, Sendhil |
| Author_xml | – sequence: 1 givenname: Anuj K. surname: Shah fullname: Shah, Anuj K. – sequence: 2 givenname: Eldar surname: Shafir fullname: Shafir, Eldar – sequence: 3 givenname: Sendhil surname: Mullainathan fullname: Mullainathan, Sendhil |
| BackLink | https://www.ncbi.nlm.nih.gov/pubmed/25676256$$D View this record in MEDLINE/PubMed |
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| Snippet | Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people's preferences... Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people’s preferences... |
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| SubjectTerms | Adult Cognition Contextual analysis Contextual effects Cues Decision analysis Decision Making Economic models Female Humans Male Models, Economic Psychology Scarcity Trade-off Value |
| Title | Scarcity Frames Value |
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