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Measuring Delay Discounting in Humans Using an Adjusting Amount Task
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Scarcity frames value.

Anuj K Shah1, Eldar Shafir2, Sendhil Mullainathan3

  • 1Booth School of Business, University of Chicago anuj.shah@chicagobooth.edu.

Psychological Science
|February 14, 2015
PubMed
Summary
This summary is machine-generated.

Scarcity focuses decision-making on needs, reducing susceptibility to irrelevant context effects. This aligns behavior with economic predictions by emphasizing essential trade-offs over contextual cues.

Keywords:
context effectsjudgment and decision makingopen dataopen materialsscarcity

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Area of Science:

  • Behavioral Economics
  • Cognitive Psychology

Background:

  • Economic models assume stable value preferences.
  • Psychology shows preferences are malleable by context.
  • Scarcity's impact on decision-making is under-explored.

Purpose of the Study:

  • Investigate how scarcity influences decision-making.
  • Determine if scarcity reduces context effects.
  • Examine the alignment of scarcity-driven behavior with economic theory.

Main Methods:

  • Experimental manipulation of scarcity conditions.
  • Assessment of susceptibility to context effects.
  • Analysis of trade-off recognition and need prioritization.

Main Results:

  • Scarcity significantly reduces susceptibility to context effects.
  • Under scarcity, individuals prioritize needs and trade-offs.
  • Contextual cues exert less influence when scarcity is present.

Conclusions:

  • Scarcity can enhance rational decision-making.
  • Focus on needs under scarcity leads to more consistent choices.
  • Scarcity bridges psychological and economic perspectives on decision-making.