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The Elasticity of Preferences.
Dan Simon1,2, Stephen A Spiller3
11 Gould School of Law, University of Southern California.
Psychological Science
|February 15, 2017
Summary
Preferences are elastic, shifting to support choices during decision-making and returning to baseline levels afterward. This flexibility aids in making confident decisions when faced with conflicting options.
Area of Science:
- Cognitive Psychology
- Decision Science
Background:
- Research indicates preferences shift to support choices during decision-making.
- This shift facilitates confident decision-making.
Purpose of the Study:
- To investigate the long-term stability of preference shifts.
- To determine if preferences revert to baseline levels between decision tasks.
Main Methods:
- Participants completed a multiattribute choice task.
- The same task was repeated 6-8 weeks later.
- Preference shifts were measured before and after each decision task.
Main Results:
- Preferences shifted to support the initial choice.
- Between tasks, preferences reverted to baseline levels.
- Preferences shifted again to support the second choice, irrespective of the option selected.
Conclusions:
- Decision-related preference shifts are temporary and elastic.
- Preferences revert to baseline in the absence of situational pressures.
- Preference elasticity supports confident decision-making under conflict.
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