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• W3045029853 abstract "Abstract Building on a textbook description of associative memory (Kahana 2012), we present a model of choice in which a choice option cues recall of similar past experiences. Memory shapes valuation and decisions in two ways. First, recalled experiences form a norm, which serves as an initial anchor for valuation. Second, salient quality and price surprises relative to the norm lead to large adjustments in valuation. The model unifies many well-documented choice puzzles, including the attribution and projection biases, inattention to hidden attributes, background contrast effects, and context-dependent willingness to pay. Unifying these puzzles on the basis of selective memory and attention to surprise yields multiple new predictions." @default.
• W3045029853 created "2020-07-29" @default.
• W3045029853 creator A5000523664 @default.
• W3045029853 creator A5050249057 @default.
• W3045029853 creator A5062865486 @default.
• W3045029853 date "2020-04-24" @default.
• W3045029853 modified "2023-10-16" @default.
• W3045029853 title "Memory, Attention, and Choice*" @default.
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• W3045029853 doi "https://doi.org/10.1093/qje/qjaa007" @default.
• W3045029853 hasPublicationYear "2020" @default.
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