APPLIED MICRO: Extensive Attention, Intensive Attention and The Origins of Random Choice; Professor Collin Raymond (Cornell University)

Abstract: 

Using repeated choices and eye-tracking data across 180 menu instances from 50 subjects we link the randomness of choice to two notions of attention: extensive attention (what options are looked at) and intensive attention (how long options are looked at). We show that models that seek to explain randomness through attention should capture four key facts. First, extensive attention and intensive attention are both related to randomness in choice, although intensive attention, on average, is a better predictor of choice. Second, the mechanism of choice, and the degree of randomness, is very different for large compared to small choice sets. Third, the relative importance of attention in generating randomness in choice is smaller between-person than within-person. Fourth, greater attentional capacity is not associated with reduced randomness at the individual level. Fifth, increased attention is not strongly correlated with better choices, indicating additional attention may be deployed in situations where higher randomness is already likely.

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