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Consumer Choice and Information: New Experimental Evidence

Grether, David M. and Wilde, Louis L. (1984) Consumer Choice and Information: New Experimental Evidence. Social Science Working Paper, 459. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20170926-141255816

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Abstract

This paper reports on a series of experiments designed to explore the so-called "information overload" hypothesis. We generally find that our subjects do quite well at screening out irrelevant information. Further, we find that a key element determining the quality of choices made by our subjects is the number of "salient" attributes, not just the number of attributes for which information is provided. Weak evidence is found which suggests a form of overload might occur when the number of salient dimensions is high and information is given on all of them. Finally, we discuss the implications of these results on the disclosure controversy.


Item Type:Report or Paper (Working Paper)
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http://resolver.caltech.edu/CaltechAUTHORS:20171115-155334020Related ItemPublished Version
Additional Information:Revised. Original dated to December 1982. Published as Grether, David M., and Louis L. Wilde. "Consumer choice and information: New experimental evidence." Information Economics and Policy 1.2 (1983): 115-144.
Group:Social Science Working Papers
Series Name:Social Science Working Paper
Issue or Number:459
Record Number:CaltechAUTHORS:20170926-141255816
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20170926-141255816
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81845
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:26 Sep 2017 21:34
Last Modified:03 Oct 2019 18:47

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