The DOI matches its Crossref record; 88 of the 88 references it cites were found in a registry or an index.
Memory, Attention, and Choice*
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.
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Citations
Cites
1 retracted
Attribution Bias in Consumer Choice
Haggag, K., Pope, D. G., Bryant-Lees, K. B., & Bos, M. W. (2018) · The Review of Economic Studies · doi:10.1093/restud/rdy054 · Cited by 48
RetractedProspect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
The Framing of Decisions and the Psychology of Choice
Tversky, A., & Kahneman, D. (1981) · Science · doi:10.1126/science.7455683 · Cited by 18,497
A Theory of Fairness, Competition, and Cooperation
Fehr, E., & Schmidt, K. M. (1999) · The Quarterly Journal of Economics · doi:10.1162/003355399556151 · Cited by 11,264
Availability: A heuristic for judging frequency and probability
Tversky, A., & Kahneman, D. (1973) · Cognitive Psychology · doi:10.1016/0010-0285(73)90033-9 · Cited by 9,984
Tversky, A. (1977) · Psychological Review · doi:10.1037/0033-295x.84.4.327 · Cited by 7,414
Whatever next? Predictive brains, situated agents, and the future of cognitive science
Clark, A. (2013) · Behavioral and Brain Sciences · doi:10.1017/s0140525x12000477 · Cited by 5,924
Mental Accounting and Consumer Choice
Thaler, R. (1985) · Marketing Science · doi:10.1287/mksc.4.3.199 · Cited by 4,885
Subjective probability: A judgment of representativeness
Kahneman, D., & Tversky, A. (1972) · Cognitive Psychology · doi:10.1016/0010-0285(72)90016-3 · Cited by 4,851
Implications of rational inattention
Sims, C. A. (2003) · Journal of Monetary Economics · doi:10.1016/s0304-3932(03)00029-1 · Cited by 3,822
Cited by
Behavioral Hazard in Health Insurance *
Baicker, K., Mullainathan, S., & Schwartzstein, J. (2015) · The Quarterly Journal of Economics · doi:10.1093/qje/qjv029 · Cited by 247
Bursztyn, L., & Yang, D. Y. (2022) · Annual Review of Economics · doi:10.1146/annurev-economics-051520-023322 · Cited by 117
Narratives About the Macroeconomy
Andre, P., Haaland, I., Roth, C., & Wohlfart, J. (2023) · doi:10.2139/ssrn.4506321 · Cited by 100
Thakral, N., & Tô, L. (2026) · doi:10.2139/ssrn.3756188 · Cited by 17
FinPerMA: A Theory-Informed, Event-Grounded Personalized-Memory Benchmark for LLM Agents
Wang, B., Zhou, K., Guo, L., Chen, F., & Zhang, C. (2026) · arXiv · doi:10.48550/arxiv.2608.04095 · Cited by 4
Metadata
- Authors
- Bordalo, P., Gennaioli, N., & Shleifer, A.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2020-04-24
- Volume
- 135
- Issue
- 3
- Pages
- 1399-1442
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W3045029853
- Cited by
- 391
- References
- 88
- FWCI
- 32.26
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
