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SUMMARY:The Origins of Random Choice - Savitar Sundaresan (Imperial Colleg
 e London)
DTSTART:20240307T130000Z
DTEND:20240307T140000Z
UID:TALK205759@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:Using lab data on both choices and eye-movements we exam the r
 elationship between randomness in choice and attention. We bring in 50 su
 bjects and\nhave each make 180 choices\, involving repeated choices from t
 he same choice sets\,\nwhile tracking their eye movements. Our approach al
 lows us to consider attention as\na multi-dimensional object and link diff
 erent aspects of attention to distinct patterns\nin choice. We show that a
 lthough the monotonicity condition that underlies random\nutility models i
 s frequently violated\, the monotonicity condition on attention sets\ncons
 idered by Cattaneo et al.\, 2020 is satisfies by almost all observations. 
 Despite\nthis\, attention explains at most around a third of the randomnes
 s in choice. Although\nrandomness in choice is much larger at the aggregat
 e compared to the individual level\,\nattention explains randomness in cho
 ice to the same degree in both. In ongoing work\nwe conduct revealed prefe
 rence tests of both random utility and random attention\nmodels.
LOCATION:Castle Teaching Room
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