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We are all Behavioral, More or Less: A Taxonomy of Consumer Decision Making

Summary:
Victor Stango & Jonathan Zinman in this new NBER paper: We examine how 17 behavioral biases relate to each other, to other decision inputs, and to decision outputs. Most consumers exhibit multiple biases in our nationally representative panel data. There is substantial heterogeneity across consumers, even within similar demographic/skill groups. Biases are positively correlated within person, especially after adjusting for measurement error, and less correlated with other inputs—risk aversion, patience, cognitive skills, and personality traits—with some expected exceptions. Accounting for this correlation structure, we reduce our 29 decision inputs to eight common factors. Seven common factors load on at least two biases, six on clusters of theoretically related biases, and two or

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Victor Stango & Jonathan Zinman in this new NBER paper:

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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