Search Dynamics in Consumer Choice under Time Pressure: An Eye- Tracking Study

• Published in: The American economic review Vol. 101; no. 2; pp. 900 - 926
• Main Authors: Reutskaja, Elena, Nagel, Rosemarie, Camerer, Colin F., Rangel, Antonio
• Format: Journal Article
• Language: English
• Published: Nashville American Economic Association 01.04.2011; American Economic Assoc
• Subjects: Behavioral economics; Consumer behavior; Consumer behaviour; Consumer choice; Consumer research; Consumers; Decision analysis; Decision making; Decision theory; Economic models; Economic value; Experimentation; Eye movements; Eye tracking; Eye tracking data; Game theory; Humanities; Konsumentenverhalten; Lebensmitteleinzelhandel; Marketing; Modeling; Product choice; Retail trade; Search theory; Shorter Papers; Simulations; Social sciences; Studies; Test; Time pressure; Tracking; Verhaltensökonomik; Zeitverwendung
• ISSN: 0002-8282; 1944-7981
• DOI: 10.1257/aer.101.2.900

We study decisions that involve choosing between different numbers of options under time pressure using eye-tracking to monitor the search process of the subjects. We find that subjects are quite adept at optimizing within the set of items that they see, that the initial search process is random in value, that subjects use a stopping rule to terminate the search process that combines features of optimal search and satisficing, and that subjects search more often in certain focal regions of the display, which leads to choice biases. (JEL C91, D12, M31)