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American Economic Review: Vol. 101 No. 2 (April 2011)

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

Article Citation

Reutskaja, Elena, Rosemarie Nagel, Colin F. Camerer, and Antonio Rangel. 2011. "Search Dynamics in Consumer Choice under Time Pressure: An Eye-Tracking Study." American Economic Review, 101(2): 900-926.

DOI: 10.1257/aer.101.2.900

Abstract

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)

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Authors

Reutskaja, Elena (IESE Business School, Barcelona)
Nagel, Rosemarie (U Pompeu Fabra and ICREA)
Camerer, Colin F. (CA Institute of Technology)
Rangel, Antonio (CA Institute of Technology)

JEL Classifications

C91: Design of Experiments: Laboratory, Individual
D12: Consumer Economics: Empirical Analysis
M31: Marketing


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