Individual and contextual effects of attention in risky choice
利用眼动追踪实验数据，将注意力分解为个体平均注意和试次偏差注意，发现两者均能预测风险选择行为，且个体平均注意与损失厌恶相关。
We investigate the role of visual attention in risky choice in a rich experimental dataset that includes eye-tracking data. We first show that attention is not reducible to individual and contextual variables, which explain only 20% of attentional variation. We then decompose attentional variation into individual average attention and trial-wise deviations of attention to capture different cognitive processes. Individual average attention varies by individual, and can proxy for individual preferences or goals (as in models of "rational inattention" or goal-directed attention). Trial-wise deviations of attention vary within subjects and depend on contextual factors (as in models of "salience" or stimulus-driven attention). We find that both types of attention predict behavior: average individual attention patterns are correlated with individual levels of loss aversion and capture part of this individual heterogeneity. Adding trial-wise deviations of attention further improves model fit. Our results show that a decomposition of attention into individual average attention and trial-wise deviations of attention can capture separable cognitive components of decision making and provides a useful tool for economists and researchers from related fields interested in decision-making and attention. Supplementary Information: The online version contains supplementary material available at 10.1007/s10683-024-09849-7.