A note on salience of own preferences and the consensus effect

T. Dohmen; S. Quercia; J. Willrodt

doi:10.1016/j.jebo.2023.02.017

A note on salience of own preferences and the consensus effect

T. Dohmen, S. Quercia, J. Willrodt^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › Academic › peer-review

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Abstract

In this paper, we hypothesize that the strength of the consensus effect, i.e., the tendency for people to overweight the prevalence of their own values and preferences when forming beliefs about others’ values and preferences, depends on the salience of own preferences. We manipulate salience by varying the order of elicitation of preferences and beliefs. Although our results confirm the existence of the consensus effect, we find no evidence of a difference between the two orders of elicitation. While our results highlight the robustness of the consensus effect, they also indicate that salience does not mediate the strength of this phenomenon.

Original language	English
Pages (from-to)	15-21
Number of pages	7
Journal	Journal of Economic Behavior & Organization
Volume	209
DOIs	https://doi.org/10.1016/j.jebo.2023.02.017
Publication status	Published - 1 May 2023

JEL classifications

c91 - Design of Experiments: Laboratory, Individual
d01 - Microeconomic Behavior: Underlying Principles
d83 - "Search; Learning; Information and Knowledge; Communication; Belief"
d91 - "Intertemporal Consumer Choice; Life Cycle Models and Saving"

Keywords

Consensus effect
Social preferences
Trust game
Beliefs
TRUST
DILEMMA

Access to Document

10.1016/j.jebo.2023.02.017

Full TextFinal published version, 516 KBLicence: Taverne

Cite this

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title = "A note on salience of own preferences and the consensus effect",

abstract = "In this paper, we hypothesize that the strength of the consensus effect, i.e., the tendency for people to overweight the prevalence of their own values and preferences when forming beliefs about others{\textquoteright} values and preferences, depends on the salience of own preferences. We manipulate salience by varying the order of elicitation of preferences and beliefs. Although our results confirm the existence of the consensus effect, we find no evidence of a difference between the two orders of elicitation. While our results highlight the robustness of the consensus effect, they also indicate that salience does not mediate the strength of this phenomenon.",

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AU - Dohmen, T.

AU - Quercia, S.

AU - Willrodt, J.

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N2 - In this paper, we hypothesize that the strength of the consensus effect, i.e., the tendency for people to overweight the prevalence of their own values and preferences when forming beliefs about others’ values and preferences, depends on the salience of own preferences. We manipulate salience by varying the order of elicitation of preferences and beliefs. Although our results confirm the existence of the consensus effect, we find no evidence of a difference between the two orders of elicitation. While our results highlight the robustness of the consensus effect, they also indicate that salience does not mediate the strength of this phenomenon.

AB - In this paper, we hypothesize that the strength of the consensus effect, i.e., the tendency for people to overweight the prevalence of their own values and preferences when forming beliefs about others’ values and preferences, depends on the salience of own preferences. We manipulate salience by varying the order of elicitation of preferences and beliefs. Although our results confirm the existence of the consensus effect, we find no evidence of a difference between the two orders of elicitation. While our results highlight the robustness of the consensus effect, they also indicate that salience does not mediate the strength of this phenomenon.

KW - Consensus effect

KW - Social preferences

KW - Trust game

KW - Beliefs

KW - TRUST

KW - DILEMMA

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