Multi-attribute Decision by Sampling : an Account of the Attraction, Compromise and Similarity Effects

Consumers' choices are typically influenced by choice context in ways that standard models cannot explain. We provide a concise explanation of the attraction, compromise and similarity effects. Value is assumed to be determined by simple dominance relations between choice options and sampled comparators, and selection of comparators is assumed to be systematically influenced by the choice options. In one experiment, participants viewed differing selections of market options prior to choice. The classic context effects appeared and disappeared as predicted. In the second experiment, individuals' sampling distributions of market options were influenced by the choice set as predicted by the model. JEL: C9, D03, D12. participants of the Bristol Decision-Making Conference and the Decision Research at Warwick Forum for helpful comments and discussion. We thank Andrew Taylor for his programming and software services.