attribute substitution

Counterfactual Thinking and Attribute Substitution in Economic Behavior

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This paper discusses how counterfactual thinking can be incorporated into behavioral economics byrelating it to a type of attribution substitution involved in choices people make in conditions ofKnightian uncertainty. It draws on Byrne’s ‘rational imagination’ account of counterfactual thinking,evidence from cognitive science regarding the forms it takes, and identifies types of attributionsubstitution specific to economic …

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Attribute substitution, earlier-generation economic approaches and behavioural economics

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The present paper examines attribute substitution in terms of both heuristics and attribution theory in social psychology. Alternative ‘old’ approaches in psychology were special because they considered choice in terms that were similar to attributional inference in social psychology and anticipated limitations of the static heuristics and biases approach. Attribute substitution plays an important role …

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Attribute substitution, counterfactual thinking, and heterodox economics

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This paper examines how attribute substitution (AS), central to the psychology of choice and behavioral economic reasoning, can be understood when combined with counterfactual thinking (CFT), often called ‘what if’ or ‘if only’ thinking, and how their combination creates important opportunities for the seeing heterodox economics as a single research program alternative to mainstream economics. …

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