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20 - Choice Bracketing

Published online by Cambridge University Press:  05 June 2012

Daniel Read
Affiliation:
Professor of Behavioral Economics, Durham Business School, University of Durham
George Loewenstein
Affiliation:
Professor of Economics and Psychology, Carnegie Mellon University
Matthew Rabin
Affiliation:
Edward G. and Nancy S. Jordan Professor of Economics, University of California, Berkeley
Sarah Lichtenstein
Affiliation:
Decision Research. Oregon
Paul Slovic
Affiliation:
Decision Research, Oregon
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Summary

If we do not accustom ourselves to look upon war, and the single campaigns in a war, as a chain which is all composed of battles strung together, one of which always brings on another; if we adopt the idea that the taking of a certain geographical point, the occupation of an undefended province, is in itself anything; then we are very likely to regard it as an acquisition which we may retain; and if we look at it so, and not as a term in the whole series of events, we do not ask ourselves whether this possession may not lead to greater disadvantages hereafter.

von Clausewitz, On War (1832/1992)

INTRODUCTION

The consequences of choices can rarely be fully appreciated in isolation. Even seemingly trivial decisions, such as whether or not to indulge in dessert, save small amounts of money, or purchase lottery tickets, can have profound cumulative effects on our physical and material well-being. When we make choices without considering these effects, we can do to ourselves what the bad general can do to his army – make a series of local choices that each appear to be advantageous but which collectively lead to a bad global outcome.

In this chapter we introduce the concept of choice bracketing, a term that designates the grouping of individual choices together into sets.

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Publisher: Cambridge University Press
Print publication year: 2006

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  • Choice Bracketing
    • By Daniel Read, Professor of Behavioral Economics, Durham Business School, University of Durham, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University, Matthew Rabin, Edward G. and Nancy S. Jordan Professor of Economics, University of California, Berkeley
  • Edited by Sarah Lichtenstein, Paul Slovic
  • Book: The Construction of Preference
  • Online publication: 05 June 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9780511618031.021
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  • Choice Bracketing
    • By Daniel Read, Professor of Behavioral Economics, Durham Business School, University of Durham, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University, Matthew Rabin, Edward G. and Nancy S. Jordan Professor of Economics, University of California, Berkeley
  • Edited by Sarah Lichtenstein, Paul Slovic
  • Book: The Construction of Preference
  • Online publication: 05 June 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9780511618031.021
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Choice Bracketing
    • By Daniel Read, Professor of Behavioral Economics, Durham Business School, University of Durham, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University, Matthew Rabin, Edward G. and Nancy S. Jordan Professor of Economics, University of California, Berkeley
  • Edited by Sarah Lichtenstein, Paul Slovic
  • Book: The Construction of Preference
  • Online publication: 05 June 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9780511618031.021
Available formats
×