Fixed differences look smaller when compared to large differences. This basic fact means that choice sets distort a person’s preferences. We propose a model of relative thinking where a person weighs a given change along a consumption dimension by less when it is compared to larger changes along that dimension. In deterministic settings, the model predicts context effects such as the attraction effect, but predicts meaningful bounds on such effects driven by the intrinsic utility for the choices. In risky environments, a person is less likely to exert effort in a money-earning activity if he had expected to earn higher returns or if there is greater income uncertainty. In a variant of the model, relative thinking induces a tendency to overspend, and for a person to act more impatient if infrequently allotted large amounts to consume than if frequently allotted a small amount to consume.

中文翻译：

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相对思维模型

与大差异相比，固定差异看起来更小。这个基本事实意味着选择集会扭曲一个人的偏好。我们提出了一个相对思维模型，当一个人在消费维度上的给定变化与该维度上的较大变化相比时，它的权重较小。在确定性设置中，该模型预测上下文效应，例如吸引力效应，但预测由选择的内在效用驱动的此类效应的有意义的界限。在风险环境中，如果一个人期望获得更高的回报或收入的不确定性更大，则他不太可能在赚钱的活动中付出努力。在该模型的一个变体中，相对思维导致了过度消费的趋势，