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Cognitive Dissonance and Choice

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Author Info
Larry Epstein () (University of Rochester)
Igor Kopylov () (University of California Irvine)

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Abstract

People like to feel good about past decisions. This paper models self- justification of past decisions. The model is axiomatic: axioms are defined on preference over ex ante actions (modeled formally by menus) The representation of preference admits the interpretation that the agent adjusts beliefs after taking an action so as to be more optimistic about its possible consequences. In particular, the ex post choice of beliefs is part of the representation of preference and not a primitive assumption. Behavioral characterizations are given to the comparisons "1 exhibits more dissonance than 2" and "1 is more self-justifying than 2."

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File URL: http://rcer.econ.rochester.edu/RCERPAPERS/rcer_525.pdf
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Publisher Info
Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 525.

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Length: 35 pages
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:roc:rocher:525

Contact details of provider:
Postal: UNIVERSITY OF ROCHESTER, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, HARKNESS 231 ROCHESTER NEW YORK 14627 U.S.A.

For technical questions regarding this item, or to correct its listing, contact: (Terry Fisher).

Related research
Keywords: cognitive dissonance optimism temptation self-control self-justification choice-theoretic choosing beliefs

Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jawwad Noor, 2006. "Menu-Dependent Self-Control," Levine's Bibliography 122247000000001061, UCLA Department of Economics. [Downloadable!]
  2. Larry Epstein & Massimo Marinacci, 2005. "Coarse Contingencies," RCER Working Papers 515, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
    Other versions:
  3. Jawwad Noor, 2005. "Temptation, Welfare and Revealed Preference," Microeconomics 0509009, EconWPA. [Downloadable!]
    Other versions:
  4. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April. [Downloadable!] (restricted)
  5. Haagsma, Rein & Koning, Niek, 2002. "Endogenous mobility-reducing norms," Journal of Economic Behavior & Organization, Elsevier, vol. 49(4), pages 523-547, December. [Downloadable!] (restricted)
  6. Machina, Mark J., 1984. "Temporal risk and the nature of induced preferences," Journal of Economic Theory, Elsevier, vol. 33(2), pages 199-231, August. [Downloadable!] (restricted)
  7. Dickens, William T., 1986. "Crime and punishment again: The economic approach with a psychological twist," Journal of Public Economics, Elsevier, vol. 30(1), pages 97-107, June. [Downloadable!] (restricted)
  8. Eddie Dekel & Barton L. Lipman & Aldo Rustichini, 2005. "Temptation–Driven Preferences," Boston University - Department of Economics - Working Papers Series WP2005-005, Boston University - Department of Economics. [Downloadable!]
    Other versions:
  9. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May. [Downloadable!] (restricted)
  10. Eddie Dekel, 1997. "A Unique Subjective State Space for Unforeseen Contingencies," Discussion Papers 1202, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
    Other versions:
  11. Akerlof, George A & Dickens, William T, 1982. "The Economic Consequences of Cognitive Dissonance," American Economic Review, American Economic Association, vol. 72(3), pages 307-19, June. [Downloadable!] (restricted)
  12. Chew, Soo Hong, 1983. "A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox," Econometrica, Econometric Society, vol. 51(4), pages 1065-92, July. [Downloadable!] (restricted)
  13. Robert J. Oxoby, 2004. "Cognitive dissonance, status and growth of the underclass," Economic Journal, Royal Economic Society, vol. 114(498), pages 727-749, October. [Downloadable!] (restricted)
    Other versions:
  14. Rabin, Matthew, 1994. "Cognitive dissonance and social change," Journal of Economic Behavior & Organization, Elsevier, vol. 23(2), pages 177-194, March. [Downloadable!] (restricted)
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This page was last updated on 2008-11-26.

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