A model of menu-dependent evaluations and comparison-aversion

Research output: Contribution to journalArticlepeer-review


We introduce the comparison based model (CBM) in which a decision maker evaluates goods not only according to their intrinsic values but also by how difficult it is to compare them to other goods. The model naturally explains context effects, such as choice overload, choice under conflict and decision avoidance. It also sheds light on the weakening of the compromise effect in the presence of an outside option. We provide a formal derivation of the model based on two testable restrictions imposed on the decision maker's willingness to pay for alternatives in different contexts. Under a richness assumption, the impact of comparisons on willingness to pay is independent of the menu size within a large class of preferences.

Original languageEnglish
Article number101655
JournalJournal of Behavioral and Experimental Economics
StatePublished - Apr 2021

Bibliographical note

Publisher Copyright:
© 2020 Elsevier Inc.


  • Choice complexity
  • Choice overload
  • Comparability
  • Compromise effect
  • Menu-Dependence
  • Willingness to pay

ASJC Scopus subject areas

  • Applied Psychology
  • General Social Sciences
  • Economics and Econometrics


Dive into the research topics of 'A model of menu-dependent evaluations and comparison-aversion'. Together they form a unique fingerprint.

Cite this