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The Memory Premium

Author

Listed:
  • Yuval Salant
  • Jorg L. Spenkuch
  • David Almog
Abstract
We explore the role of memory for choice behavior in unfamiliar environments. Using a unique data set, we document that decision makers exhibit a "memory premium." They tend to choose in-memory alternatives over out-of-memory ones, even when the latter are objectively better. Consistent with well-established regularities regarding the inner workings of human memory, the memory premium is associative, subject to interference and repetition effects, and decays over time. Even as decision makers gain familiarity with the environment, the memory premium remains economically large. Our results imply that the ease with which past experiences come to mind plays an important role in shaping choice behavior.

Suggested Citation

  • Yuval Salant & Jorg L. Spenkuch & David Almog, 2025. "The Memory Premium," NBER Working Papers 33649, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33649
    Note: IO
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    More about this item

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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