For a long time, the dominant approach to studying decision making under risk has been to use psychoeconomic functions to account for how behavior deviates from the normative prescriptions of expected value maximization. While this neo-Bernoullian tradition has advanced the field in various ways—such as identifying seminal phenomena of risky choice —it contains a major shortcoming: Psychoeconomic curves are mute with regard to the cognitive mechanisms underlying risky choice. This neglect of the mechanisms both limits the explanatory value of neo-Bernoullian (...) models and fails to provide guidance for designing effective interventions to improve decision making. Here we showcase a recent “attentional turn” in research on risk choice that elaborates how deviations from normative prescriptions can result from imbalances in attention allocation and that thus promises to overcome the challenges of the neo-Bernoullian tradition. We argue that a comprehensive understanding of preference formation in risky choice must provide an account on a mechanistic level, and we delineate directions in which existing theories that rely on attentional processes may be extended to achieve this objective. (shrink)

Since the COVID-19 pandemic, the tourism economy has been seriously affected. China has implemented a direct traveling management mechanism and recovered from the pandemic faster than the rest of the world. However, the COVID-19 situation is complicated and uncontrollable because of the available unclear information including difficult medical terminologies. This study attempts to find the determinants of the travel intention of China’s tourists in the post-COVID-19 epidemic. Along with information overload and perception risk, an expanded research model of the Theory (...) of Planned Behavior was employed to propose the theoretical framework of this study. A survey was conducted among 518 tourists who spend their holiday in Hainan, which is a popular tourist destination in China. The empirical results show that information overload positively and significantly impacted perceived risk. Furthermore, perceived risk negatively affects the intention to travel. Perceived risk also negatively affected the attitude toward traveling. However, response self-efficacy did not have a significant effect on the intention to travel. Finally, based on the analysis results, this study proposes relevant research contributions and practical recommendations with management implications for the travel industries. (shrink)