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Despite its importance, relatively little attention has been devoted tostudying the effects of exposing individuals to digital choice interfaces. Intwo pre-registered lottery-choice experiments, we administer threeinformation-search technologies that are based on well-known heuristics: in theABS (alternative-based search) treatment, subjects explore outcomes andcorresponding probabilities within lotteries; in the CBS (characteristic-basedsearch) treatment, subjects explore outcomes and corresponding probabilitiesacross lotteries; in the Baseline treatment, subjects view outcomes andcorresponding probabilities all at once. We find that (i) when lottery outcomescomprise gains and losses (experiment 1), exposing subjects to the CBStechnology systematically makes them choose safer lotteries, compared to thesubjects that are exposed to the other technologies, and (ii) when lotteryoutcomes comprise gains only (experiment 2), the above results are reversed:exposing subjects to the CBS technology systematically makes them chooseriskier lotteries. By combining the information-search and choice analysis, weoffer an interpretation of our results that is based on prospect theory,whereby the information-search technology subjects are exposed to contributesto determine the level of attention that the lottery attributes receive, whichin turn has an effect on the reference point.

Do Losses Matter? The Effect of Information-Search Technologies on Risky Choices