Working Papers
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Memory and Partial Consideration in ChoiceWorking paper, August 2026.[PDF]
[Abstract]
We propose that memory guides choice behavior in unfamiliar environments by shaping which alternatives decision-makers consider. In our model, individuals preferentially consider in-memory alternatives over out-of-memory ones. This mechanism generates a "memory premium," whereby decision-makers disproportionately choose in-memory options, even when they are objectively inferior. Our theory also predicts a "memory speedup." Conditional on being chosen, in-memory alternatives are selected more quickly than out-of-memory ones. We test and confirm these predictions in a unique observational data set and a tightly controlled laboratory experiment. Taken together, our findings point to a role for memory in choice that goes beyond the subjective evaluation of alternatives.