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Tom Sawyer and the construction of value

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  • Ariely, Dan
  • Loewenstein, George
  • Prelec, Drazen

Abstract

This paper challenges the common assumption that economic agents know their tastes. After reviewing previous research showing that valuation of ordinary products and experiences can be manipulated by non-normative cues, we present three studies showing that in some cases people do not even have a pre-existing sense of whether an experience is good or bad – even when they have experienced a sample of it.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 60 (2006)
Issue (Month): 1 (May)
Pages: 1-10

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Handle: RePEc:eee:jeborg:v:60:y:2006:i:1:p:1-10

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References

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  1. Summers, Lawrence H, 1986. " Does the Stock Market Rationally Reflect Fundamental Values?," Journal of Finance, American Finance Association, vol. 41(3), pages 591-601, July.
  2. Fox, Craig R & Tversky, Amos, 1995. "Ambiguity Aversion and Comparative Ignorance," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 585-603, August.
  3. Dan Ariely & George Loewenstein & Drazen Prelec, 2003. ""Coherent Arbitrariness": Stable Demand Curves Without Stable Preferences," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 73-105, February.
  4. Kahneman, Daniel & Ritov, Ilana & Schkade, David A, 1999. "Economic Preferences or Attitude Expressions?: An Analysis of Dollar Responses to Public Issues," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 203-35, December.
  5. Keren, Gideon B. & Raaijmakers, Jeroen G. W., 1988. "On between-subjects versus within-subjects comparisons in testing utility theory," Organizational Behavior and Human Decision Processes, Elsevier, vol. 41(2), pages 233-247, April.
  6. Loewenstein, George & Thaler, Richard H, 1989. "Intertemporal Choice," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 181-93, Fall.
  7. Robert J. Shiller, 1998. "Human Behavior and the Efficiency of the Financial System," Cowles Foundation Discussion Papers 1172, Cowles Foundation for Research in Economics, Yale University.
  8. Eric J. Johnson & David A. Schkade, 1989. "Bias in Utility Assessments: Further Evidence and Explanations," Management Science, INFORMS, vol. 35(4), pages 406-424, April.
  9. Cass R. Sunstein & Daniel Kahneman & David Schkade & Ilana Ritov, 2001. "Predictably Incoherent Judgements," Discussion Paper Series dp273, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  10. Chapman, Gretchen B. & Johnson, Eric J., 1999. "Anchoring, Activation, and the Construction of Values, , , , , ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 79(2), pages 115-153, August.
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Citations

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Cited by:
  1. Christian Schubert, 2012. "Pursuing Happiness," Papers on Economics and Evolution 2012-01, Philipps University Marburg, Department of Geography.
  2. Isabelle Brocas & Juan D Carrillo, 2007. "The Brain as a Hierarchical Organization," Levine's Bibliography 122247000000001587, UCLA Department of Economics.
  3. Panos, Georgios & Theodossiou, Ioannis, 2009. "Union Mediation and Adaptation to Reciprocal Loyalty Arrangements," MPRA Paper 15471, University Library of Munich, Germany.
  4. Fioretti, Guido, 2009. "Either, Or. Exploration of an Emerging Decision Theory," MPRA Paper 12897, University Library of Munich, Germany.
  5. Marit Kragt, 2013. "The Effects of Changing Cost Vectors on Choices and Scale Heterogeneity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 54(2), pages 201-221, February.
  6. Benjamin Y. Hayden & Sarah R. Heilbronner & Amrita C. Nair & Michael L. Platt, 2008. "Cognitive influences on risk-seeking by rhesus macaques," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3, pages 389-395, June.
  7. repec:dgr:uvatin:2013074 is not listed on IDEAS
  8. Kristina Shampan'er & Dan Ariely, 2006. "How small is zero price? : the true value of free products," Working Papers 06-16, Federal Reserve Bank of Boston.
  9. Guido Baltussen & G. Post & Martijn Assem & Peter Wakker, 2012. "Random incentive systems in a dynamic choice experiment," Experimental Economics, Springer, vol. 15(3), pages 418-443, September.
  10. Christian Schubert, 2012. "Is novelty always a good thing? Towards an evolutionary welfare economics," Journal of Evolutionary Economics, Springer, vol. 22(3), pages 585-619, July.
  11. Dekker, T. & Koster, P.R. & Brouwer, R., 2012. "Changing with the tide: Semi-parametric estimation of preference dynamics," Serie Research Memoranda 0005, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  12. Christian Schubert & Andreas Chai, 2012. "Sustainable Consumption and Consumer Sovereignty," Papers on Economics and Evolution 2012-14, Philipps University Marburg, Department of Geography.
  13. Vieider, Ferdinand M. & Lefebvre, Mathieu & Bouchouicha, Ranoua & Chmura, Thorsten & Hakimov, Rustamdjan & Krawczyk, Michal & Martinsson, Peter, 2013. "Common components of risk and uncertainty attitudes across contexts and domains: Evidence from 30 countries," Discussion Papers, WZB Junior Research Group Risk and Development SP II 2013-402, Social Science Research Center Berlin (WZB).
  14. Andrea Isoni & Peter Brooks & Graham Loomes & Robert Sugden, 2011. "Do markets reveal preferences - or shape them?," Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) 11-03, School of Economics, University of East Anglia, Norwich, UK..
  15. Randon, Emanuela & Simmons, Peter, 2010. "Base consumption levels and fixed costs," Economics Letters, Elsevier, vol. 108(2), pages 222-224, August.
  16. Day, Brett & Bateman, Ian J. & Carson, Richard T. & Dupont, Diane & Louviere, Jordan J. & Morimoto, Sanae & Scarpa, Riccardo & Wang, Paul, 2012. "Ordering effects and choice set awareness in repeat-response stated preference studies," Journal of Environmental Economics and Management, Elsevier, vol. 63(1), pages 73-91.
  17. Christophe Salvat, 2008. "Is Libertarian Paternalism an Oxymoron?," Working Papers hal-00336528, HAL.
  18. Kelvin Balcombe & Aurelia Samuel & Iain Fraser, 2009. "Estimating WTP With Uncertainty Choice Contingent Valuation," Studies in Economics 0921, Department of Economics, University of Kent.
  19. Stefania Sitzia & Daniel Zizzo, 2011. "Does product complexity matter for competition in experimental retail markets?," Theory and Decision, Springer, vol. 70(1), pages 65-82, January.

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