Overestimating Others’ Willingness to Pay
AbstractThis article documents a widespread bias: a tendency to overestimate how much others will pay for goods. The effect may influence pricing and negotiations, which depend on accurate assessments of others’ valuations. It is also shown to underlie or interact with several widely researched behavioral phenomena, including egocentric empathy gaps, the endowment effect, and the false-consensus effect.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Consumer Research.
Volume (Year): 39 (2012)
Issue (Month): 1 ()
Pages: 1 - 21
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Web page: http://www.journals.uchicago.edu/JCR/
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