Tom Sawyer and the construction of value
AbstractThis 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 InfoPaper provided by Federal Reserve Bank of Boston in its series Working Papers with number 05-10.
Date of creation: 2005
Date of revision:
Other versions of this item:
- NEP-ALL-2005-09-13 (All new papers)
- NEP-CBE-2005-09-14 (Cognitive & Behavioural Economics)
- NEP-PKE-2005-10-12 (Post Keynesian Economics)
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