Tom Sawyer and the construction of value
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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References listed on IDEAS
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- Robert J. Shiller, 1998.
"Human Behavior and the Efficiency of the Financial System,"
NBER Working Papers
6375, National Bureau of Economic Research, Inc.
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