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The generality of the emotion effect on magnitude sensitivity

  • Gong, Min
  • Baron, Jonathan
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    Three studies asked whether reported emotional response interfere with magnitude sensitivity, defined as a subjective evaluation difference between a high magnitude outcome and a low one. Previous research has reported that emotion reduces magnitude sensitivity under separate evaluation in a gain domain (Hsee & Rottenstreich, 2004), a negative effect. We test the generality of this emotion effect in gain and loss domains, and under separate or joint evaluation mode, using a variety of stimuli. We found an opposite, positive, effect in Experiment 1 (in willingness to pay to save species or prevent health impairments) and Experiment 3 (in willingness to pay to prevent bad outcomes in news stories) but replicated the original negative effect in Experiment 2 (compensation for losses). Further research is needed to disentangle possible causes of these effects and to explore how these findings may be applied to measurement of values for non-market goods.

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    File URL: http://www.sciencedirect.com/science/article/B6V8H-51726N4-1/2/4632fa4adb1b035213ed1dc856c61272
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    Article provided by Elsevier in its journal Journal of Economic Psychology.

    Volume (Year): 32 (2011)
    Issue (Month): 1 (February)
    Pages: 17-24

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    Handle: RePEc:eee:joepsy:v:32:y:2011:i:1:p:17-24
    Contact details of provider: Web page: http://www.elsevier.com/locate/joep

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    1. Knetsch, Jack L & Sinden, J A, 1984. "Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value," The Quarterly Journal of Economics, MIT Press, vol. 99(3), pages 507-21, August.
    2. James K. Hammitt & Kevin Haninger, 2007. "Willingness to Pay for Food Safety: Sensitivity to Duration and Severity of Illness," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(5), pages 1170-1175.
    3. Boyle Kevin J. & Desvousges William H. & Johnson F. Reed & Dunford Richard W. & Hudson Sara P., 1994. "An Investigation of Part-Whole Biases in Contingent-Valuation Studies," Journal of Environmental Economics and Management, Elsevier, vol. 27(1), pages 64-83, July.
    4. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
    5. Kahneman, Daniel & Knetsch, Jack L., 1992. "Valuing public goods: The purchase of moral satisfaction," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 57-70, January.
    6. 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.
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