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We propose that buying-and selling-price estimates reflect a focus on what the consumer forgoes in the potential exchange and that this notion offers insight into the well-known difference between those two types of value assessment. Buyers and sellers differ not simply in their valuation of the same item but also in how they assess the value. Buyers tend(More)
In this paper we take stock of recent research on how people summarize and evaluate extended experiences. Summary assessments do not simply integrate all the components of the evaluated events, but tend to focus on only a few features (gestalt characteristics). Examples of these de®ning features include the rate at which the transient state components of(More)
The authors thank Himanshu Mishra, Chris Tay-lor (parts of this research formed the basis of his honors thesis), and Mon-ica Wadhwa for their help in administering the experiments and coding participants' responses. They also thank Eric Johnson, participants of the Distinguished Scholars Retreat at the University of Alberta, and the three anonymous JMR(More)
The endowment effect--the tendency for owners (potential sellers) to value objects more than potential buyers do--is among the most widely studied judgment and decision-making phenomena. However, the current research is the first to explore whether the effect varies across cultures. Given previously demonstrated cultural differences in self-construals and(More)
  • Ziv Carmon, bullet J George, Shanthikumar bullet, Tali F Carmon
  • 2011
W e examine how service should be divided and scheduled when it can be provided in multiple separate segments. We analyze variants of this problem using a model with a conventional function describing the waiting cost, that is modified to account for some aspects of the psychological cost of waiting in line. We show that consideration of the psychological(More)
W e study the dissociation between two common measures of value—monetary assessment of purchase options versus the predicted utility associated with owning or consuming those options, a disparity that is reflected in well-known judgment anomalies and that is important for interpreting market research data. We propose that a significant cause of this(More)
Warnings that a promoted product can have adverse side effects (e.g., smoking cigarettes can cause cancer) should dampen the product's allure. We predicted that with temporal distance (e.g., when an ad relates to future consumption or was viewed some time earlier), this common type of warning can have a worrisome alternative consequence: It can ironically(More)
  • William W, Haiyang Maddux, Carl Yang, Hajo Falk, Wendi Adam, Yumi Adair +18 others
  • 2010
A Working Paper is the author's intellectual property. It is intended as a means to promote research to interested readers. Its content should not be copied or hosted on any server without written permission from publications. Abstract The endowment effect – the tendency for owners (potential sellers) to value objects more than potential buyers – is among(More)
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