Heart strings and purse strings: Carryover effects of emotions on economic decisions.

@article{Lerner2004HeartSA,
  title={Heart strings and purse strings: Carryover effects of emotions on economic decisions.},
  author={Jennifer S. Lerner and Deborah A. Small and George Loewenstein},
  journal={Psychological science},
  year={2004},
  volume={15 5},
  pages={337-41}
}
We examined the impact of specific emotions on the endowment effect, the tendency for selling prices to exceed buying or "choice" prices for the same object. As predicted by appraisal-tendency theory, disgust induced by a prior, irrelevant situation carried over to normatively unrelated economic decisions, reducing selling and choice prices and eliminating the endowment effect. Sadness also carried over, reducing selling prices but increasing choice prices--producing a "reverse endowment effect… CONTINUE READING
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