Tom Sawyer and the construction of value

@inproceedings{Loewenstein2005TomSA,
  title={Tom Sawyer and the construction of value},
  author={George Loewenstein and Drazen Prelec},
  year={2005}
}
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 have a pre-existing sense of whether an experience is good or bad—even when they have experienced a sample of it. © 2005 Elsevier B.V. All rights reserved. JEL classification: D00 microeconomics; General 

From This Paper

Figures, tables, and topics from this paper.

References

Publications referenced by this paper.
Showing 1-10 of 13 references

Scope (in)sensitivity in elicited valuations

  • S. Frederick, B. Fischhoff
  • Risk Decision and Policy,
  • 1998
Highly Influential
3 Excerpts

Ambiguity aversion and comparative ignorance

  • C. R. Fox, A. Tversky
  • The Quarterly Journal of Economics,
  • 1995
Highly Influential
3 Excerpts

Micromotives and macrobehavior

  • T. C. Schelling
  • 1978
Highly Influential
3 Excerpts

Summary assessment of experiences: The whole is different from the sum of its parts

  • D. Ariely, Z. Carmon
  • 2003
2 Excerpts

The construction of preference

  • P. Slovic
  • American Psychologist,
  • 1995
1 Excerpt

Similar Papers

Loading similar papers…