Tom Sawyer and the construction of value

  title={Tom Sawyer and the construction of value},
  author={George Loewenstein and Drazen Prelec},
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 

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