{"id":2089,"date":"2021-05-10T06:12:33","date_gmt":"2021-05-10T06:12:33","guid":{"rendered":"http:\/\/3.35.173.53\/?p=2089"},"modified":"2021-05-10T06:12:33","modified_gmt":"2021-05-10T06:12:33","slug":"loewenstein-g-odonoghue-t-rabin-m-2003-projection-bias-in-predicting-future-utility-the-quarterly-journal-of-economics-1184-1209-1248","status":"publish","type":"post","link":"https:\/\/happyfinder.co.kr\/?p=2089","title":{"rendered":"Loewenstein, G., O&#038; #39;Donoghue, T., &#038;Rabin, M. (2003). Projection bias in predicting future utility. The Quarterly Journal of Economics, 118(4), 1209-1248."},"content":{"rendered":"<p><span style=\"font-family: \ub9d1\uc740 \uace0\ub515,malgun;\">People exaggerate the degree to which their future tastes will resemble their current tastes. We present evidence from a variety of domains which demonstrates the prevalence of such <\/span><em><span style=\"font-family: \ub9d1\uc740 \uace0\ub515,malgun;\">projection bias<\/span><\/em><span style=\"font-family: \ub9d1\uc740 \uace0\ub515,malgun;\">, develop a formal model of it, and use this model to demonstrate its importance in economic environments. We show that, when people exhibit habit formation, projection bias leads people to consume too much early in life, and to decide, as time passes, to consume more\u2014and save less\u2014than originally planned. Projection bias can also lead to misguided purchases of durable goods. We discuss a number of additional applications and implications.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><!--StartFragment--><\/p>\n<p class=\"0\" style=\"background: rgb(255, 255, 255); mso-pagination: none; mso-padding-alt: 0pt 0pt 0pt 0pt;\"><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: 0pt; font-family: \ub9d1\uc740 \uace0\ub515,malgun; mso-fareast-font-family: Times New Roman; mso-ascii-font-family: Times New Roman; mso-font-width: 100%; mso-text-raise: 0pt;\">Loewenstein, G., O&#8217;Donoghue, T., &amp;Rabin, M. (2003). Projection bias in predicting future utility. <\/span><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: 0pt; font-family: \ub9d1\uc740 \uace0\ub515,malgun; font-style: italic; mso-fareast-font-family: Times New Roman; mso-ascii-font-family: Times New Roman; mso-font-width: 100%; mso-text-raise: 0pt;\">The Quarterly Journal of Economics, 118<\/span><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: 0pt; font-family: \ub9d1\uc740 \uace0\ub515,malgun; mso-fareast-font-family: Times New Roman; mso-ascii-font-family: Times New Roman; mso-font-width: 100%; mso-text-raise: 0pt;\">(4), 1209-1248.<\/span><\/p>\n<p class=\"0\" style=\"background: rgb(255, 255, 255); mso-pagination: none; mso-padding-alt: 0pt 0pt 0pt 0pt;\"><a href=\"https:\/\/doi.org\/10.1162\/003355303322552784&nbsp;\"><u style=\"text-underline: #0000ff single;\"><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); color: rgb(0, 0, 255); letter-spacing: 0pt; font-family: \ub9d1\uc740 \uace0\ub515,malgun; mso-fareast-font-family: Times New Roman; mso-ascii-font-family: Times New Roman; mso-font-width: 100%; mso-text-raise: 0pt;\">https:\/\/doi.org\/10.1162\/003355303322552784&nbsp;<o:p><\/o:p><\/span><\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>People exaggerate the degree to which their future tastes will resemble their current tastes. We present evidence from a variety of domains which demonstrates the prevalence of such projection bias, develop a formal model of it, and use this model to demonstrate its importance in economic environments. We show that, when people exhibit habit formation, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[28,15],"tags":[416,415],"_links":{"self":[{"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/2089"}],"collection":[{"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2089"}],"version-history":[{"count":1,"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/2089\/revisions"}],"predecessor-version":[{"id":2090,"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/2089\/revisions\/2090"}],"wp:attachment":[{"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}