We study how decision makers choose when faced with multiple plays of a gamble or investment. When evaluating multiple plays of a simple mixed gamble, a chance to win x or lose y, subjects show a sensitivity to the amount to lose on a single trial, holding the distribution of returns for the portfolio constant; …
카테고리 글 보관함:행복DB
Arkes, H. R., &Blumer, C. (1985). The psychology of sunk cost. Organizational behavior and human decision processes, 35(1), 124-140.
The sunk cost effect is manifested in a greater tendency to continue an endeavor once an investment in money, effort, or time has been made. Evidence that the psychological justification for this behavior is predicated on the desire not to appear wasteful is presented. In a field study, customers who had initially paid more for …
Amir, O., Ariely, D., &Carmon, Z. (2008). The dissociation between monetary assessment and predicted utility. Marketing Science, 27(6), 1055-1064.
We 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 dissociation is the difference …
Simmons, J. P., LeBoeuf, R. A., &Nelson, L. D. (2010). The effect of accuracy motivation on anchoring and adjustment: Do people adjust from provided anchors?
Increasing accuracy motivation (e.g., by providing monetary incentives for accuracy) often fails to increase adjustment away from provided anchors, a result that has led researchers to conclude that people do not effortfully adjust away from such anchors. We challenge this conclusion. First, we show that people are typically uncertain about which way to adjust from …
Norton, M. I., Mochon, D., &Ariely, D. (2012). The IKEA effect: When labor leads to love. Journal of consumer psychology, 22(3), 453-460.
In four studies in which consumers assembled IKEA boxes, folded origami, and built sets of Legos, we demonstrate and investigate boundary conditions for the IKEA effect—the increase in valuation of self-made products. Participants saw their amateurish creations as similar in value to experts’ creations, and expected others to share their opinions. We show that labor …
Carmon, Z., &Ariely, D. (2000). Focusing on the forgone: How value can appear so different to buyers and sellers. Journal of consumer research, 27(3), 360-370.
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 …
Wolf, J. R., Arkes, H. R., &Muhanna, W. A. (2008). The power of touch: An examination of the effect of duration of physical contact on the valuation of objects
The duration of ownership has been shown to increase the valuation of items that people currently own as well as items they have owned in the past, a phenomenon termed the “length-of-ownership effect.” We hypothesize that the duration of exposure to an item will foster increased pre-ownership attachment to an item and increased valuations in …
Prelec, D., &Simester, D. (2001). Always leave home without it: A further investigation of the credit-card effect on willingness to pay. Marketing letters, 12(1), 5-12.
In studies involving genuine transactions of potentially high value we show that willingness-to-pay can be increased when customers are instructed to use a credit card rather than cash. The effect may be large (up to 100%) and it appears unlikely that it arises due solely to liquidity constraints. In addition to demonstrating the effect, we …
Feinberg, R. A. (1986). Credit cards as spending facilitating stimuli: A conditioning interpretation. Journal of consumer research, 13(3), 348-356.
Four experiments and one study were conducted to test the hypothesis that stimuli associated with spending can elicit spending responses. In all experiments, credit card stimuli were either present or absent in situations in which subjects were given an opportunity to spend. Credit card stimuli directed spending such that the probability, speed, or magnitude of …
Chatterjee, P., &Rose, R. L. (2011). Do payment mechanisms change the way consumers perceive products?. Journal of Consumer Research, 38(6), 1129-1139.
Do payment mechanisms change the way consumers perceive products? We argue that consumers for whom credit cards (cash) have been primed focus more on benefits (costs) when evaluating a product. In study 1, credit card (cash) primed participants made more (fewer) recall errors regarding cost attributes. In a word recognition task (study 2), participants primed …