The authors hypothesized that uncertainty following a positive event prolongs the pleasure it causes and that people are generally unaware of this effect of uncertainty. In 3 experimental settings, people experienced a positive event (e.g., received an unexpected gift of a dollar coin attached to an index card) under conditions of certainty or uncertainty (e.g., …
태그 글 보관함:Uncertainty
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1991). The endowment effect, loss format, and status quo bias. Journal of Economic Perspectives, 5, 193-206.
A wine-loving economist we know purchased some nice Bordeaux wines years ago at low prices. The wines have greatly appreciated in value, so that a bottle that cost only $10 when purchased would now fetch $200 at auction. This economist now drinks some of this wine occasionally, but would neither be willing to sell the …