Since the emergence of neoclassical economics, individual decision making has been viewed largely from an outcome-maximizing perspective. Building on previous work, the authors suggest that when people make payment decisions, they consider not only their preferences for different alternatives but also guiding principles and behavioral rules. The authors describe and test two characteristics pertaining to …
Tag Archives: economic
DeVoe, S. E., &Pfeffer, J. (2011). Time is tight: How higher economic value of time increases feelings of time pressure. Journal of Applied Psychology, 96(4), 665-676.
The common heuristic association between scarcity and value implies that more valuable things appear scarcer (King, Hicks, & Abdelkhalik, 2009), an effect we show applies to time as well. In a series of studies, we found that both income and wealth, which affect the economic value of time, influence perceived time pressure. Study 1 found …
Buchanan, J. M. (1965). An economic theory of clubs. Economica, 32(125), 1-14.
초록 없음 Buchanan, J. M. (1965). An economic theory of clubs. Economica, 32(125), 1-14. https://doi.org/10.2307/2552442
Kahneman, D., Knetsch, J. L., &Thaler, R. H. (2008). The endowment effect: Evidence of losses valued more than gains.
The early empirical evidence of a wide disparity between people’s valuations of gains and losses appeared in results of contingent valuation studies in which respondents were asked both how much they would be willing to pay to prevent a loss of an environmental or other amenity, and what sum they would demand to accept …