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While the significance of narrative thinking has been increasingly recognized by social scientists, very little empirical research has documented its consequences for economically significant outcomes. The current paper addresses this gap in one important domain: valuations. In three...
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experiment as close to actual market conditions as possible. In particular, when dealing with products characterized by a large … number of attributes, the construction of the experiment poses the issue of how to express the choice question providing … render the conditions of the experiment more realistic. This methodology is applied to the case study of wine and is …
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Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study we investigate if this willingness to accept and willingness to pay disparity sustains for state contingent claims. Contingent claims are defined using risky, ambiguous, and...
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Conjoint choice designs are frequently applied in practice, and often a base alternative is added to the design. When such a 'no-choice' base alternative is present in conjoint choice experiments a constant term should be added to the design ('X'-) matrix with attribute dummies when effects type...
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