A framework is proposed for organizing phenomena related to the (mis)predictionof utility, in particular neglecting adaptation. A categorization is introduced that accounts forasymmetries in misprediction. In decision-making, goods and activities satisfying extrinsicdesires are more salient than...

A framework is proposed for organizing phenomena related to the (mis)prediction of utility, in particular neglecting adaptation. A categorization is introduced that accounts for asymmetries in misprediction. In decision-making, goods and activities satisfying extrinsic desires are more salient...

In a simple conceptual framework, we organize a multitude of phenomena related to the (mis)prediction of utility. Consequences in terms of distorted choices and lower well-being emerge if people have to trade-off between alternatives that are characterized by attributes satisfying extrinsic...

A Discrete Choice Experiment (DCE) in the health-care sector is used to test the lossaversion theory that is derived from reference-dependent preferences: The absolutesubjective value of a deviation from a reference point is generally greater when the deviationrepresents a loss than when the...

Individuals make systematic mistakes in their decisions, because they mispredict utility from choice options. When deciding, extrinsic attributes of choice options are more salient than intrinsic attributes. Adaptation is neglected, recollection of feelings is distorted, decisions are...

Individuals make systematic mistakes in their decisions, because they mispredict utility from choice options. When deciding, extrinsic attributes of choice options are more salient than intrinsic attributes. Adaptation is neglected, recollection of feelings is distorted, decisions are...

A framework is proposed for organizing phenomena related to the (mis)predictionof utility, in particular neglecting adaptation. A categorization is introduced that accounts forasymmetries in misprediction. In decision-making, goods and activities satisfying extrinsicdesires are more salient than...

In important situations, individual decision-making is systematically biased. Whendeciding (rather than consuming), extrinsic attributes of choice options are more salient thanintrinsic attributes. People overestimate extrinsic attributes and therefore put too much effortinto acquiring income...

Individuals make systematic mistakes in their decisions, because they mispredict utility from choice options. When deciding, extrinsic attributes of choice options are more salient than intrinsic attributes. Adaptation is neglected, recollection of feelings is distorted, decisions are...