The "Gerschenkron effect" refers to the purported biases of early-weighted and late-weighted indices of production. If production is properly measured in what economists mean by "real" terms, the "Gerschenkron effect" does not exist at all.

Although decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons,...