Auctions, normally considered as devices facilitating trade, also provide a way to probe mechanisms governing one's valuation of some good or action. One of the most intriguing phenomena in auction behavior is the winner's curse --- the strong tendency of participants to bid more than rational...

When survey respondents rate the quality of life (QoL) associated with a health condition, they must not only evaluate the health condition itself, but must also interpret the meaning of the rating scale in order to assign a specific value. The way that respondents approach this task depends on...

Slowing climate change will almost certainly require a reduction in greenhouse gas emissions, but agreement on who should reduce emissions by how much is difficult, in part because of the self-serving bias---the tendency to believe that what is beneficial to oneself is also fair. Conducting...

Is variety of the spice of life? The present research suggests that the answer depends on the rate of consumption. In three experiments, we find that, whereas a variety of stimuli is preferred to repetition of even a better-liked single stimulus when consumption is continuous, this preference...