We examine the nature of best-worst data for modeling consumer preferences and predicting their choices. We show that, contrary to the assumption of widely used models, the best and worst responses do not originate from the same data-generating process. We propose a sequential evaluation model...

Seeing others make the same decision we do does not always increase choice confidence or tell the whole story of social influence when consumers expect to have to publically discuss their choice and reasoning. Instead, consumers' confidence in their publically stated choices can be diminished if...

This paper reports on three laboratory experiments designed to investigate the roles of decision costs and rewards on the accuracy of economic decisions. The experimental vehicle is a purchase decision employing the Becker-DeGroot-Marshak (BDM) mechanism. The first experiment verifies the...

Across four studies, including one involving an actual monetary decision, the authors demonstrate that forming a product consideration set by excluding versus including alternatives induces consumers to place more weight on ethical attributes, such as company labor practices and animal testing....