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...

Laboratory experiments have provided useful information about how people behave in risky siluations. In particular, such experiments have allowed for the observation of many deviations from the predictions of expected utility theory. There is some dispute, however, over the effect ofthe use of...

Individual preferences can vary significantly by the mode in which they are elicited. Thus, the seemingly benign procedural issue of elicitation mode (i.e., choice, buying price, rating, matching) could have a profound effect on group decisions, although elicitation mode has not been much...

This research shows that consumers who willfully ignore ethical product attributes denigrate other, more ethical consumers who seek out and use this information in making purchase decisions. Across three studies, willfully ignorant consumers negatively judge ethical others they have never met...