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We provide a novel account of experimental evidence for the endowment effect using the salience mechanism (Bordalo, Gennaioli, and Shleifer, 2011). The two-stage procedure implemented in experiments implies that the endowed good and other goods are evaluated in different contexts. We describe...
Persistent link: https://www.econbiz.de/10012460898
We present a model of judgment under uncertainty, in which an agent combines data received from the external world with information retrieved from memory to evaluate a hypothesis. We focus on what comes to mind immediately, as the agent makes quick, intuitive evaluations. Because the automatic...
Persistent link: https://www.econbiz.de/10012463565
We explore the idea that judgment by representativeness reflects the workings of episodic memory, especially interference. In a new laboratory experiment on cued recall, participants are shown two groups of images with different distributions of colors. We find that i) decreasing the frequency...
Persistent link: https://www.econbiz.de/10012479623
People often estimate probabilities, such as the likelihood that an insurable risk will materialize or that an Irish person has red hair, by retrieving experiences from memory. We present a model of this process based on two established regularities of selective recall: similarity and...
Persistent link: https://www.econbiz.de/10012629493
We conduct a laboratory experiment on the determinants of beliefs about own and others' ability across different domains. A preliminary look at the data points to two distinct forces: miscalibration in estimating performance depending on the difficulty of tasks and gender stereotypes. We develop...
Persistent link: https://www.econbiz.de/10012455708
We explore the idea that judgment by representativeness reflects the workings of episodic memory, especially interference. In a new laboratory experiment on cued recall, participants are shown two groups of images with different distributions of colors. We find that i) decreasing the frequency...
Persistent link: https://www.econbiz.de/10012889953
Persistent link: https://www.econbiz.de/10013547718
We present a model of judgment under uncertainty, in which an agent combines data received from the external world with information retrieved from memory to evaluate a hypothesis. We focus on what comes to mind immediately, as the agent makes quick, intuitive evaluations. Because the automatic...
Persistent link: https://www.econbiz.de/10013152441
Persistent link: https://www.econbiz.de/10014427908
Persistent link: https://www.econbiz.de/10008664760