Common sense suggests that consumers make more satisfying decisions as they consider their options more closely. Yet we argue that such close consideration can have undesirable consequences because it may induce attachment to the options - a sense of prefactual ownership of the choice options....

This paper examines the impact of currency numerosity on consumer perceptions of the value of transactions. It extends current theorizing on money illusion in several important ways. We propose a conceptualization that not only considers the nominal prices faced by consumers but, in line with...

Despite well-meaning intentions, people rarely allocate their charitable donations in the most cost-effective way possible. The manner in which cost-effectiveness information is presented can be a contributing factor. In four studies (N = 2,725), when we inform participants of the cost of a unit...

Unlike typical negotiation experiments, we investigate when people initiate negotiations when there are no overt prescriptions to negotiate. In a novel paradigm, participants played a word game and were subsequently offered the lowest compensation possible by the experimenter. Consistently,...

The endowment effect – the tendency for owners (potential sellers) to value objects more than potential buyers – is among the most widely studied judgment and decision-making phenomena. However, the current research is the first to explore whether the effect varies across cultures. Given...