Do people have an irrational dislike for risk? People pay less for uncertain prospects than their worst possible outcomes (Gneezy, List, and Wu 2006), and researchers have proposed that this effect occurs because people strongly dislike risk. We challenge this proposition across seven studies....

People often make judgments about their own and others' valuations and preferences. Across 12 studies (N=18,818), we find a robust bias in these judgments such that people overestimate the valuations and preferences of others. This overestimation arises because, when making predictions about...

Across seven studies (N = 9,028), we provide evidence that quantity requests, wherein people consider multiple choice options of how much to donate (e.g., $5, $10, or $15), increase contributions compared to open-ended requests. Specifically, quantity requests encourage greater donations (Study...

How do people use ranking information when evaluating products? In seven pre-registered experiments, we find a persistent preference for products ranked within shorter lists (vs. longer lists). For instance, participants rated a product ranked 2nd on a list of 8 products more positively and...

One of the most prominent areas of research in psychology concerns understanding people’s preferences. In this paper, we critically examine one of the most used preference elicitation procedures: willingness-to-pay (WTP). Contrary to assumptions that WTP captures personal preferences (i.e.,...

As technology and big data join forces, consumers are increasingly able to receive customized options. However, despite the abundance of available choice options, people may not necessarily view their choice options as customized to their wants and needs. Across five studies, we provide evidence...

Though consumers frequently face uncertainty, much of that uncertainty is eventually resolved (e.g., a person entered in a raffle eventually learns what prize they have received). How do people evaluate options (e.g., prizes) that result from uncertainty (e.g., an uncertain raffle)? Seven...

Building on previous research in economics and psychology, we propose that the costliness of initial prosocial behavior positively influences whether that behavior leads to consistent future behaviors. We suggest that <i>costly</i> prosocial behaviors serve as a signal of prosocial identity and that...