Tom Sawyer and the construction of value
Abstract: This paper challenges the common assumption that economic agents know their tastes. After reviewing previous research showing that valuation of ordinary products and experiences can be manipulated by non-normative cues, we present three studies showing that in some cases people do not even have a pre-existing sense of whether an experience is good or bad ? even when they have experienced a sample of it.
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Provider: Federal Reserve Bank of Boston
Part of Series: Working Papers
Publication Date: 2005