Neuroeconomics How Neuroscience, Colin Camerer, George Loewenstein, Drazen Prelec
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn’t it all a question of brain chemistry, signals going back and forth, electrical...
Research Report Investment Behavior and the Negative Side of Emotion (2008)
Baba Shiv, George Loewenstein, Antoine Bechara, Hanna Damasio, Antonio R. Damasio
ABSTRACT—Can dysfunction in neural systems subserving emotion lead, under certain circumstances, to more advantageous decisions? To answer this question, we investigated how normal participants,...
A test of financial incentives to improve warfarin adherence (2008)
Volpp, Kevin G, Loewenstein, George, Troxel, Andrea B, Doshi, Jalpa, Price, Maureen, Laskin, Mitchell, ...
Abstract Background Sub-optimal adherence to warfarin places millions of patients at risk for stroke and bleeding complications each year. Novel methods are needed to improve adherence for warfarin....
Neuroeconomics How Neuroscience, Colin Camerer, George Loewenstein, Drazen Prelec
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn’t it all a question of brain chemistry, signals going back and forth, electrical...
draft: 10/25/02 Behavioral Economics: Past, Present, Future (2008)
Colin F. Camerer, George Loewenstein
Behavioral economics increases the explanatory power of economics by providing it with more realistic psychological foundations. This book consists of representative recent articles in behavioral...
draft: 10/25/02 Behavioral Economics: Past, Present, Future (2008)
Colin F. Camerer, George Loewenstein
Behavioral economics increases the explanatory power of economics by providing it with more realistic psychological foundations. This book consists of representative recent articles in behavioral...
Neuroeconomics How Neuroscience, Colin Camerer, George Loewenstein, Drazen Prelec
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn’t it all a question of brain chemistry, signals going back and forth, electrical...
Z. Journal of Risk and Uncertainty, 19:13; 171197 1999 (2008)
Choice Bracketing Daniel, Daniel Read, George Loewenstein
When making many choices, a person can broadly bracket them by assessing the consequences of all of them taken together, or narrowly bracket them by making each choice in isolation. We integrate...
Dan Ariely, George Loewenstein
Role of Duration 2 Research on sequences of outcomes shows that people care about features of the experience, such as improvement or deterioration over time, and peak and end levels, that the...
Sequential Choice in Group Settings: Taking the Road Less Traveled and Less Enjoyed (2007)
Dan Ariely, Jonathan Levav, Kristin Diehl, Rebecca Hamilton, George Loewenstein, Rebecca Ratner, ...
We begin with a true story of a brunch honoring a colleague who had recently accepted an academic position at a west coast university. To celebrate this joyous occasion, we chose a restaurant that...
It must be awful for them (2006)
Heather P. Lacey, Angela Fagerlin, George Loewenstein, Dylan M. Smith, Jason Riis, Peter A. Ubel
When survey respondents rate the quality of life (QoL) associated with a health condition, they must not only evaluate the health condition itself, but must also interpret the meaning of the rating...
Deborah A. Small, George Loewenstein
Prior research has confirmed Thomas Schelling’s observation that people are more sympathetic and hence generous toward specific identified victims than toward ‘‘statistical’ ’ victims who...
Jason Riis, Jonathan Baron, George Loewenstein, Christopher Jepson, Angela Fagerlin, Peter A. Ubel, ...
Healthy people generally underestimate the self-reported well-being of people with disabilities and serious illnesses. The cause of this discrepancy is in dispute, and the present study provides...
Neuroeconomics: How Neuroscience Can Inform Economics (2005)
Colin Camerer, George Loewenstein, Drazen Prelec, David Laibson, Read Montague, Charlie Plott, ...
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn't it all a question of brain chemistry, signals going back and forth,...
Ubel, Peter A., Loewenstein, George, Jepson, Christopher
There is often a discrepancy between quality of life estimates from patients and the general public. These discrepancies are of concern to the disability community, who worry that the public does not...
Don A. Moore, George Loewenstein, Lloyd Tanlu, Max H. Bazerman
Information about the financial health of public companies provided by auditors ideally allows investors to make informed decisions and enhances the efficiency of financial markets. However, under...
Projection Bias in Predicting Future Utility (2000)
Loewenstein, George, O'Donoghue, Ted, Rabin, Matthew
People underappreciate how their own behavior and exogenous factors affect their future utility, and thus exaggerate the degree to which their future preferences resemble their current preferences....
Projection bias in predicting future utility (2000)
George Loewenstein, Chris Harris
People exaggerate the degree to which their future tastes will resemble their current tastes. We present evidence from a variety of domains which demonstrates the prevalence of such projection bias,...
Dan Ariely, Daniel Kahneman, George Loewenstein
Loewenstein wrote a response. But we were afraid that the two pieces exaggerated our differences and failed to represent our considerable areas of agreement. The purpose of this commentary is to...
Projection Bias in Predicting Future Utility (2000)
George Loewenstein, Ted O'Donoghue, Matthew Rabin
People underappreciate how their own behavior and exogenous factors affect their future utility, and thus exaggerate the degree to which their future preferences resemble their current preferences....
Wouldn't It Be Nice? Predicting Future Feelings (1997)
George Loewenstein, David Schkade, We Thank Diener, Daniel Kahneman
ly on the accuracy of the prediction; errors in predicting feelings are measured in units of divorce, dropout, career burnout and consumer dissatisfaction. The accuracy of people's predictions...
Predicting Future Feelings (1997)
George Loewenstein, David Schkade
In the Beach Boys song "wouldn't it be nice " an adolescent laments parental oppression which stands in the way of the anticipated bliss of marriage to his sweetheart. If his...
Labor Supply of New York City Cab Drivers: One Day At A time
Camerer, Colin, Babcock, Linda, Loewenstein, George, Thaler, Richard
Neuroeconomics: Why Economics Needs Brains
Colin F. Camerer, George Loewenstein, Drazen Prelec
Neuroeconomics uses knowledge about brain mechanisms to inform economic theory. It opens up the "black box" of the brain, much as organizational economics opened up the theory of the firm....
Neuroeconomics: How Neuroscience Can Inform Economics
Colin Camerer, George Loewenstein, Drazen Prelec
Neuroeconomics uses knowledge about brain mechanisms to inform economic analysis, and roots economics in biology. It opens up the "black box" of the brain, much as organizational economics adds...
Explaining Bargaining Impasse: The Role of Self-Serving Biases.
Babcock, Linda, Loewenstein, George
The authors review studies conducted by themselves and coauthors that document a 'self-serving' bias in judgments of fairness and demonstrate that the bias is an important cause of impasse in...
Mistake #37: The Effect of Previously Encountered Prices on Current Housing Demand
Uri Simonsohn, George Loewenstein
Based on contrast effects studies from psychology, we predicted that movers arriving from more expensive cities would rent pricier apartments than those arriving from cheaper cities. We also...
A Bias in the Prediction of Tastes.
Loewenstein, George, Adler, Daniel
Recent research has documented an 'endowment effect' whereby people become more attached to objects they receive than would be predicted from their prior desire to possess the object. In two...
Helping a Victim or Helping the Victim: Altruism and Identifiability.
Small, Deborah A, Loewenstein, George
Although it has been claimed that people care more about identifiable than statistical victims, demonstrating this "identifiable victim effect" has proven difficult because identification usually...
Read, Daniel, Loewenstein, George, Rabin, Matthew
When making many choices, a person can broadly bracket them by assessing the consequences of all of them taken together. or narrowly bracket them by making each choice in isolation. We integrate...
Explaining the "Identifiable Victim Effect."
Jenni, Karen E, Loewenstein, George
It is widely believed that people are willing to expend greater resources to save the lives of identified victims than to save equal numbers of unidentified or statistical victims. There are many...
Dynamic Processes in Risk Perception.
Loewenstein, George, Mather, Jane
This article examines how public concern about different social problems changes over time in response to fluctuations in problem severity. Examining time series of concern and objective severity for...
Altered states: The impact of immediate craving on the valuation of current and future opioids
Badger, Gary J., Bickel, Warren K., Giordano, Louis A., Jacobs, Eric A., Loewenstein, George, Marsch, Lisa
Misperceiving the value of information in predicting the performance of others
George Loewenstein, Don Moore, Roberto Weber
Economic models typically allow for “free disposal†or “reversibility†of information, which implies non-negative value. Building on previous research on the “curse of...
Because It Is There: The Challenge of Mountaineering . . . for Utility Theory.
I argue that four sources of utility that have rarely been incorporated into economic analyses--self-signaling (self-esteem), goal completion, mastery, and meaning--constitute extremely important...
Time Discounting and Time Preference: A Critical Review
Shane Frederick, George Loewenstein, Ted O'Donoghue
This paper discusses the discounted utility (DU) model: its historical development, underlying assumptions, and "anomalies"--the empirical regularities that are inconsistent with its theoretical...
Adam Smith, Behavioral Economist
Nava Ashraf, Colin F. Camerer, George Loewenstein
Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral...
Projection Bias in Predicting Future Utility
George Loewenstein, Ted O'Donoghue, Matthew Rabin
People underappreciate how their own behavior and exogenous factors affect their future utility, and thus exaggerate the degree to which their future preferences resemble their current preferences....
Anticipation and the Valuation of Delayed Consumption.
This paper presents a model of intertemporal choice that incorporates "savoring" and "dread"-i.e., utility from anticipat ion of delayed consumption. The model explains why an individual with...
Tom Sawyer and the construction of value
Dan Ariely, George Loewenstein, Drazen Prelec
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...
Dan Ariely, Uri Gneezy, George Loewenstein, Nina Mazar
Most upper-management and sales force personnel, as well as workers in many other jobs, are paid based on performance, which is widely perceived as motivating effort and enhancing productivity...
Projection Bias in Predicting Future Utility
George Loewenstein, Ted O'Donoghue, Matthew Rabin
People underappreciate how their own behavior and exogenous factors affect their future utility, and thus exaggerate the degree to which their future preferences resemble their current preferences....
Projection Bias In Predicting Future Utility
George Loewenstein, Ted O'Donoghue, Matthew Rabin
People exaggerate the degree to which their future tastes will resemble their current tastes. We present evidence from a variety of domains which demonstrates the prevalence of such projection bias,...
"Coherent Arbitrariness": Stable Demand Curves Without Stable Preferences
Dan Ariely, George Loewenstein, Drazen Prelec
In six experiments we show that initial valuations of familiar products and simple hedonic experiences are strongly influenced by arbitrary "anchors" (sometimes derived from a person's social...
Anomalies in Intertemporal Choice: Evidence and an Interpretation.
Loewenstein, George, Prelec, Drazen
Research on decision-making under uncertainty has been strongly influenced.by the documentation of numerous expected utility anomalies--behaviors that violate the expected utility axioms. The...
Myopic risk-seeking: The impact of narrow decision bracketing on lottery play
Emily Haisley, Romel Mostafa, George Loewenstein
Decision framing, Bracketing, State lotteries, Myopic loss aversion, Peanuts effect, Gambling, C91, D81, I30,
It must be awful for them: Healthy people overlook disease variability in quality of life judgments.
Heather P. Lacey, Angela Fagerlin, George Loewenstein, Dylan M. Smith, Jason Riis, Peter A. Ubel
When survey respondents rate the quality of life (QoL) associated with a health condition, they must not only evaluate the health condition itself, but must also interpret the meaning of the rating...
Projection Bias in Predicting Future Utility
Loewenstein, George, O'Donoghue, Ted, Rabin, Matthew
People exaggerate the degree to which their future tastes will resemble their current tastes. We present evidence from a variety of domains which demonstrates the prevalence of such projection bias,...
Animal Spirits: Affective and Deliberative Processes in Economic Behavior
Loewenstein, George, O'Donoghue, Ted
The economic conception of human behavior assumes that a person has a single set of well-defined goals, and that the person's behavior is chosen to best achieve those goals. We develop a model in...
Hedonic adaptation and the role of decision and experience utility in public policy
Loewenstein, George, Ubel, Peter A.
Many economists are becoming supportive of [`]soft' paternalistic interventions that help people to avoid common decision errors without curtailing individual autonomy. To identify when such...
When Ignorance Is Bliss: Information Exchange and Inefficiency in Bargaining
George Loewenstein, Don A. Moore
Most theories of legal discovery assume that the sharing of information among disputing parties will lead to convergence of expectations and facilitate settlement. However, psychological research...
The Dirt on Coming Clean: Perverse Effects of Disclosing Conflicts of Interest
Daylian M. Cain, George Loewenstein, Don A. Moore
Conflicts of interest can lead experts to give biased and corrupt advice. Although disclosure is often proposed as a potential solution to these problems, we show that it can have perverse effects....
The Curse of Knowledge in Economic Settings: An Experimental Analysis.
Camerer, Colin, Loewenstein, George, Weber, Martin
In economic analyses of asymmetric information, better-informed agents are assumed capable of reproducing the judgments of less-informed agents. The authors discuss a systematic violation of this...
The Creative Destruction of Decision Research.
The most recent wave of decision research goes beyond the usual critiques of linear probability weighting, exponential discounting, and other specialized assumptions, and challenges some of the most...
The Effect of Ownership History on the Valuation of Objects.
Strahilevitz, Michal A, Loewenstein, George
Previous work on the endowment effect has demonstrated that current ownership status affects object valuation and that this effect occurs instantaneously on possession of an object. The current work...
Conflicting motives in evaluations of sequences
Shane Frederick, George Loewenstein
Time preference, Sequences, Constructed preferences,
Scott I. Rick, Cynthia E. Cryder, George Loewenstein
Consumers often behave differently than they would ideally like to behave. We propose that an anticipatory pain of paying drives "tightwads" to spend less than they would ideally like to spend....
Pain and Suffering Awards: They Shouldn't Be (Just) about Pain and Suffering
Peter A. Ubel, George Loewenstein
In this paper, we challenge the conventional view that pain-and-suffering awards should be interpreted literally as a compensation for feelings of pain and suffering. People adapt to conditions as...
Niklas Karlsson, George Loewenstein, Jane McCafferty
In this paper we draw attention to an important motive – the desire for meaning – that drive considerable human behavior and economic activity, but has been largely ignored by economists. We...
A test of financial incentives to improve warfarin adherence
Volpp, Kevin G, Loewenstein, George, Troxel, Andrea B, Doshi, Jalpa, Price, Maureen, Laskin, Mitchell, ...
The ostrich effect: Selective attention to information
Niklas Karlsson, George Loewenstein, Duane Seppi
Selective exposure, Attention, Investor behavior, D81, D83,
DAN ARIELY, URI GNEEZY, GEORGE LOEWENSTEIN, NINA MAZAR
Workers in a wide variety of jobs are paid based on performance, which is commonly seen as enhancing effort and productivity relative to non-contingent pay schemes. However, psychological research...