Reference point mechanism - combined approach from neuroscience and economics
To investigate the mechanisms behind this, Dr. Tymula studied the way people assign value to consumer goods. Using a classic experimental test, she discovered that the amount subjects were willing to pay for an item depended heavily on the price presented as “likely” to be the real price. When this was higher than their original bid, people very frequently increased the amount they would pay. This flexible valuation happened even more strongly the more subjects desired the product in question. Dr. Tymula’s results help explain discrepancies in earlier studies, and may well prove important in marketing, decision-making and policies on the provision of public goods.
New York University
Optical Illusions in Our Finances?
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