Are 'true' preferences revealed in repeated markets? An experimental demonstration of context-dependent valuations

Experimental Economics

Volumn 13, Issue 1, 2010, Pages 1-13

  Tufano, Fabio ^a,b  

^a UNIVERSITY OF INSUBRIA   (Italy)

^b CeDEx   (United Kingdom)

Author keywords

Anomalies; Auctions; Economic principles; Experiments; Social interactions; Valuations

Indexed keywords

EID: 77149156290     PISSN: 13864157     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10683-009-9226-8     Document Type: Article

References (22)

1. Ariely, D., Loewenstein, G., & Prelec, D. (2003). Coherent arbitrariness: stable demand curves without stable preferences. Quarterly Journal of Economics, 118(1), 73-105.
2. Bernheim, B. D., & Rangel, A. (2007). Behavioral public economics: welfare and policy analysis with non-standard decision-makers. In P. Diamond & H. Vartiainen (Eds.), Behavioral economics and its applications (pp. 7-77). Princeton: Princeton University Press.
3. Braga, J., Humphrey, S. J., & Starmer, C. (2009). Market experience eliminates some anomalies-and creates new ones. European Economic Review, 53(4), 401-416.
4. Camerer, C. (1995). Individual decision making. In J. H. Kagel & A. E. Roth (Eds.), The handbook of experimental economics (pp. 587-703). Princeton: Princeton University Press.
5. Camerer, C., Issacharoff, S., Loewenstein, G., O'Donoghue, T., & Rabin, M. (2003). Regulation for conservatives: behavioral economics and the case for asymmetric paternalism. University of Pennsylvania Law Review, 151(3), 1211-1254.
6. Chapman, G. B., & Johnson, E. (2002). Incorporating the irrelevant: anchors in judgments of belief and value. In T. Gilovich, D. W. Griffin & D. Kahneman (Eds.), Heuristics and biases: the psychology of intuitive judgment (pp. 120-138). New York: Cambridge University Press.
7. Cooper, D. J., & Rege, M. (2008). Social interaction effects and choice under uncertainty: an experimental study. Mimeo.
8. Durlauf, S. (2004). Neighborhood effects. In J. V. Henderson & J.-F. Thisse (Eds.), The handbook of regional and urban economics (Vol. 4, pp. 2173-2242). Amsterdam: North-Holland.
9. Glaeser, E. L. (2006). Paternalism and psychology. University of Chicago Law Review, 73(1), 133-156.
10. Goeree, J. K., & Yariv, L. (2007). Conformity in the lab. Mimeo.
11. Harrison, G. W., Harstad, R. H., & Rustrom, E. E. (2004). Experimental methods and elicitation of values. Experimental Economics, 7(2), 123-140.
12. Knetsch, J., Tang, F. F., & Thaler, R. (2001). The endowment effect and repeated market trials: is the Vickrey auction demand revealing? Experimental Economics, 4(3), 257-269.
13. List, J. A. (2003). Does market experience eliminate market anomalies? Quarterly Journal of Economics, 118(1), 41-71.
14. Loomes, G., Starmer, C., & Sugden, R. (2003). Do anomalies disappear in repeated markets? Economic Journal, 113(486), C153-C166.
15. Lusk, L., & Shogren, J. F. (2007). Experimental auctions: methods and applications in economic and marketing research. New York: Cambridge University Press.
16. Marsh, B. (2002). Heuristics as social tools. New Ideas in Psychology, 20(1), 49-57.
17. Plott, C. R. (1996). Rational individual behaviour in market and social choice processes: the discovered preference hypothesis. In H. J. Arrow, E. Colombatto, M. Perlman & C. Schmidt (Eds.), The rational foundations of economic behaviour (pp. 225-250). London: Macmillan.
18. Slovic, P., Griffin, D., & Tversky, A. (2002). Compatibility effects in judgement and choice. In T. Gilovich, D. W. Griffin & D. Kahneman (Eds.), Heuristics and biases: the psychology of intuitive judgment (pp. 217-229). New York: Cambridge University Press.
19. Shogren, J. F. (2006). Valuation in the lab. Environmental and Resource Economics, 34(1), 163-172.
20. Starmer, C. (2000). Developments in non-expected utility theory: the hunt for a descriptive theory of choice under risk. Journal of Economic Literature, 38(2), 332-382.
21. Thaler, R. H., & Sunstein, C. R. (2003). Libertarian paternalism. American Economic Review, 93(2), 175-179.
22. Todd, P. M., Rieskamp, J., & Gigerenzer, G. (2008). Social heuristics. In C. R. Plott & V. L. Smith (Eds.), Handbook of experimental economics results (Vol. 1, pp. 1035-1046). Amsterdam: North-Holland.