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http://hdl.handle.net/10419/55640
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| Title: | | Public and private values  |
| Authors: | | Ariely, Dan Bracha, Anat L'Huillier, Jean-Paul |
| Issue Date: | | 2010 |
| Series/Report no.: | | Working paper series // Federal Reserve Bank of Boston 10-5 |
| Abstract: | | This paper experimentally examines whether looking at other people“s pricing decisions is a type of heuristic - a decisionmaking rule - that people use even when it is not applicable, as in the case of clearly private value goods. We find evidence that this indeed is the case - an individual“s valuation of a purely subjective experience under full information, elicited using an incentive compatible mechanism, is highly influence by valuations made by others. This result can shed light on price behavior, price rigidities, and rents. |
| JEL: | | J64 E24 J11 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Paper Series, Federal Reserve Bank of Boston
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