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Title:Public and private values PDF Logo
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 peopleĀ“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 individualĀ“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.
Document Type:Working Paper
Appears in Collections:Working Paper Series, Federal Reserve Bank of Boston

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