Abstract

http://ssrn.com/abstract=929942
 
 

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Lay Rationalism and Inconsistency between Predicted Experience and Decision


Christopher K. Hsee


University of Chicago - Booth School of Business

Frank Yu


China Europe International Business School

Jiao Zhang


University of Chicago - Booth School of Business

Yiheng Xi


Hong Kong University of Science & Technology


Journal of Behavioral Decision Making, Vol. 16, 2003

Abstract:     
Decision-makers are sometimes depicted as impulsive and overly influenced by hot,affective factors. The present research suggests that decision-makers may be too cold and overly focus on rationalistic attributes, such as economic values, quantitative specifications,and functions. In support of this proposition, we find a systematic inconsistency between predicted experience and decision. That is, people are more likely to favor a rationalistically-superior option when they make a decision than when they predict experience. We discuss how this work contributes to research on predicted and decision utilities; we also discuss when decision-makers overweight hot factors and when they overweight cold factors.

Number of Pages in PDF File: 16

Keywords: experienced utility, lay rationalism, rationality, experienced utility, affective forecasting, happiness

JEL Classification: D81, D11, D12, D91

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Date posted: October 11, 2006  

Suggested Citation

Hsee, Christopher K. and Yu, Frank and Zhang, Jiao and Xi, Yiheng, Lay Rationalism and Inconsistency between Predicted Experience and Decision. Journal of Behavioral Decision Making, Vol. 16, 2003. Available at SSRN: http://ssrn.com/abstract=929942

Contact Information

Christopher K. Hsee (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
Fang Yu
China Europe International Business School ( email )
Shanghai-Hongfeng Road
Shanghai 201206
Shanghai 201206
China
Jiao Zhang
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
Yiheng Xi
Hong Kong University of Science & Technology
Clearwater Bay
Kowloon
Hong Kong
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