Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

ISR's Scott Page says diverse teams produce optimal results

Bound, Geronimus, et al. find estimates of decreasing longevity among low-SES whites sensitive to measures and interpretations

Thompson casts doubt on the rehabilitative intentions of prison labor

More News

Highlights

Seefeldt discusses her book Abandoned Families, Wed, March 29, 4 PM, Annenberg Auditorium

U-M participants at PAA Annual Meeting, April 27-29

Heather Ann Thompson wins Bancroft Prize for History for 'Blood in the Water'

Michigan ranks in USN&WR top-10 grad schools for sociology, public health, labor economics, social policy, social psychology

More Highlights

Next Brown Bag

Mon, April 10, 2017, noon:
Elizabeth Bruch

Why don't we learn from poor choices? The consistency of expectation, choice, and memory clouds the lessons of experience

Archived Abstract of Former PSC Researcher

Schwarz, Norbert, and J. Xu. 2011. "Why don't we learn from poor choices? The consistency of expectation, choice, and memory clouds the lessons of experience." Journal of Consumer Psychology, 21(2): 142-145.

Why do consumers need advice on how to spend their money to improve their enjoyment of life? Why don't they learn this from daily experience? We propose that consumers' opportunity to learn from experience is impaired because hedonic experiences are fleeting. Once some time has passed, consumers rely on their general knowledge to reconstruct what the experience must have been, which is also the knowledge they use in hedonic prediction and choice. Given this overlap in inputs, prediction, choice and memory usually converge, leaving consumers with the impression that their predictions were correct and their choices wise. The actual in situ experience, however, may have been quite different. We illustrate these dynamics with a product many consumers want to spend their money on, namely, a luxury car. (C) 2011 Society for Consumer Psychology. Published by Elsevier Inc. All rights reserved.

DOI:10.1016/j.jcps.2011.02.006 (Full Text)

Country of focus: United States of America.

Browse | Search : All Pubs | Next