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

PSC In The News

RSS Feed icon

Frey comments on why sunbelt metro area economies are still struggling

Krause says having religious friends leads to gratitude, which is associated with better health

Work by Bailey and Dynarski on growing income gap in graduation rates cited in NYT

Highlights

Martha Bailey and Nicolas Duquette win Cole Prize for article on War on Poverty

Michigan's graduate sociology program tied for 4th with Stanford in USN&WR rankings

Jeff Morenoff makes Reuters' Highly Cited Researchers list for 2014

Susan Murphy named Distinguished University Professor

Next Brown Bag

Monday, Sep 22
Paula Fomby (Michigan), Family Complexity, Siblings, and Children's Aggressive Behavior at School Entry

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