Easy on the mind, easy on the wallet: The roles of familiarity and processing fluency in valuation judgments
Reads0
Chats0
TLDR
It is shown that people use familiarity and fluency—the ease with which they process information—to determine an item’s value.Abstract:
Although people routinely estimate the value of items in their environment, from goods and services to natural resources and lost earnings following an accident, the processes that underlie human valuation estimates are not well understood. We show that people use familiarity and fluency—the ease with which they process information—to determine an item’s value. In three experiments, participants believed that familiar forms of currency (e.g., a familiar $1 bill) had greater purchasing power than their unfamiliar counterparts (e.g., a rare and unfamiliar coin). Mechanistic analyses showed a positive correlation between participants’ familiarity with the unfamiliar currency and their estimates of its value. We conclude by discussing the theoretical and practical implications of our findings for researchers, marketing experts, and policymakers alike.read more
Citations
More filters
Journal ArticleDOI
Uniting the Tribes of Fluency to Form a Metacognitive Nation
TL;DR: The authors argue that fluency is a ubiquitous metacognitive cue in reasoning and social judgment and offers the first comprehensive review of such mechanisms and their implications for judgment and decision making.
Journal ArticleDOI
The Distancing–Embracing model of the enjoyment of negative emotions in art reception
Winfried Menninghaus,Valentin Wagner,Julian Hanich,Eugen Wassiliwizky,Thomas Jacobsen,Stefan Koelsch +5 more
TL;DR: It is argued that negative emotions are an important resource for the arts in general, rather than a special license for exceptional art forms only, and it is proposed that concomitant mixed emotions often help integrate negative emotions into altogether pleasurable trajectories.
Journal ArticleDOI
The effects of time perspective and level of construal on social distance.
TL;DR: It is demonstrated that expectations for temporally remote (versus proximal) social interaction produce greater social distance from a target person, measured as reduced familiarity and as reduced similarity to the self.
Journal ArticleDOI
The preference effect in design concept evaluation
TL;DR: In this article, the authors investigated whether designers systematically prefer their own ideas in concept evaluation and found a systematic preference of self-generated concepts in evaluation tasks, and discussed the implications of this preference effect on design practice.
Journal ArticleDOI
Money Isn’t Everything, but It Helps If It Doesn’t Look Used: How the Physical Appearance of Money Influences Spending
TL;DR: This paper showed that the physical appearance of money can override the influence of denomination, which suggests that money may be less fungible than people think, whereas people put a premium on crisp currency because they take pride in owning bills that can be spent around others.
References
More filters
Book
Judgment Under Uncertainty: Heuristics and Biases
Amos Tversky,Daniel Kahneman +1 more
TL;DR: The authors described three heuristics that are employed in making judgements under uncertainty: representativeness, availability of instances or scenarios, and adjustment from an anchor, which is usually employed in numerical prediction when a relevant value is available.
Journal ArticleDOI
Perception of risk.
TL;DR: This research aims to aid risk analysis and policy-making by providing a basis for understanding and anticipating public responses to hazards and improving the communication of risk information among lay people, technical experts, and decision-makers.
Journal ArticleDOI
Availability: A heuristic for judging frequency and probability
Amos Tversky,Daniel Kahneman +1 more
TL;DR: A judgmental heuristic in which a person evaluates the frequency of classes or the probability of events by availability, i.e., by the ease with which relevant instances come to mind, is explored.
Journal ArticleDOI
Attitudinal effects of mere exposure.
TL;DR: The exposure-attitude hypothesis as discussed by the authors suggests that mere repeated exposure of the individual to a stimulus object enhances his attitude toward it, i.e., exposure is meant a condition making the stimulus accessible to the individual's perception.