Purpose – The purpose of this paper is to address the following questions: are sophisticated consumers more likely to be satisfied with their purchases? Are consumers who are more knowledgeable more apt to feel in control of their purchase decisions? Are they more likely to believe the...

How human expectations and behaviors impact the economy has been of interest to economists since at least Adam Smith. However, recent advances in psychological and social psychological research have led to an improved level of knowledge about human adaptation processes, as well as about...