A field study conducted in Shanghai identified a robust inconsistency between real estate developers' desired sales pattern (selling all apartments in a building at similar rates) and the actual sales pattern (selling good apartments faster). The authors explained this inconsistency with...

A medium - for example, points or money - is a token people receive as the immediate reward of their effort.It has no value in and of itself, but it can be traded for a desired outcome. Experiments demonstrate that, when people are faced with options entailing different outcomes, the presence of...

In a field study, we identified an intriguing inconsistency between real estate developers' desired sales pattern (selling all apartments at the same rate) and the actual sales pattern (selling good apartments faster). We explained this inconsistency with Tversky, Sattath and Slovic (1988)'s...