When asked to mentally simulate coin tosses, people generate sequences which differ systematically from those generated by fair coins. It has been rarely noted that this divergence is apparent already in the very first mental toss. Analysis of several existing data sets reveals that about 80% of...

This paper challenges the common assumption that economic agents know their tastes. After reviewing previous research showing that valuation of ordinary products and experiences can be manipulated by non-normative cues, we present three studies showing that in some cases people do not even have...