A new model of exchange is presented following Marr's conception of a "computational theory". The model combines assumptions from perceptual theory and economic theory to develop a highly generalised formal model. The approach departs from previous models by focussing not on how ownership alters...

Previous studies suggest that two otherwise robust 'anomalies' - preference reversals and disparities between buying and selling valuations - are eroded when respondents participate in repeated markets. We report an experiment which investigates whether this is true when factors neglected in...

We present a theory of exchange that provides an alternative explanation for the endowment effect. Unlike standard neoclassical theories and Prospect Theory, our approach is not based on preference structure, but on adaptive responses to the problem of exchange when value is uncertain. We...

This paper explores heterogeneity in preferences for renewable home heating, more specifically heat pump systems, using a novel combination of psychological construct statements, based on the theory of planned behavior, and a discrete choice experiment. We employ a latent class analysis of a...