Customers often face the disappointment of learning that a product they anticipated having is no longer available. In this paper, we analyze the unavailability of a sought-after product or experience as an illusory loss; while the customer has never had the product or experience to lose, they...

Economics has typically been the social science of choice to inform public policy and policymakers. In the current paper we contemplate the role behavioral science can play in enlightening policymakers. In particular, we provide some examples of research that has and can be used to inform...

We study the dissociation between two common measures of value—monetary assessment of purchase options versus the predicted utility associated with owning or consuming those options, a disparity that is reflected in well-known judgment anomalies and that is important for interpreting market...