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SUMMARY:Preference Construction and Housing Choice - Peter Scott
DTSTART:20110127T193000Z
DTEND:20110127T200000Z
UID:TALK29528@talks.cam.ac.uk
CONTACT:Echo Ouyang
DESCRIPTION:It is firmly established that human decision making can fall s
 hort of the standard required in the Behavioral Decision Theory of von Neu
 mann and Morgenstern (von Neumann and Morgenstern\, 1944). Consumers in pa
 rticular seem vulnerable to systematic errors of judgement which affect th
 eir choice behaviour\, opening the possibility that others might manipulat
 e their preference formation (Thaler\, 1980\; Simonson and Tversky\, 1992)
 . This paper uses several economic experiments to investigate the nature o
 f biases in housing search and choice\, considering in particular the role
  of estate agents as choice architects\, influencing behaviour to produce 
 predictable biases in outcomes. The study indicates that consumers are vul
 nerable to several areas of manipulation consistent with existing literatu
 re in consumer choice\, and evidence of a new bias\, labelled choice pollu
 tion effect.
LOCATION:M3 Second Court\, St John's College (Dr. Sue Colwell's Office)
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