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  • Cited by 24
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    This (lowercase (translateProductType product.productType)) has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Walasek, Lukasz Yu, Erica C. and Lagnado, David A. 2018. Endowment effect despite the odds. Thinking & Reasoning, Vol. 24, Issue. 1, p. 79.

    Mechera-Ostrovsky, Tehilla and Gluth, Sebastian 2018. Memory Beliefs Drive the Memory Bias on Value-based Decisions. Scientific Reports, Vol. 8, Issue. 1,

    Petrik, O. Silva, J. de Abreu e and Moura, F. 2016. Stated preference surveys in transport demand modeling: disengagement of respondents. Transportation Letters, Vol. 8, Issue. 1, p. 13.

    Blutner, Reinhard and beim Graben, Peter 2016. Quantum cognition and bounded rationality. Synthese, Vol. 193, Issue. 10, p. 3239.

    Horgan, Terrence G. Broadbent, Julie McKibbin, William F. and Duehring, Autumn J. 2016. Show versus tell? The effects of mating context on women’s memory for a man’s physical features and verbal statements. Journal of Social and Personal Relationships, Vol. 33, Issue. 6, p. 733.

    Horeni, Oliver Arentze, Theo Dellaert, Benedict G. C. and Timmermans, Harry 2015. Bounded Rational Choice Behaviour: Applications in Transport. p. 115.

    Savani, Krishna Cho, Jaee Baik, Sooyun and Morris, Michael W. 2015. The Wiley Blackwell Handbook of Judgment and Decision Making. p. 456.

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    Kim, Jong Wook and Ritter, Frank E. 2015. Learning, Forgetting, and Relearning for Keystroke- and Mouse-Driven Tasks: Relearning Is Important. Human–Computer Interaction, Vol. 30, Issue. 1, p. 1.

    Canic, Emina and Pachur, Thorsten 2014. Serial-position effects in preference construction: a sensitivity analysis of the pairwise-competition model. Frontiers in Psychology, Vol. 5, Issue. ,

    Ludvig, Elliot A. Madan, Christopher R. and Spetch, Marcia L. 2014. Extreme Outcomes Sway Risky Decisions from Experience. Journal of Behavioral Decision Making, Vol. 27, Issue. 2, p. 146.

    Wang, Fei Wei, Jiuchang and Zhao, Dingtao 2014. A Quantifiable Risky Decision Model: Incorporating Individual Memory into Informational Cascade. Systems Research and Behavioral Science, Vol. 31, Issue. 4, p. 537.

    Bharte, Umesh L. 2014. Making of Higher Education Preferences: A Critical Appraisal. Psychological Studies, Vol. 59, Issue. 1, p. 82.

    Madan, Christopher R. Ludvig, Elliot A. and Spetch, Marcia L. 2014. Remembering the best and worst of times: Memories for extreme outcomes bias risky decisions. Psychonomic Bulletin & Review, Vol. 21, Issue. 3, p. 629.

    Koriat, Asher 2013. Confidence in Personal Preferences. Journal of Behavioral Decision Making, Vol. 26, Issue. 3, p. 247.

    d'Acremont, Mathieu Fornari, Eleonora Bossaerts, Peter and Behrens, Tim 2013. Activity in Inferior Parietal and Medial Prefrontal Cortex Signals the Accumulation of Evidence in a Probability Learning Task. PLoS Computational Biology, Vol. 9, Issue. 1, p. e1002895.

    Blutner, Reinhard 2012. Questions and Answers in an Orthoalgebraic Approach. Journal of Logic, Language and Information, Vol. 21, Issue. 3, p. 237.

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  • Print publication year: 2006
  • Online publication date: June 2012

21 - Constructing Preferences From Memory

Summary

Our memories define who we are and what we do. Aside from a few preferences hardwired by evolution, they also define what we like and how we choose. The increasingly more hierarchical coding of experience in memory makes a gourmet out of a gourmand. Grieving as a process of letting go of departed loved ones involves the extinction of associations between them and a host of daily encountered stimuli that serve as constant reminders of their absence. Memory processes in the construction of value and preference even have a utility of their own. We savor the memory and anticipation of pleasant choice options and may delay choice to lengthen the pleasurable experience (Loewenstein, 1988). Yet, despite this wealth of evidence of the involvement of memory processes in preference and choice, their role in preference construction has largely been ignored in existing models of judgment and decision making (Johnson & Weber, 2000; Weber, Goldstein, & Barlas, 1995).

In this chapter, we argue that our view of preference changes if conceptualized explicitly as the product of memory representations and memory processes. We draw on insights about the functions and operations of memory provided by cognitive psychology and social cognition to show that memory plays a crucial role in preference and choice. Economics and behavioral decision research have traditionally been silent on the nature and role of memory processes in preference formation, preferring to treat preference and choice in an “as-if” fashion as mathematical transformations and integrations of the features of choice objects, taking inspiration from psychophysics rather than cognitive psychology.

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The Construction of Preference
  • Online ISBN: 9780511618031
  • Book DOI: https://doi.org/10.1017/CBO9780511618031
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