Valuing Money and Things: Why a $20 Item Can be Worth More and Less than $20
Management Science, Vol. 56, No. 5, pp. 816-830
2010
- 2Citations
- 1,263Usage
- 1Captures
Metric Options: CountsSelecting the 1-year or 3-year option will change the metrics count to percentiles, illustrating how an article or review compares to other articles or reviews within the selected time period in the same journal. Selecting the 1-year option compares the metrics against other articles/reviews that were also published in the same calendar year. Selecting the 3-year option compares the metrics against other articles/reviews that were also published in the same calendar year plus the two years prior.
Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Paper Description
The study of risky decision making has long used monetary gambles to study choice, but many everyday decisions do not involve the prospect of winning or losing money. Monetary gambles, as it turns out, may be processed and evaluated differently than gambles with nonmonetary outcomes. Whereas monetary gambles involve numeric amounts that can be straightforwardly combined with probabilities to yield at least an approximate expectation of value, nonmonetary outcomes are typically not numeric and do not lend themselves to easy combination with the associated probabilities. Compared with monetary gambles, the evaluation of nonmonetary prospects typically proves less sensitive to changes in the probability range (inside the extremes of certainty and impossibility), which, among other things, can yield preference reversals. Generalizing on earlier work that attributed similar findings to the role of affect in the evaluation process (Rottenstreich, Y., C. K. Hsee. 2001. Money, kisses, and electric shocks: An affective psychology of risk. Psych. Sci. 12(3) 185-190), we attribute the observed patterns to a fundamental difference in the evaluation of monetary versus nonmonetary outcomes. Potential pitfalls in the use of monetary gambles to study choice are highlighted, and implications and future directions are discussed.
Bibliographic Details
Provide Feedback
Have ideas for a new metric? Would you like to see something else here?Let us know