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ERIC Number: EJ757332
Record Type: Journal
Publication Date: 2007-Mar
Pages: 10
Abstractor: Author
ISBN: N/A
ISSN: ISSN-1076-898X
EISSN: N/A
Available Date: N/A
Learning the Value of Money from Stochastically Varying Prices
Garling, Tommy; Gamble, Amelie; Juliusson, Asgeir
Journal of Experimental Psychology: Applied, v13 n1 p1-10 Mar 2007
In 3 experiments, the authors investigated learning of the value of money from product prices in an unfamiliar currency when the prices are proportional to quantity. In support of the second stage of a hypothesized 2-stage process of learning, Experiment 1, in which 32 undergraduates participated, shows that response times for inferences of quantity are longer when participants are presented with quantity-price pairs than when they are presented with price-quantity pairs. Experiments 2 and 3, in which 54 and 34 undergraduates participated, respectively, show that (a) stochastic price variation causes systematic errors in the learning of unit prices from quantity-price pairs as a result of judgmental regression effects and (b) in support of the 2-stage learning hypothesis, inferences of quantity are the inverse of the learned unit prices.
American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002-4242. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail: order@apa.org; Web site: http://www.apa.org/publications
Publication Type: Journal Articles; Reports - Research
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A
Author Affiliations: N/A