26-Nov-2024
The lasting influence of experiences
Bocconi UniversityPeer-Reviewed Publication
Challenging the traditional view of consumption as an isolated, immediate event, Stefania Minardi of HEC Paris and Andrei Savochkin of Bocconi University’s Department of Decision Sciences explore the idea that experiences can create lasting mental imprints that affect future well-being, and that this effect is taken into account when people make current decisions about whether to go for certain experiences or puchase goods or services. In their recent paper, “Time for Memorable Consumption”, published in Games and Economic Behavior, they seek to incorporate this idea into the way economic decision-making is understood and modeled. By integrating insights from psychology with economic theory, the authors provide a new quantitative framework to capture how “memorable consumption” shapes long-term satisfaction and decision patterns.
- Journal
- Games and Economic Behavior