Affective Forecasting: Choices rely on biased memories

What is it about?

Memories of previous consumption differ from the actual experience of the same consumption. When people choose whether or not to use a private or public product or service in the future, they rely only on their memories and not on their actual consumption-experience.

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Why is it important?

When people recall the emotional impact of past experiences, they to not take into consideration that their memories of those consumption-experiences are not the same as the actual consumption-experiences that took place. Although memories of past experiences may be substantially biased, people rely on their memory of past experiences when deciding whether or not to use specific private or public products or services in the future.