In this article, the authors examine how consumer choice between hedonic and utilitarian goods is influenced by the nature of the decision task. Building on research on elaboration, the authors propose that the relative salience of hedonic dimensions is greater when consumers decide which of several items to give up (forfeiture choices) than when they decide which item to acquire (acquisition choices). The resulting hypothesis that a hedonic item is relatively preferred over the same utilitarian item in forfeiture choices than in acquisition choices was supported in two choice experiments. In a subsequent experiment, these findings were extended to hypothetical choices in which the acquisition and forfeiture conditions were created by manipulating initial attribute-level reference states instead of ownership. Finally, consistent with the experimental findings, a field survey showed that, relative to market prices, owners of relatively hedonic cars value their vehicles more than do owners of relatively utilitarian cars. The authors discuss theoretical implications of these reference-dependent preference asymmetries and explore consequences for marketing managers and other decision makers.

Most choices in the real world follow other choices or judgments. The authors show that a prior choice, which activates and boosts a positive self-concept, subsequently licenses the choice of a more self-indulgent option. The authors propose that licensing can operate by committing to a virtuous act in a preceding choice, which reduces negative selfattributions associated with the purchase of relative luxuries. Five studies demonstrate the proposed licensing effect of a prior commitment to a virtuous act on subsequent choice. Consistent with the authors' theory, the preference for an indulgent option diminishes if the licensing task is attributed to an external motivation. The authors also report a mediation analysis in support of their theoretical explanation that the licensing effect operates by providing a temporary boost in the relevant selfconcept.

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Consumer choices are often driven by multiple goals (e.g., career and family), each of which if viewed in isolation may appear to suggest conflicting choices. This article examines the effect of initial goal pursuit on consumers' interest in pursuing unrelated or even conflicting goals. Four studies were conducted to test whether perceived goal progress hinders the pursuit of the focal goal. These studies demonstrate that in the course of self-regulation progress along one goal liberates people to pursue inconsistent goals. Furthermore, merely planning to make goal progress in the future may facilitate incongruent choice of immediate action. (c) 2005 by JOURNAL OF CONSUMER RESEARCH, Inc..

The oncogene of the human EJ bladder carcinoma cell lines arose via alteration of a cellular proto-oncogene. Experiments are presented that localize the genetic lesion that led to activation of the oncogene. The lesion has no affect on levels of expression of the oncogene. Instead, it affects the structure of the oncogene-encoded protein.

The nucleotide sequence of SV40 DNA was determined, and the sequence was correlated with known genes of the virus and with the structure of viral messenger RNA's. There is a limited overlap of the coding regions for structural proteins and a complex pattern of leader sequences at the 5' end of late messenger RNA. The sequence of the early region is consistent with recent proposals that the large early polypeptide of SV40 is encoded in noncontinguous segments of DNA.

This paper analyzes the trading records of a major discount brokerage house to investigate the disposition effect, the tendency to sell stocks that have appreciated in price (winners) sooner than stocks that trade below the purchase price (losers). In contrast to previous research that has demonstrated the disposition effect by aggregating across investors, our main objective is to identify differences in the disposition bias across individuals and explain this in terms of underlying investor characteristics. Building on the findings in experimental economics and social psychology, we hypothesize that differences in investor literacy about financial markets and trading frequency are responsible in part for the variation in individual disposition effect. Using demographic and socioeconomic variables as proxies for investor literacy, we find empirical evidence that wealthier individuals and individuals employed in professional occupations exhibit a lower disposition effect. Consistent with experimental economics, trading frequency also tends to reduce the disposition effect. We provide guidelines for investment advisors, regulators, and investment communities to utilize our findings and help investors make better decisions.disposition effect, investor sophistication, individual decision making

The authors propose that consumer choices are often systematically influenced by preference fluency (i.e., the subjective feeling that forming a preference for a specific option is easy or difficult). Four studies manipulate the fluency of preference formation by presenting descriptions in an easy- or difficult-to-read font (Study 1) or by asking participants to think of few versus many reasons for their choice (Studies 2–4). As the authors predict, subjective experiences of difficulty increase choice deferral (Studies 1 and 2) and the selection of a compromise option (Studies 3 and 4), unless consumers are induced to attribute the experience to an unrelated cause. Unlike studies of decision conflict, these effects are obtained without changing the attributes of the alternatives, the composition of the choice sets, or the reference points. The authors discuss the theoretical and practical implications of the results.