- If people had no memory of past prices, the consumptions of milk & wine would remain essentially the same, as if the prices had not changed.
- In other words, the sensitivity we show to price changes might, in fact, a result of our memory for that prices we have paid in the past and
**our desire for coherence with our past decisions** - not at all a reflection of our true preferences or our level of demand
— Dec 21, 2018 02:13AM
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