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Humans tend to value rewards more if they have had to work hard to obtain them (justification of effort). Similarly they tend to persist in a task even when they would be better off beginning a new one (sunk cost). Humans also often give greater value to objects of good quality than the same objects together with objects of lesser quality (the less is more effect). Commercial gambling (lotteries and...
The less is more effect, an example of an affect heuristic, can be shown in humans when they give greater value to a set of six baseball cards in perfect condition, than to the same set of six perfect cards together with three additional cards each with some value but in fair condition. A similar effect has been reported in monkeys which will eat both grapes and cucumbers but prefer grapes, when they...
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