Yang Yang September, 2014 Curriculum Vitae Page 1/9. Yang Yang. Tepper School of Business Phone:

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1 Curriculum Vitae Page 1/9 Yang Yang Tepper School of Business Phone: Carnegie Mellon University Pittsburgh, PA EDUCATION Ph.D., Marketing, 2015 (expected) Dissertation Committee: Jeff Galak (Co-Chair), Joachim Vosgerau (Co-Chair), George Loewenstein, Carey K. Morewedge, and Christopher K. Hsee M.Sc., Marketing, Carnegie Mellon University, 2011 M.Sc., Management, Shanghai Jiao Tong University, China, 2008 B.A., with honors, International Business, Shandong University, China, 2005 RESEARCH INTERESTS Consumer Experience, Consumer Judgment and Decision Making, Hedonic Adaptation, Misforecasting, Motivation JOURNAL PUBLICATIONS (ABSTRACTS ARE IN APPENDIX) Hsee, Christopher, Yang Yang, Xingshan Zheng and Hanwei Wang (forthcoming), Lay Rationalism: Individual Differences in Using Reason versus Feelings to Guide Decisions, Journal of Marketing Research. (The first two authors contributed equally) Galak, Jeff, Joseph Redden, Yang Yang and Ellie Kyung (2014), How Perceptions of Temporal Distance Influence Satiation, Journal of Experimental Social Psychology, 52, Yang, Yang, Joachim Vosgerau and George Loewenstein (2013), Framing Influences Willingness to Pay but Not Willingness to Accept, Journal of Marketing Research, 50(6), Hsee, Christopher, Yang Yang, Yangjie Gu, Jie Chen (2009), Specification Seeking: How Product Specifications Influence Consumer Preference, Journal of Consumer Research, 35(6), Hsee, Christopher, Yang Yang, Naihe Li, Luxi Shen (2009), Wealth, Warmth and Wellbeing: Whether Happiness is Relative or Absolute Depends on Whether It Is about Money, Acquisition, or Consumption, Journal of Marketing Research, 46(3), MANUSCRIPTS UNDER REVIEW/REVISION (ABSTRACTS ARE IN APPENDIX) Yang, Yang and Jeff Galak, Sentimental Value and its Influence on Hedonic Adaptation, under review at Journal of Personality and Social Psychology. (Job Market Paper)

2 Curriculum Vitae Page 2/9 Yang, Yang, Carey Morewedge and Jeff Galak, When Good Things Come to an End: The Trajectory of Desire for Consummatory Stimuli When Access is Lost, under revision for invited resubmission to Journal of Marketing Research. Yang, Yang, Christopher Hsee, Oleg Urminsky and Li Zhang, Hedonic Durability, under revision for resubmission to Journal of Consumer Research. Yang, Yang, Yangjie Gu and Jeff Galak, When it Could Have Been Worse, it Gets Better? The Effect of Uncertainty on Hedonic Adaptation, working Paper. Zhu, Meng, Yang Yang, and Christopher Hsee, The Urgency Bias, working Paper. Hsee, Christopher, Yang Yang and Bowen Ruan, Reaction Utility, under review at Journal of Consumer Research. SELECTED RESEARCH IN PROGRESS Can Sentimental Value Transfer? with Jeff Galak. The Dilution Effect of Sentimental Value with Jeff Galak. Predictors of Sentimental Value with Jeff Galak. Hedonic Adaptation: Remembered Utility vs. Experienced Utility, with Carey Morewedge. Financial Decision Making in Education, with Carey Morewedge and Young Jung Kim. REFEREED CONFERENCE PRESENTATIONS (AS PRESENTER) Love It Longer: Sentimental Value Slows Hedonic Adaptation, paper presented at Society for Consumer Psychology (SCP) Conference, Miami, FL, When Good Things Come to an End: The Trajectory of Desire for Consummatory Stimuli When Access is Lost, paper presented at Behavioral Science of Eating Conference, Pittsburgh, PA, Hedonic Durability, paper presented at Society for Judgment and Decision Making (SJDM) Conference, Toronto, ON, How Framing Influences WTP and WTA, paper presented at Association for Consumer Research (ACR) North American Conference, Chicago, IL, When Good Things Come to an End: Mispredicting the Desire for Goods to Which Consumers Lose Access, paper presented at Society for Judgment and Decision Making (SJDM) Conference, Minneapolis, MN, When Good Things Come to an End: Mispredicting the Desire for Goods to Which Consumers Lose Access, paper presented at Association for Consumer Research North American (ACR) Conference, Vancouver, BC, 2012.

3 Curriculum Vitae Page 3/9 Lottery Tickets versus Uncertain Gift Certificates: The Influence of Framing on Willingness to Pay as an Explanation of the Uncertainty Effect, paper presented at Behavioral Decision Research in Management (BDRM) Conference, Boulder, CO, Lottery Tickets versus Uncertain Gift Certificates: The Influence of Framing on Willingness to Pay as an Explanation of the Uncertainty Effect, paper presented at the Eighth Yale Whitebox Advisors Graduate Student Conference, New Haven, CT, When Good Things Come to an End: Mispredicting Motivation for Unavailable Goods, paper presented at Interdisciplinary Science of Consumption Second Biennial Meeting, Ann Arbor, MI, Feels Far or Near? How Subjective Perception of When One Last Consumed Influences Satiation, paper presented at Society for Consumer Psychology (SCP) Conference, Las Vegas, NV, Feels Far or Near? How Subjective Perception of When One Last Consumed Influences Satiation, paper presented at Society for Judgment and Decision Making (SJDM) Conference, Seattle, WA, Feels Far or Near? How Subjective Perception of When One Last Consumed Influences Satiation, paper presented at Association for Consumer Research North American (ACR) Conference, St. Louis, MO, Lottery Aversion: How Construal Influences Willingness to Pay, paper presented at Society for Judgment and Decision Making (SJDM) Conference, St. Louis, MO, Specification Seeking: How Product Specifications Influence Consumer Preference, paper presented at Society for Judgment and Decision Making (SJDM) Conference, Chicago, IL, TEACHING INTERESTS Consumer Behavior, Principles of Marketing, Marketing Research, Consumer Judgment and Decision Marketing, Advertising and Marketing Communications TEACHING AND ADVISING EXPERIENCE Instructor, Principles of Marketing, Carnegie Mellon University (Section S, 2012) Overall Instructor Evaluation: 4.69 out of 5 Overall Course Evaluation: 4.38 out of 5 Instructor, Principles of Marketing, Carnegie Mellon University (Section U, 2012) Overall Instructor Evaluation: 4.64 out of 5 Overall Course Evaluation: 4.82 out of 5 Teaching Assistant, Carnegie Mellon University (2011-present) MBA: Consumer Behavior Marketing Research

4 Curriculum Vitae Page 4/9 Undergraduate: Principles of Marketing Marketing Research Principles of Economics Undergraduate Research Advisor, Carnegie Mellon University (2010-present) HONORS AND AWARDS Dipankar and Sharmila Chakravarti Fellowship, 2014 Center for Behavioral Decision Research Small Grant, 2012, 2014 Graduate Student Assembly/Provost Conference Funds, 2012, 2014 AMA-Sheth Foundation Doctoral Consortium Fellow, 2013 Travel Award for ISC12, 2012 William Larimer Mellon Fellowship, Vellrath Fellowship, Graduate Student Scholarship, Shanghai Jiao Tong University, Excellent Graduate of Shandong Province Excellent Academic Scholarship (1st class), Shandong University, PROFESSIONAL AFFILIATIONS AND SERVICE Association for Consumer Research (ACR) Society for Consumer Psychology (SCP) Society for Judgment and Decision Making (SJDM) Trainee reviewer, Journal of Consumer Research, 2011, 2012 PROFESSIONAL EXPERIENCE Accenture Consulting, Shanghai, China,

5 Curriculum Vitae Page 5/9 REFERENCES Jeff Galak (Co-Chair) Associate Professor of Marketing Tepper School of Business Carnegie Mellon University Phone (Office): George Loewenstein Herbert A. Simon Professor of Economics and Psychology Department of Social and Decision Sciences Carnegie Mellon University Phone (Office): Joachim Vosgerau (Co-Chair) Professor of Marketing Tilburg School of Economics and Management Tilburg University Phone (Office): Carey K. Morewedge Associate Professor of Marketing Tepper School of Business Carnegie Mellon University Phone (Office): Christopher K. Hsee Theodore O. Yntema Professor of Behavioral Science and Marketing University of Chicago Booth School of Business University of Chicago Phone (Office):

6 Curriculum Vitae Page 6/9 APPENDIX: SELECTED ABSTRACTS Hsee, Christopher, Yang Yang, Xingshan Zheng and Hanwei Wang (forthcoming), Lay Rationalism: Individual Differences in Using Reason versus Feelings to Guide Decisions, Journal of Marketing Research. (The first two authors contributed equally) People have a lay notion of rationality using reason rather than feelings to guide decisions. Yet individuals differ in the degree to which they actually base their decisions on reason versus feelings. This individual difference variable is potentially general and important but is largely overlooked. The present research (a) introduces the construct of lay rationalism to capture this individual difference variable and distinguishes it from other individual-difference variables, (b) develops a short and easy-to-implement scale to measure lay rationalism and demonstrates the validity and reliability of the scale, and (c) shows that lay rationalism, as measured by the short scale, can predict a variety of consumer-relevant behaviors, including product preferences, savings decisions, and donation behaviors. Galak, Jeff, Joseph Redden, Yang Yang and Ellie Kyung (2014), How Perceptions of Temporal Distance Influence Satiation, Journal of Experimental Social Psychology, 52, Although people recover from satiation with the natural passage of time, we examine whether it is possible to influence the recovery process merely by changing the perceived temporal distance from past consumption. Experiment 1, a field experiment, demonstrates that influencing the perceived temporal distance from dinnergoers' last meal affects the caloric value of the meal purchased (more recent leads to smaller food purchase). In a lab environment controlling for objective temporal distance and initial satiation, Experiment 2 demonstrates that these changes in perceived temporal distance also affect the actual enjoyment of an experience (listening to a favored song). Beyond these reconstructed temporal judgments, Experiment 3 directly manipulates the perceived length of the intervening period since last consumption using an altered time clock, and replicates these effects on satiation. Our findings illustrate that simple manipulations of subjective time perception can influence consumption, even in the presence of very real physiological inputs, and provide further insight into how satiation is constructed. Yang, Yang, Joachim Vosgerau and George Loewenstein (2013), Framing Influences Willingness to Pay but Not Willingness to Accept, Journal of Marketing Research, 50(6), We show, with real and hypothetical payoffs, that consumers are willing to pay (WTP) substantially less for a risky prospect when it is called a lottery ticket, raffle, coin flip, or a gamble than a gift certificate or voucher. Willingness to accept (WTA), in contrast, is not affected by these frames. This differential framing effect is the result of an aversion to bad deals, which causes buyers to focus on different aspects than sellers. Buyers WTP is influenced by the extent to which a risky prospect s frame is associated with risk (Experiment 1) and the prospect s lowest but not highest possible outcome (Experiment 2). Sellers WTA, in contrast, is influenced by a prospect s lowest and highest possible outcome, but not by the risk associated with its

7 Curriculum Vitae Page 7/9 frame (Experiments 2 and 3). The framing effect on WTP is independent of the objective level of uncertainty (Experiment 4) and can lead to the uncertainty effect (Gneezy, List, and Wu, 2006). Our findings have important implications for research on risk preferences and marketing practice. Hsee, Christopher, Yang Yang, Yangjie Gu, Jie Chen (2009), Specification Seeking: How Product Specifications Influence Consumer Preference, Journal of Consumer Research, 35(6), We offer a framework about when and how specifications (e.g., megapixels of a camera and number of air bags in a massage chair) influence consumer preferences and report five studies that test the framework. Studies 1 3 show that even when consumers can directly experience the relevant products and the specifications carry little or no new information, their preference is still influenced by specifications, including specifications that are self-generated and by definition spurious and specifications that the respondents themselves deem uninformative. Studies 4 and 5 show that relative to choice, hedonic preference (liking) is more stable and less influenced by specifications. Hsee, Christopher, Yang Yang, Naihe Li, Luxi Shen (2009), Wealth, Warmth and Wellbeing: Whether Happiness is Relative or Absolute Depends on Whether It Is about Money, Acquisition, or Consumption, Journal of Marketing Research, 46(3), A central question in consumer and happiness research is whether happiness depends on absolute or relative levels of wealth and consumption. To address this question, the authors evaluate a finer level than overall happiness and distinguish three specific types of happiness: with money, with the acquisition of an item, and with the consumption of an item. They find that happiness with money and with acquisition is relative and that happiness with consumption can be either absolute or relative, depending on whether the consumption is inherently evaluable or not. Including both lab and field data, this research yields implications for how to increase consumer happiness from one generation to the next. Yang, Yang and Jeff Galak, Sentimental Value and Its Influence on Hedonic Adaptation, under review at Journal of Personality and Social Psychology. Across eight studies, we investigate the antecedents of sentimental value (Studies 1A and 1B) and demonstrate the effect of sentimental value on hedonic adaptation using both naturally occurring items (Studies 2A and 2B) and experimentally manipulated items (Study 3). We show that the number of associations with a significant other or with an event or time that an item brings to mind determines the level of sentimental value and the rate of hedonic adaption (Study 4). We test the underlying process by showing that whereas feature-related utility decreases for all products with time, sentimental value usually does not, and that when products are sentimentally valuable, this sentiment acts as a buffer against the influence of the decrement in feature-related utility on hedonic adaptation (Study 5). Finally, an examination of a boundary condition suggests that our hypothesized effects disappear in cases where sentimental value decreases with time (Study 6). We conclude with a discussion of related phenomena and implications for both consumers and marketers.

8 Curriculum Vitae Page 8/9 Yang, Yang, Carey Morewedge and Jeff Galak, When Good Things Come to an End: The Trajectory of Desire for Consummatory Stimuli When Access is Lost, under revision for invited resubmission to Journal of Marketing Research. The present research advances our understanding of the trajectory of the desire for consummatory stimuli after access is lost. Four sets of laboratory and field studies demonstrate that the trajectory of desire for lost consummatory stimuli declines over time, and that the decline is moderated by attentional constraints imposed by an alternative experience (Studies 1-4). Furthermore, the research also shows that consumers assume that the trajectory of their desire will remain constant (Studies 2A and 2B), and do not have insight into when the trajectory of their desire will decline (Study 3), which, in turn, leads them to overestimate their future desire for those stimuli, stockpile more of the stimuli than they would naturally desire, and overconsume (Studies 2-4). Yang, Yang, Christopher Hsee, Oleg Urminsky and Li Zhang, Hedonic Durability, under revision for resubmission to Journal of Consumer Research. The hedonic durability of an item refers to how fast one s happiness with the item fades over time. It is an important variable because it influences how much happiness the item can bring to the person. Yet it is difficult for researchers to assess the hedonic durability of items because it is difficult to track consumers happiness with items over time. This paper introduces a simple survey method - the Hedonic Durability Questionnaire (HDQ) to estimate hedonic durability. We test the validity of the HDQ by demonstrating that it produces results similar to those produced by more elaborate methods (Studies 1 and 2), and results consistent with predictions derived from existing literature on hedonic adaptation (Studies 3 and 4). Finally, we apply the HDQ to a variety of items in everyday life (Study 5) and discuss implications for measuring total happiness. Yang, Yang, Yangjie Gu and Jeff Galak, When it Could Have Been Worse, it Gets Better? The Effect of Uncertainty on Hedonic Adaptation. working Paper. Whereas most consumers believe they would be most happy when a sequence of experiences is guaranteed to be uniformly positive, we show that this is often not the case. Across nine studies, we demonstrate that happiness fades more slowly when consumers are unsure of whether the upcoming consumption episodes will be uniformly positive than when they are assured that they will be. We propose and demonstrate that this effect is driven by happiness with acquisition (how happy one feel about acquiring a stimulus), not happiness with consumption (how much one enjoys the stimulus itself), and offer a counterfactual thinking account to explain the effect of uncertainty on happiness with acquisition. Zhu, Meng, Yang Yang, and Christopher Hsee, The Urgency Bias. working Paper. We argue that people exhibit urgency bias, preferring urgency over importance. We provide evidence for the urgency bias employing two sets of simplified games as well as real-life consequential choices. Specifically, we demonstrate that people are more likely to perform unimportant tasks over important tasks when the unimportant tasks are urgent (characterized by short vs. long completion windows), an effect that persists even when normative reasons such as

9 Curriculum Vitae Page 9/9 task difficulty, goal progress, reward immediacy, outcome scarcity and task interdependence are controlled for. Further, we show that the urgency bias is driven by attention: when deciding which task to work on, people pay more attention to urgent tasks with small payoffs than to important tasks with bigger payoffs yet longer completion windows. Hsee, Christopher, Yang Yang and Bowen Ruan, Reaction Utility, under review at Journal of Consumer Research. The authors propose that individuals like to see reactions to their actions, and hypothesize that individuals are more likely to repeat a behavior (e.g., inserting money in a donation box) if the behavior is followed by a reaction (e.g., a sound) than if it is not, even though the reaction is neutral or negative (i.e., not a reward) and carries no useful information (i.e., not feedback). In other words, the mere presence of a reaction has a positive utility. Four experiments, including a field experiment, involving activities ranging from physical exercises to donation behaviors, demonstrate the predicted effect. The studies also show that contingency between the behavior and the reaction is crucial to produce the effect and feeling of engagement mediates the effect of reaction on behavior. The research yields theoretical implications for relationships between stimuli and responses and practical implications for designs of consumer products and programs.