Abstract Consumers frequently use lists that were created by marketers, experts, or media platforms, such as a list of favorite restaurants. The authors refer to such lists as curated lists because they include items that appear to be endorsed or recommended by the list maker. Although these lists are typically ranked and numbered, marketers sometimes create lists that are not numbered, making it unclear whether the items have been ranked. Twelve studies (N = 5,530) reveal that when presented with an unnumbered curated list, consumers regularly assume that a fundamental characteristic of numbered lists—best-to-worst ordinality—applies. Specifically, the authors find that when a list contains an endorsement cue (e.g., superlative adjectives, markers of exclusivity, list qualification criteria), consumers rely on the conversational norm of best-to-worst ordinality. This inferential process leads consumers to prefer and choose items that are located vertically higher on the list. However, consumers are less likely to assume best-to-worst ordinality when an unnumbered list does not resemble a typical list: when endorsement cues are absent or conversational norms governing lists are weakened in other ways. This research advances knowledge of how consumers process curated lists in everyday consumption contexts, while also providing actionable recommendations for list makers.

Consumers often take on debt at different points in time. As a result, debts may be months, if not years, apart in age. In this research, the authors ask whether and how debt age affects installment debt prepayment decisions. While the ideal strategy for prepaying older versus newer debt depends on specific account parameters (e.g., interest rate, monthly payment), in many circumstances it is financially advantageous to prioritize paying down newer debt. This is because debt amortization (i.e., repayment) schedules often result in reduced interest payments when newer installment debts are paid first. However, across eight studies, including a secondary dataset of consumer loans, the authors find that consumers prefer to prepay older debt first—even when it is financially disadvantageous to do so. The authors refer to this as a FIFO (first-in, first-out) preference and demonstrate that consumers prioritize older versus newer debt prepayment because they feel they have invested greater effort (i.e., mental or physical work and energy) to repay it. Accordingly, reducing the effort required to repay an older debt (e.g., through automated payments) or shifting consumers’ focus from invested effort to remaining effort attenuates the FIFO preference. These findings offer implications for theory, managerial practice, and consumer welfare.