Pavlovian Processes in Consumer Choice: The Physical Presence of a Good Increases Willingness-to-Pay
Abstract
This paper describes a series of laboratory experiments studying whether the form in which items are displayed at the time of decision affects the dollar value that subjects place on them. Using a Becker-DeGroot auction under three different conditions — (i) text displays, (ii) image displays, and (iii) displays of the actual items — we find that subjects' willingness-to-pay is 40-61 percent larger in the real than in the image and text displays. Furthermore, follow-up experiments suggest the presence of the real item triggers preprogrammed consummatory Pavlovian processes that promote behaviors that lead to contact with appetitive items whenever they are available. (JEL C91, D03, D12, D87)Download Info
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Bibliographic Info
Article provided by American Economic Association in its journal American Economic Review.
Volume (Year): 100 (2010)
Issue (Month): 4 (September)
Pages: 1556-71
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Handle: RePEc:aea:aecrev:v:100:y:2010:i:4:p:1556-71
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Related research
Keywords:Find related papers by JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D03 - Microeconomics - - General - - - Behavioral Economics; Underlying Principles
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
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As found by EconAcademics.org, the blog aggregator for Economics research:- Weekend Links
by Liam Delaney in Geary Behaviour Centre on 2011-01-28 15:49:00
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