The next new thing: curiosity and the motivation to purchase novel products
AbstractConsumers motivated by curiosity may enter a ‘hot' state when confronted with a desirable novel product and be unable to judge their future actions in a ‘cold'' state. To test this, a multiple week auction experiment was conducted using an opportunity to rent an MP3 player. Subjects initially recorded non-binding bids to rent the player for both the first and second weeks. The only significant differences between these and actual bids were with week one renters bidding lower in week two. Results showed that people have difficulty forecasting their future value of a product, especially when it is one about which they are curious or eager to try. Even consumers with a higher opinion of the product after use had a lower valuation of it after they gained experience with it.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 3 (2005)
Issue (Month): 32 ()
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Find related papers by JEL classification:
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
- D1 - Microeconomics - - Household Behavior
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Staff General Research Papers, Iowa State University, Department of Economics
701, Iowa State University, Department of Economics.
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