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The next new thing: curiosity and the motivation to purchase novel products

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  • John C. Bernard

    ()
    (University of Delaware)

  • William Schulze

    ()
    (Cornell University)

Abstract

Consumers 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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File URL: http://www.accessecon.com/pubs/EB/2005/Volume3/EB-05C90020A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 3 (2005)
Issue (Month): 32 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-05c90020

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  1. Shogren, Jason F. & Shin, Seung Youll & Hayes, Dermot J. & Kliebenstein, James, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," Staff General Research Papers, Iowa State University, Department of Economics 701, Iowa State University, Department of Economics.
  2. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(6), pages 1325-48, December.
  3. Boyce, Rebecca R, et al, 1992. "An Experimental Examination of Intrinsic Values as a," American Economic Review, American Economic Association, American Economic Association, vol. 82(5), pages 1366-73, December.
  4. Knetsch, Jack L & Sinden, J A, 1984. "Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 99(3), pages 507-21, August.
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