The next new thing: curiosity and the motivation to purchase novel products
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.
Volume (Year): 3 (2005)
Issue (Month): 32 ()
|Contact details of provider:|| |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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 Archive
701, Iowa State University, Department of Economics.
- Shogren, Jason F. & Seung Y. Shin & Dermot J. Hayes & James B. Kliebenstein, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," American Economic Review, American Economic Association, vol. 84(1), pages 255-70, March.
- 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, vol. 98(6), pages 1325-48, December.
- Jack L. Knetsch & J. A. Sinden, 1984. "Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value," The Quarterly Journal of Economics, Oxford University Press, vol. 99(3), pages 507-521.
- Boyce, Rebecca R, et al, 1992. "An Experimental Examination of Intrinsic Values as a," American Economic Review, American Economic Association, vol. 82(5), pages 1366-73, December.
When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-05c90020. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John P. Conley)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.