The impact of affect on willingness-to-pay and desired-set-size

Details

Serval ID
serval:BIB_EC8CFF5FB270
Type
A part of a book
Publication sub-type
Chapter: chapter ou part
Collection
Publications
Institution
Title
The impact of affect on willingness-to-pay and desired-set-size
Title of the book
Progress in Brain Research
Author(s)
Hafenbrädl ., Hoffrage U., White C.M.
Publisher
Elsevier
Address of publication
Amsterdam, Netherlands
ISBN
9780444626042
ISSN
0079-6123
Publication state
Published
Issued date
2013
Editor
Pammi C., Srinivasan N.
Volume
202
Series
Progress in Brain Research
Chapter
2
Pages
21-35
Language
english
Abstract
What role does affect play in economic decision making? Previous research showed that the number of items had a linear effect on the willingness-to-pay for those items when participants were computationally primed, whereas participants' willingness-to-pay was insensitive to the amount when they were affectively primed. We extend this research by also studying the impact of affect on nonmonetary costs of waiting for items to be displayed and of screening them in a computer task. We assessed these costs by asking participants how many items they desired to see before making their selection. In our experiment, the effect of priming on desired-set-size was even larger than on willingness-to-pay, which can be explained by the fact that the nonmonetary costs, waiting time, were real, whereas willingness-to-pay was hypothetical. Participants also reported their satisfaction with the choosing process and the chosen items; no linear or nonlinear relationship was found between the self-determined desired-set-size and satisfaction.
Keywords
Affect, Willingness-to-pay, Choice set size, Too-much-choice, Priming, Satisfaction, Cost-benefit analysis
Pubmed
Web of science
Create date
07/12/2012 16:34
Last modification date
20/08/2019 17:14
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