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Tuesday, September 18, 2018 at 11:40am to 1:10pm
Sage Hall, B11
Johnson Graduate School-Management, 106 Sage Hall, Ithaca, NY 14853-6201, USA
Tom Meyvis (New York University)
Consuming regardless of quality: Consumers overestimate the impact of quality differences on the amount consumed
Heeyoung Yoon (New York University) Tom Meyvis (New York University)
Abstract: Four studies show that people overestimate how much quality influences their consumption amount. We find that people predict that they would consume more high-quality than low-quality items, but their actual consumption amount does not differ by the quality. We propose that consumers overestimate the mindfulness of their consumption decisions, resulting in an overestimation of the influence of consumption norms, and an underestimation of the influence of (non-discerning) visceral factors such as hunger and boredom. We also rule out that this effect is driven by people’s inadequate accounting for the effects of satiation.