the cost of paying more david j. hardisty marketing & behavioural science
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The Cost of Paying MoreDavid J. Hardisty
Marketing & Behavioural Science
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Title of Presentation
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The Cost of Paying More
David J. Hardisty
An economic mystery
Price: $0.97Watts: 60Lumens: 820
Price: $17.99Watts: 13Lumens: 800(Saves $188 on energy)
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Title of Presentation
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The Cost of Paying More
David J. Hardisty
Consumers don’t care about the future?
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The Cost of Paying More
David J. Hardisty
Our theory
Price: $0.9710-year energy cost: $239Watts: 60Lumens: 820
Price: $17.9910-year energy cost: $52Watts: 13Lumens: 800
Consumers have a latent goal to reduce long-term costs
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The Cost of Paying More
David J. Hardisty
Online Survey Results
Normal labels: 15% mention long-term cost or energy efficiency30% choose the efficient bulb
10-year cost labels: 61% mention long-term cost or energy efficiency67% choose the efficient bulb
Other survey results: - Works with other products: TVs, washing machines, etc.- Energy savings and dollar savings labels don’t do much- Asking consumers to estimate the 10-year cost of each
product: equally effective
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The Cost of Paying More
David J. Hardisty
Does it work in real stores?
12% chose efficient option
48% chose efficient option
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The Cost of Paying More
David J. Hardisty
Let’s scale this up
Triple winner: - Good for the consumer- Good for the firm (sales up 134%!)- Good for the environment
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Title of Presentation
Section Running Header
The Cost of Paying More
David J. Hardisty
Let’s work together
Thank You
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