The Effect of Regulatory Focus and Product Type on the Difference in Acceptable Prices between Buyers and Sellers
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This study examines the generalizability of existing research relating to an online auction situation, which suggests a gap exists between a buyer's willing-to-pay price (WTP) and a seller's willing-to-sell price (WTS) concerning the same product, due to the endowment effect and consumers' propensity for loss aversion. At the same time, this study also identifies and examines potential moderating factors for the effect such as product type and consumer's goal orientation based on existing theories about consumers' gain-loss heuristics. The results show that WTS is consistently higher than WTP, and that such a gap gets more pronounced when the target product is hedonic vs. utilitarian and when consumers have prevention goals vs. promotion goals. Lastly, limitations and managerial implications of this study are discussed.
Abstract
This study examines the generalizability of existing research relating to an online auction situation, which suggests a gap exists between a buyer's willing-to-pay price (WTP) and a seller's willing-to-sell price (WTS) concerning the same product, due to the endowment effect and consumers' propensity for loss aversion. At the same time, this study also identifies and examines potential moderating factors for the effect such as product type and consumer's goal orientation based on existing theories about consumers' gain-loss heuristics. The results show that WTS is consistently higher than WTP, and that such a gap gets more pronounced when the target product is hedonic vs. utilitarian and when consumers have prevention goals vs. promotion goals. Lastly, limitations and managerial implications of this study are discussed.
참고문헌 (24)
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