How Large Are Non-Budget-Constraint Effects of Prices on Demand?

• 成果类型: Article
• 署名作者: Heffetz, Ori; Shayo, Moses
• 署名单位: Cornell University; Hebrew University of Jerusalem
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.1.4.170
• 发表日期: 2009
• 页码: 170-199
• 关键词: product quality; marketing actions; perceptions; preferences; consumers; placebo; signals; brand

摘要

Elementary consumer theory assumes prices affect demand only because they affect the budget constraint (BC). Alternative models, and some evidence, suggest prices can affect demand through other, non-BC channels (e.g., by signaling quality). This paper uses a lab and a field experiment to disentangle BC from non-BC effects of prices on demand. In the lab, we find that although prices positively affect stated willingness to pay, non-BC price elasticities are considerably smaller than BC price elasticities, are often statistically insignificant, and do not increase with product uncertainty. We do not detect any non-BC effects in our field experiment. (JEL C93, D12, M31)