Students' Willingness to Pay for Access to ChatGPT

Iwona Lupa-Wojcik

European Research Studies Journal, 2024, vol. XXVII, issue 3, 730-745

Abstract: Purpose: This study aims to investigate the socioeconomic determinants of students' WTP for ChatGPT, under the assumption that all its versions require payment. Specifically, the research explores how factors such as gender, age, place of residence, employment status, income, savings, and the use of ChatGPT for commercial purposes influence the amount students are willing to pay. Design/Methodology/Approach: The research employs a diagnostic survey method, utilizing an original question-naire to collect data from a diverse student population. The study's design allows for the analysis of various demographic and socioeconomic variables in relation to WTP, providing a comprehensive understanding of the factors at play. Findings: The results show that while a significant number of students are unwilling to pay for ChatGPT, those who are willing to pay generally prefer lower price points. There are notable relationships between WTP and all examined variables, with gender and the commercial use of ChatGPT being particularly influential. These findings suggest the need for targeted pricing strategies that consider diverse user groups and their financial capacities. Practical Implications: The study offers practical insights into developing effective pricing strategies for AI tools like ChatGPT, based on an understanding of the socioeconomic factors influencing users' WTP. These strategies are essential for enhancing market penetration, aligning with consumer financial abilities, and promoting broader adoption of the tool. Originality/Value: This research contributes to the existing literature by exploring the economic valuation of AI tools from a pricing perspective, an area that remains underexplored. It provides new insights into students' WTP for AI, addressing a critical gap in the understanding of consumer behavior in the digital age.

Keywords: Willingness to Pay (WTP); ChatGPT; Pricing Strategies; Artificial Intelligence (AI); Socioeconomic Factors. (search for similar items in EconPapers)
JEL-codes: A1 D4 M31 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xxvii:y:2024:i:3:p:730-745

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