The next new thing: curiosity and the motivation to purchase novel products

John Bernard (jbernard@udel.edu) and William Schulze (wds3@cornell.edu)
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William Schulze: Cornell University

Economics Bulletin, 2005, vol. 3, issue 32, 1-8

Abstract: Consumers motivated by curiosity may enter a ‘hot' state when confronted with a desirable novel product and be unable to judge their future actions in a ‘cold'' state. To test this, a multiple week auction experiment was conducted using an opportunity to rent an MP3 player. Subjects initially recorded non-binding bids to rent the player for both the first and second weeks. The only significant differences between these and actual bids were with week one renters bidding lower in week two. Results showed that people have difficulty forecasting their future value of a product, especially when it is one about which they are curious or eager to try. Even consumers with a higher opinion of the product after use had a lower valuation of it after they gained experience with it.

JEL-codes: C9 D1 (search for similar items in EconPapers)
Date: 2005-07-04
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Citations: View citations in EconPapers (4)

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