Theoretical Perspective of Behavioral Economics: The Research on the Internal Mechanism and Consumer Behavior of Blind-Box Economy

Lin Mi ()
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Lin Mi: Renmin University of China

A chapter in Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), 2022, pp 1548-1555 from Springer

Abstract: Abstract Blind box refers to a toy box in which consumers cannot know the specific product style in advance, and has random properties. In recent years, the development of China’s blind box market has entered a peak period, and the consumption of blind boxes is very hot both among celebrities and ordinary youngsters. This paper uses the theory of behavioral economics to explore the internal mechanisms of the blind-box economy and consumer behavior. The main theories applied in this paper include Social Identity Theory, Prospect Theory, Reflecting Effect, Availability heuristic, Endowment Effect and Gambler’s Fallacy. These theories are used in this paper to reflect the behavioral economics mechanism of consumer psychological factors affecting consumer behavior, and to dig deep into the source of consumers’ irrational consumption motivation, providing a new theoretical explanation for the study of blind-box economy. Finally, this paper puts forward relevant development suggestions based on the development status of China’s blind box market, including guiding consumers to establish consumption values, urging merchants to enrich product categories, and ensuring effective management by government regulatory authorities, so as to provide guarantee and support for the long-term healthy development of China’s blind box market.

Keywords: Blind box economy; Social Identity Theory; Prospect Theory; Reflecting Effect; Availability heuristic; Endowment Effect; Gambler’s Fallacy; Chinese market (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-052-7_171

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DOI: 10.2991/978-94-6463-052-7_171

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