The Cost of Paying More David J. Hardisty Marketing & Behavioural Science.
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The Cost of Paying More David J. Hardisty Marketing & Behavioural Science
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Transcript of The Cost of Paying More David J. Hardisty Marketing & Behavioural Science.
The Cost of Paying MoreDavid J. Hardisty
Marketing & Behavioural Science
TITLE OF SECTION LORUM IPSUMText et dolorios sa asperum nonsequa
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Title of Presentation
Section Running Header
The Cost of Paying More
David J. Hardisty
An economic mystery
Price: $0.97Watts: 60Lumens: 820
Price: $17.99Watts: 13Lumens: 800(Saves $188 on energy)
TITLE OF SECTION LORUM IPSUMText et dolorios sa asperum nonsequa
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Title of Presentation
Section Running Header
The Cost of Paying More
David J. Hardisty
Consumers don’t care about the future?
TITLE OF SECTION LORUM IPSUMText et dolorios sa asperum nonsequa
Intro Text lorem ipsum que quo que eicille stiorio nseque re sum voluptas autati dolupta tiscimaximi, quam ad quam, que nus estrupta perum venda quassitaest quaerem porpor si omnihillab id quas doluptam esci sendis asperum nonsequam que necto tecum entotatum nistis dolo.
Title of Presentation
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The Cost of Paying More
David J. Hardisty
Our theory
Price: $0.9710-year energy cost: $239Watts: 60Lumens: 820
Price: $17.9910-year energy cost: $52Watts: 13Lumens: 800
Consumers have a latent goal to reduce long-term costs
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Title of Presentation
Section Running Header
The Cost of Paying More
David J. Hardisty
Online Survey Results
Normal labels: 15% mention long-term cost or energy efficiency30% choose the efficient bulb
10-year cost labels: 61% mention long-term cost or energy efficiency67% choose the efficient bulb
Other survey results: - Works with other products: TVs, washing machines, etc.- Energy savings and dollar savings labels don’t do much- Asking consumers to estimate the 10-year cost of each
product: equally effective
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Title of Presentation
Section Running Header
The Cost of Paying More
David J. Hardisty
Does it work in real stores?
12% chose efficient option
48% chose efficient option
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Title of Presentation
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The Cost of Paying More
David J. Hardisty
Let’s scale this up
Triple winner: - Good for the consumer- Good for the firm (sales up 134%!)- Good for the environment
TITLE OF SECTION LORUM IPSUMText et dolorios sa asperum nonsequa
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Title of Presentation
Section Running Header
The Cost of Paying More
David J. Hardisty
Let’s work together
Thank You
