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분야
docⅡ. Introduction
1. Previous study
Ⅲ.Hypothesis
Ⅳ. Methods
1. Subjects
2. Experiment 1
3. Experiment 2
4. Experiment 3.
Ⅴ. Expected Result.
Cash versus Gift Certificate
-Irrational economic decision caused by gift certification
Ⅰ. Abstract
Gift certificate is commonly thought to cause overconsumption and unexpected spending, because it is regarded as a different medium of paying, unlike cash. However, it is certain that gift certificate has a role of cash in many economic activities. Previous study shows two faces of certificate-cashlike but not real-make an irrational consumer in that gift certificate makes a consumer has less loss aversion.
Therefore, our group designed an experiment to study how much gift certificate influences consumers’ decision making. The experiment tried to quantify the extent of medium effect on consuming behavior. By comparing each tendency shown in different medium conditions (cash and gift certificate), we expect a functional relationship between two medium.
Ⅱ. Introduction
1. Previous study
Gift certificate has fungibility- limits; unlike cash, not accepted everywhere, every time- and is like an exchange goods which causes less loss aversion in buying products than consumption goods. Therefore consumer using gift certificate tends to spend impulsively and irrationally. This shows form of currencies makes consumer confidence. (Novemsky, Nathan, KahnemanDaniel, 2005)
Consumers buy products for satisfaction in practical or functional aspect, or for meeting their own hedonic desires. For that reasons, although utilitarian products are valued by functional performance and satisfaction of basic desires, hedonic products are estimated by happiness in using the product. In case of hedonic product consumption, consumers’ sensuous euphoria and elusion lead to the spending. (Hirschman, C.Elizabeth, HolbrookMorris, 1982) When consumers buy hedonic goods, they can feel guilty than in case of utilitarian goods. Especially, when consumers get best euphoria and satisfaction by choosing hedonic goods, guilt caused by that is maximized. (Prelec, Drazen, LowensteinGeorge, 1008) Although utilitarian Goods are really needed to sustain the basic human life, hedonic goods are needless to live fundamental life and only needed for extravagant desires. So, a medium effect is revealed differently in consuming activities according a kind of products. Using cash like medium, for example credit card or gift certificate, lightens the psychological burden of customer. Due to these characteristics, department store has considered various strategies to enhance preference for hedonic goods as a gift certificate event or card a point discount event which make consumer to use cash like currencies.
Previously, there is a study about which medium people more think as traditional cash between points and gift certificate. Separate two groups like point and gift certificate and count the preference between a target medium and cash in each group. (박세훈 & 김문용, 2007) This study made people choose one thing between points or same valued product. The results show that people tend to choose real product more than gift certificate. People think point as real cash like medium than gift certificates. From this study, we got the idea. The ratio between WTP and WTA of same valued product in different medium conditions reveal how the buying medium influences consumers’ decision making.
Stroop task is a good measurement of psychological conflict. The longer response time (RT) means more serious conflict in subject mind. Therefore we assume time which is taken until consumers decide whether buying or not target product would be influenced by buying media.
Hirschman, C., E., & Holbrook, M. (1982, july). Hedonic consumption:emerging concepts, methods, and propositions. Journal of marketing , pp. 92-101.
Novemsky, Nathan, & Kahneman, D. (2005, may). The boundaries of loss aversion. Journal of marketing research 42 , pp. 119-128.
Prelec, Drazen, & Lowenstein, G. (1008). The red and the black: mental accounting of saving and debt. Marketing science , pp. 4-28.
