04 May WHY THEN DID 89% OF YOU CHOOSE TO TRAVEL FOR THE MP3 PLAYER, BUT ONLY 40% TRAVEL FOR THE SAME SAVINGS FOR THE DIGITAL CAMERA?
You go to an electronic store to buy a new MP3 player. When finally deciding on a $55 player, a customer in the store hands you an advertisement showing the same exact MP3 player is on sale for $35 at the store 20 minutes down the road. The products are identical, guaranteed to be in stock, and come with the same warrantee. What store do you make the purchase?
A) The current store you are in for $55
B) The store 20 minutes away for $35
And the other group answered:
You go to an electronic store to buy a new Digital Camera. When finally deciding on a $500 camera, a customer in the store hands you an advertisement showing the same exact camera is on sale for $480 at the store 20 minutes down the road. The products are identical, guaranteed to be in stock, and come with the same warrantee. What store do you make the purchase?
A) The current store you are in for $500
B) The store 20 minutes away for $480
In each case the savings was $20 to travel the 20 minutes. Classical economics would tell us the two decisions would have the same benefits and costs (including opportunity costs) associated with it. Why then did 89% of you choose to travel for the MP3 Player, but only 40% travel for the same savings for the digital camera? Can behavioral economics give us insight into these results?
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