Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay |
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Authors: | Drazen Prelec Duncan Simester |
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Affiliation: | (1) Sloan School of Management, MIT, 38 Memorial Drive, Cambridge, MA, 02142 |
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Abstract: | In studies involving genuine transactions of potentially high value we show that willingness-to-pay can be increased when customers are instructed to use a credit card rather than cash. The effect may be large (up to 100%) and it appears unlikely that it arises due solely to liquidity constraints. In addition to demonstrating the effect, we provide a methodology for detecting it, and our findings suggest a source of variance to test alternative explanations. |
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Keywords: | credit cards overspending mental accounting |
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