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"Consumer Economics"
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Follow your stuff : who makes it, where does it come from, how does it get to you?
\"Our cellphones, our clothes, our food: all are everyday things we consider essential, but we seldom think of what and who is involved in making them and getting them into our hands. In [this book], ... Kevin Sylvester and business professor Michael Hlinka team up again, this time to tackle the complex dynamics of the global economy, examining the often complex journey of ordinary goods, from production right to our doorsteps\"-- Provided by publisher.
Book
Frictions or Mental Gaps
Consumers suffer significant losses from not acting on available information. These losses stem from frictions such as search costs, switching costs, and rational inattention, as well as what we call mental gaps resulting from wrong priors/worldviews, or relevant features of a problem not being top of mind. Most research studying such losses does not empirically distinguish between these mechanisms. Instead, we show that most highly cited papers in this area presume one mechanism underlies consumer choices and assume away other potential explanations, or collapse many mechanisms together. We discuss the empirical difficulties that arise in distinguishing between different mechanisms, and some promising approaches for making progress in doing so. We also assess when it is more or less important for researchers to distinguish between these mechanisms. Approaches that seek to identify true value from demand, without specifying mechanisms behind this wedge, are most useful when researchers are interested in evaluating allocation policies that strongly steer consumers towards better options with regulation, traditional policy instruments, and defaults. On the other hand, understanding the precise mechanisms underlying consumer losses is essential to predicting the impact of mechanism policies aimed primarily at reducing specific frictions or mental gaps without otherwise steering consumers. We make the case that papers engaging with these questions empirically should be clear about whether their analyses distinguish between mechanisms behind poorly informed choices, and what that implies for the questions they can answer. We present examples from several empirical contexts to highlight these distinctions.
Journal Article
Consumption Inequality
In this essay, we discuss the importance of consumption inequality in the debate concerning the measurement of disparities in economic well-being. We summarize the advantages and disadvantages of using consumption as opposed to income for measuring trends in economic well-being. We critically evaluate the available evidence on these trends, and in particular discuss how the literature has evolved in its assessment of whether consumption inequality has grown as much as or less than income inequality. We provide some novel evidence on three relatively unexplored themes: inequality in different spending components, inequality in leisure time, and intergenerational consumption mobility.
Journal Article
Creating the Responsible Consumer: Moralistic Governance Regimes and Consumer Subjectivity
Responsible consumption conventionally stems from an increased awareness of the impact of consumption decisions on the environment, on consumer health, and on society in general. We theorize the influence of moralistic governance regimes on consumer subjectivity to make the opposite case: responsible consumption requires the active creation and management of consumers as moral subjects. Building on the sociology of governmentality, we introduce four processes of consumer responsibilization that, together, comprise the P.A.C.T. routine (personalization, authorization, capabilization, and transformation). After that, we draw on a longitudinal analysis of problem-solving initiatives at the World Economic Forum in Davos, Switzerland, to explore the role of P.A.C.T. in the creation of four, now commonplace, responsible consumer subjects: the bottom-of-the-pyramid consumer, the green consumer, the health-conscious consumer, and the financially literate consumer. Our analysis informs extant macro-level theorizations of market and consumption systems. We also contribute to prior accounts of responsibilization, marketplace mythologies, consumer subjectivity, and transformative consumer research.
Journal Article
Evaluating Behaviorally Motivated Policy: Experimental Evidence from the Lightbulb Market
Imperfect information and inattention to energy costs are important potential motivations for energy efficiency standards and subsidies. We evaluate these motivations in the lightbulb market using a theoretical model and two randomized experiments. We derive welfare effects as functions of reduced-form sufficient statistics capturing economic and psychological parameters, which we estimate using a novel within-subject information disclosure experiment. The main results suggest that moderate subsidies for energy-efficient lightbulbs may increase welfare, but informational and attentional biases alone do not justify a ban on incandescent lightbulbs. Our results and techniques generate broader methodological insights into welfare analysis with misoptimizing consumers.
Journal Article
Hacking growth : how today's fastest-growing companies drive breakout success
\"The definitive playbook by the pioneers of Growth Hacking, one of the hottest business methodologies in Silicon Valley and beyond. It seems hard to believe today, but there was a time when Air Bnb was the best-kept secret known of travel hackers and couch surfers, Pintrest was a niche web site frequented only by bakers and crafters, LinkedIn was an exclusive network for C-suite executives and top-level recruiters, Facebook was My Space's sorry step-brother, and Uber was a scrappy upstart that didn't stand a chance against the Goliath that was New York City Yellow Cabs. So how did these companies grow from these humble beginnings into the powerhouses they are today? Contrary to popular belief, they didn't explode to massive worldwide popularity simply by building a great product then crossing their fingers and hoping it would catch on. There was a studied, carefully implemented methodology behind these companies' extraordinary rise. That methodology is called Growth Hacking, and it'spractitioners include not just today's hottest start-ups, but also companies like IBM, Walmart, and Microsoft as well as the millions of entrepreneurs, marketers, managers and executives who make up the community of GrowthHackers.com, Think of the Growth Hacking methodology as doing for market-share growth what Lean Start-Up did for product development, and Scrum did for productivity. It involves cross-functional teams and rapid-tempo testing and iteration that focuses customers: attaining them, retaining them, engaging them, and motivating them to come back and buy more. An accessible and practical toolkit that teams and companies in all industries can use to increase their customer base and market share, this book walks readers through the process of creating and executing their own custom-made growth hacking strategy. It is a must read for any marketer, entrepreneur, innovator or manger looking to replace wasteful big bets and \"spaghetti-on-the-wall\" approaches with more consistent, replicable, cost-effective, and data-driven results\"-- Provided by publisher.
Book
Overconfident Consumers in the Marketplace
The term overconfidence is used broadly in the psychology literature, referring to both overoptimism and overprecision. Overoptimistic individuals overestimate their own abilities or prospects. In contrast, overprecise individuals place overly narrow confidence intervals around forecasts, thereby underestimating uncertainty. These biases can lead consumers to misforecast their future product usage, or to overestimate their abilities to navigate contract terms. In consequence, consumer overconfidence causes consumers to systematically misweight different dimensions of product quality and price. Poor choices based on biased estimates of a product's expected costs or benefits are the result. For instance, overoptimism about self-control is a leading explanation for why individuals overpay for gym memberships that they underutilize. Similarly, overprecision is a leading explanation for why individuals systematically choose the wrong calling plans, racking up large overage charges for exceeding usage allowances in the process. Beyond these market effects of overconfidence, this paper addresses three additional questions: What will firms do to exploit consumer overconfidence? What are the equilibrium welfare consequences of consumer overconfidence for consumers, firms, and society? And what are the implications of consumer overconfidence for public policy?
Journal Article