Saturday, March 5
9:30am – 11:00am EST
9:30am – 11:00am EST
Discussant: Oleg Urminsky (University of Chicago)
MC: Zoey Chen (University of Miami)
Calendar Invite: Add to calendar
Student Coordinator: Donald Gaffney (Vanderbilt University) (donald.r.gaffney@Vanderbilt.Edu)
True Old, True Self: Defining and Understanding Vintage
Using a multimethod approach that combines interviews and surveys at two vintage fairs, online product scraping from vintage retailers, three lab studies, and a field study on social media, this research defines vintage products, distinguishes vintage products from similar, yet different products (e.g., retro), and examines the motivations behind vintage consumption. Vintage is a composite formative construct with four product dimensions: age (true original, between 20 and 100 years old), design (reflective of an era, cool), quality (long-lasting materials, craftsmanship), and availability (few pieces, hard to find). Moreover, consumers use vintage products to express themselves rather than impress others.
How Should Time Estimates be Structured to Increase Consumers’ Satisfaction?
Consumers often encounter time estimates in inherently uncertain contexts (e.g., driving, food delivery). How should those estimates be structured to increase consumers’ satisfaction? In 8 pre-registered studies, participants evaluated time estimates on an app. We manipulated the format of the estimates and/or the location of the estimates in the underlying distribution. We find that across domains, consumers prefer range estimates (i.e., a confidence interval) to point estimates, as long as the ranges are not excessively wide. When early arrival is ideal, conservative estimates are preferred, whereas when accuracy is ideal, accurate estimates are more appealing.
The Days-of-the-week Effect in Temporal Judgments
Many marketing activities entail information on the time they will take, e.g., the number of days it will take a packet to ship or the number of days a vacation will last. Consumers then use this information to form subjective judgments of temporal duration. We show that using days of the week information in descriptions of temporal intervals (e.g. “ordered today, delivered on Thursday, February 4th” vs. “ordered today, delivered on February 4th”) affects consumers’ temporal judgments. This happens because the days-of-the-week framing prompts people to rely on more narrow-span temporal evaluation scales. As a result, adding days of the week information while holding the objective temporal duration constant increases the perceived duration of temporal intervals. Results from four experiments support this theorizing (N = 2,544). This research adds to our understanding of how decision context can activate different implicit scales and how these scales shape consumer judgments.
When the Unexpected Happens: How People React to Unbudgeted Time Savings
As people suffer from time famine, one might expect that unexpected time savings should make people happy. However, five preregistered studies show that whereas finishing a task later than planned significantly decreases happiness, finishing the task earlier by the same amount of time does not substantially increase happiness. This pattern holds controlling for people’s expectations about time deviations, the quality of the outcome, and for actual experiences. Importantly, we find that this asymmetry is specific to time—unexpected monetary savings increase people’s happiness significantly more than comparable time savings. Crucially, people overpredict how happy they would feel when saving time.
On the Value(s) of Time – Workers’ Value of Their Time Depends on Mode of Valuation
In this paper, we investigate how individuals make time-money tradeoffs in labor contexts where they are either asked to work to earn money, or to pay money to avoid work. Results from our experiments show that exchange rates between time and money strongly depend on the elicitation method, shedding light on how individuals consider their time. Our results demonstrate that individuals’ value of their time of labor can be fluid and dependent on the compensation structure. Our findings have implications for theories of time valuation in the labor market.
Prospect Duration Neglect: the Effect of Task Duration Information on Procrastination
It has been documented that people neglect duration in retrospective evaluations of experiences. How about prospectively – especially when deciding to procrastinate on a task? In this research, we argue that people do not naturally factor in task duration in their procrastination decision despite having acknowledged it as an important factor when asked explicitly. When attention is drawn to it, however, duration information decreases people’s tendency to procrastinate on the task. In six studies (n=2274), we demonstrate the effect of duration information on procrastination with real behaviors (Study 1 and 2) and with participant-generated estimates (Study 4 to 6).
How the Congruity of Construal Level & Psychological Distance in Messaging Affects Persuasion: A Meta-Analytic Review of Construal Level Theory & Psychological DistanceResearch
Construal Level Theory (Liberman and Trope, 1998) is an account of how psychological distance influences individuals' thoughts and behavior. How an individual construes information about an event or issue, and perceives his or her distance from it, can affect that person’s judgments (Bar-Anan, Liberman, & Trope, 2006), evaluations (Malkoc, Zauberman, & Ulu, 2005), and behavior (Eyal et al., 2009; Trope & Liberman, 2010). Our meta-analysis of 410 effect sizes representing 225 studies from 113 unique manuscripts examines how congruency - the matching of the construal level manipulation with psychological distance – impact the magnitude of the observed effect on measured outcomes. Initial summary results from the random-effects meta-analysis confirm the positive effect congruency between construal level and psychological distance has on attitudes (k = 192; rattitudes = 0.23), behaviors (k = 122; rbehaviors = 0.28) and intentions (k = 96; rintentions = 0.22).
Color of a Busy Life: Exploring Consumer Color Preference under Time Scarcity
The current research examines consumers’ color preference under time scarcity. Six studies demonstrate that the perceived shortage of time leads consumers to prefer products with highly saturated colors (rather than similar products with low-saturation colors). This proposed effect occurs because time scarcity drives consumers to develop a strong need for product efficacy, which results in more favorable attitudes toward products with high saturated colors which can symbolically provide a feeling of product efficacy. This effect is further shown to be weakened or dismissed when consumers are in a satisficing mindset.