The effect of the number of additional options for vehicles on consumers' willingness to pay

Takumi Kato; Kazuhiko Tsuda

doi:10.1016/j.procs.2020.09.165

The effect of the number of additional options for vehicles on consumers' willingness to pay

Takumi Kato, Kazuhiko Tsuda

School of Commerce

Research output: Contribution to journal › Conference article › peer-review

6 Citations (Scopus)

Abstract

Recent consumer behavior research highlights the concern that too many options cause consumers to feel burdened by selection, and hence, reduce their purchasing intention. Existing research focus on the amount of product and information present on product packaging Therefore, in this study, the effects of the number of addition options in the Japanese automobile industry, on the willingness to pay (WTP) were examined, using a randomized controlled trial. Seven categories of options were defined: Color, Interior, Safety, Audio/Navigation, Utility, Technology, and Decoration. The results showed that WTP was not significantly affected by the number of options.

Original language	English
Pages (from-to)	1540-1547
Number of pages	8
Journal	Procedia Computer Science
Volume	176
DOIs	https://doi.org/10.1016/j.procs.2020.09.165
Publication status	Published - 2020
Event	24th KES International Conference on Knowledge-Based and Intelligent Information and Engineering Systems, KES 2020 - Virtual Online Duration: 16 Sept 2020 → 18 Sept 2020

Keywords

Consumer behavior
Contingent valuation method
Multiple comparison method
Steel's test

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10.1016/j.procs.2020.09.165

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title = "The effect of the number of additional options for vehicles on consumers' willingness to pay",

abstract = "Recent consumer behavior research highlights the concern that too many options cause consumers to feel burdened by selection, and hence, reduce their purchasing intention. Existing research focus on the amount of product and information present on product packaging Therefore, in this study, the effects of the number of addition options in the Japanese automobile industry, on the willingness to pay (WTP) were examined, using a randomized controlled trial. Seven categories of options were defined: Color, Interior, Safety, Audio/Navigation, Utility, Technology, and Decoration. The results showed that WTP was not significantly affected by the number of options.",

keywords = "Consumer behavior, Contingent valuation method, Multiple comparison method, Steel's test",

author = "Takumi Kato and Kazuhiko Tsuda",

note = "Publisher Copyright: {\textcopyright} 2020 The Authors. Published by Elsevier B.V.; 24th KES International Conference on Knowledge-Based and Intelligent Information and Engineering Systems, KES 2020 ; Conference date: 16-09-2020 Through 18-09-2020",

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T1 - The effect of the number of additional options for vehicles on consumers' willingness to pay

AU - Kato, Takumi

AU - Tsuda, Kazuhiko

PY - 2020

Y1 - 2020

N2 - Recent consumer behavior research highlights the concern that too many options cause consumers to feel burdened by selection, and hence, reduce their purchasing intention. Existing research focus on the amount of product and information present on product packaging Therefore, in this study, the effects of the number of addition options in the Japanese automobile industry, on the willingness to pay (WTP) were examined, using a randomized controlled trial. Seven categories of options were defined: Color, Interior, Safety, Audio/Navigation, Utility, Technology, and Decoration. The results showed that WTP was not significantly affected by the number of options.

AB - Recent consumer behavior research highlights the concern that too many options cause consumers to feel burdened by selection, and hence, reduce their purchasing intention. Existing research focus on the amount of product and information present on product packaging Therefore, in this study, the effects of the number of addition options in the Japanese automobile industry, on the willingness to pay (WTP) were examined, using a randomized controlled trial. Seven categories of options were defined: Color, Interior, Safety, Audio/Navigation, Utility, Technology, and Decoration. The results showed that WTP was not significantly affected by the number of options.

KW - Consumer behavior

KW - Contingent valuation method

KW - Multiple comparison method

KW - Steel's test

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DO - 10.1016/j.procs.2020.09.165

M3 - Conference article

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SN - 1877-0509

VL - 176

SP - 1540

EP - 1547

JO - Procedia Computer Science

JF - Procedia Computer Science

T2 - 24th KES International Conference on Knowledge-Based and Intelligent Information and Engineering Systems, KES 2020

Y2 - 16 September 2020 through 18 September 2020

ER -

The effect of the number of additional options for vehicles on consumers' willingness to pay

Abstract

Keywords

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