{"id":3160,"date":"2018-11-22T08:44:23","date_gmt":"2018-11-22T08:44:23","guid":{"rendered":"http:\/\/atuljha.com\/blog\/?p=3160"},"modified":"2018-11-22T08:44:23","modified_gmt":"2018-11-22T08:44:23","slug":"paper-on-product-customization-and-customers-willing-to-pay-more","status":"publish","type":"post","link":"https:\/\/atuljha.com\/blog\/2018\/11\/22\/paper-on-product-customization-and-customers-willing-to-pay-more\/","title":{"rendered":"Paper: On product customization and customers willing to pay more"},"content":{"rendered":"<p>I was reading this behavioral economics paper [<a href=\"http:\/\/atuljha.com\/blog\/wp-content\/uploads\/2018\/11\/Customization.pdf\">PDF<\/a>] On product customization and customers willing.<\/p>\n<p>It cites how our bias plays its role (endowment effect, IKEA effect) and why credit card companies, E-commerce giants stress on personalized care and recommendation. Why we end up paying more for the customized coffee mug and feel worse if it gets broken.<\/p>\n<p>Three important points:<\/p>\n<p>1. Our willingness to pay more on a customized product depends on the cost.<br \/>\n2. Our earning defines our willingness to pay for customization.<br \/>\n3. We decide on customization in accordance with social trends.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I was reading this behavioral economics paper [PDF] On product customization and customers willing. It cites how our bias plays its role (endowment effect, IKEA effect) and why credit card companies, E-commerce giants stress on personalized care and recommendation. Why we end up paying more for the customized coffee mug and feel worse if it &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/atuljha.com\/blog\/2018\/11\/22\/paper-on-product-customization-and-customers-willing-to-pay-more\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Paper: On product customization and customers willing to pay more&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[101],"tags":[478,477],"_links":{"self":[{"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/posts\/3160"}],"collection":[{"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/comments?post=3160"}],"version-history":[{"count":1,"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/posts\/3160\/revisions"}],"predecessor-version":[{"id":3162,"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/posts\/3160\/revisions\/3162"}],"wp:attachment":[{"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/media?parent=3160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/categories?post=3160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/atuljha.com\/blog\/wp-json\/wp\/v2\/tags?post=3160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}