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Explanations of effects of prior income changes on buying decisions

[journal article]

Karlsson, Niklas
Gärling, Tommy
Selart, Marcus

Abstract

Two experiments with undergraduates as subjects tested explanations of how a prior temporary income change influences choices between buying and deferred buying. In Experiment 1 predictions from the behavioral life-cycle theory (Shefrin & Thaler, 1988), the renewable resources model (Linville & Fisc... view more

Two experiments with undergraduates as subjects tested explanations of how a prior temporary income change influences choices between buying and deferred buying. In Experiment 1 predictions from the behavioral life-cycle theory (Shefrin & Thaler, 1988), the renewable resources model (Linville & Fischer, 1991) and the loss-sensitivity principle (Garling & Romanus, 1997) were contrasted. The results are inconsistent with the latter two explanations since the framing of buying as positive (buying a new model of a product) or negative (replacing a broken product) did not interact with the income change. Congruent with the behavioral life-cycle theory, willingness to buy was greater when subjects received a temporary income increase than when they received a temporary income decrease although total assets were equal. Further support for the behavioral life-cycle theory is obtained in Experiment 2 where four income-change conditions and durable and nondurable goods are compared.... view less

Keywords
consumption behavior; buying behavior; decision making; income; savings

Classification
Applied Psychology
Sociology of Economics

Document language
English

Publication Year
1999

Page/Pages
p. 449-463

Journal
Journal of Economic Psychology, 20 (1999) 4

DOI
https://doi.org/10.1016/S0167-4870(99)00017-3

ISSN
0167-4870

Status
Published Version; peer reviewed

Licence
Creative Commons - Attribution-ShareAlike


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.