Word: ownership
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...Boston Globe office this morning might be sweating a bit more than usual for this time of year in New England. Anxieties in the print journalism industry have reached new heights, as The Boston Globe faces potential closure after 137 years of publication. The paper’s ownership, The New York Times Co., has suffered substantial losses from The Globe and has stipulated that union members must agree to $20 million in cuts or the newspaper may be terminated...
...researchers placed two products, a Slinky and a coffee mug, in front of 231 undergraduate students at the University of Wisconsin. About half were told they could touch the products, while the other half were prohibited from fiddling with them. Students were then asked to express their sense of ownership of the products and to indicate how much money they were willing to pay for each...
...does touching an item increase the likelihood of purchase? The motivation traces back to what behavioral economists have labeled the "endowment effect." This phenomenon posits that consumers value a product more once they own it. And simply touching that Charmin may increase a shopper's sense of ownership and compel the consumer to buy the product. (Read "How to Know When the Economy Is Turning...
...results were clear: those who touched the items reported statistically significant higher levels of perceived ownership. They were also willing to pay more to purchase the products. "If you don't want to spend more money, be careful what you touch," says Joann Peck, a marketing professor at the University of Wisconsin's business school and the study's other co-author. Peck happily describes herself as an expert in haptics, the science of touch; she has published six other papers on the subject. "Touching something gives you that little sense of control," she says, "and that alone can increase...
...experiment. After the students either touched or didn't touch the Slinky and the coffee mug, they were asked to imagine picking up the products and bringing them home. The other half were asked to simply evaluate the products in their minds. Among those who touched the products, imagining ownership did not affect the price they'd be willing to pay for them. However, among those who didn't touch the items - a group that shares the same hands-free experience as online shoppers - picturing ownership led to significantly higher valuations of the products...