When Economic Experiments Can Help Consumer Research

Steven C. Huff


In their quest to better understand and predict human behavior, consumer researchers have been relatively unaffected by a growing trend in the social sciences—the interplay between economics and psychology. This is not necessarily a surprise given that consumer researchers are often trained within the psychology paradigm and often get little exposure to economics. The main purpose of this article, therefore, is to (a) introduce consumer researchers to methods of experimental economics, and (2) propose situations in which its tools and procedures can provide alternative approaches to common problems in consumer research. The article is divided into two main sections. First, it describes four key practices that characterize a typical economic experiment, and discusses how they can be applied to consumer research. The article then presents two procedures commonly used in experimental economics to elicit preferences and beliefs.

Full Text:


DOI: https://doi.org/10.5539/ibr.v7n5p91

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

International Business Research  ISSN 1913-9004 (Print), ISSN 1913-9012 (Online)

Copyright © Canadian Center of Science and Education

To make sure that you can receive messages from us, please add the 'ccsenet.org' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.