Psychology

Strategic Management Seminar

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  “There Ain’t No Such Thing as a Free Lunch”:Consumers’ Reactions to Pseudo-Free Offers Ifrah Ishrat (PGP/22/303)Jitha Johny (PGP/22/354)Urjit Agarwal (PGP/22/391)Zaid Merchant (PGP/22/393)Chiranjeev Gaggar (PGP/22/421)  THEORY  WHAT IS “PSEUDO-FREE”?  THEORY (CONTD...) “Pseudo-free” offers are framed as “free” but nonetheless require a nonmonetary payment or cost - either by giving the firm something (data) or performing a task (survey)Truly Free Offer - no payments (free T-shirt at a sports event)   Non-Free Offer - monetary payments (T-shirt at a sports event for $25)The Special Number - Zero! Irrationally high number of people preferring 0% probability over 1% irrespective of gainsAttributions - People generally respond positively to “free” - increases chances of them perceiving the offer as fair - Privacy vs Facebook useConsumers need to perceive the benefits to be greater than the nonmonetary costs
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