Sweepstakes and contests are an extremely common promotional strategy used by firms. The sweepstakes and contests often differ significantly in the design of reward structure. For example, in 1999, Godiva Chocolates conducted a sweepstakes where one box of chocolates contained a diamond...

We investigate whether or not the information about business longevity affects consumers' perceptions of risk associated with a choice and their choice behavior. We also examine the impact of risk on the value of such information to consumers. We test the relationship between business longevity...

Using a large sample of individuals who hold Target Retirement Funds (TRFs), we examine how people use mental arithmetic in estimating their retirement age. We find a strong “zero” bias, in that investors have a strong preference for TRFs that end with zero (2030, 2040) as compared to TRFs...

We propose a theory-based model of the shopper journey, incorporating the rich literature in consumer research and marketing research. We also take into account the evolving retailing landscape, characterized by significant knowledge, lifestyle, technological, and structural changes. With...

A common decision that organizations make is to prioritize and allocate resources to managers of competing new product projects. On successful completion of the projects, organizations often reward their project managers using a standardized incentive plan; that is, they reward the success of...

We analyze the offering, asking, and granting of help or other benefits as a three-stage game with bilateral private information between a person in need of help and a potential help-giver. Asking entails the risk of rejection, which can be painful: since unawareness of the need can no longer be...

We apply a novel crowdsourcing approach to provide rapid insights on the most promising interventions to promote uptake of COVID-19 booster vaccines. In the first stage, international experts proposed 46 unique interventions. To reduce noise and potential bias, in the second stage, experts and...

Attention is a pivotal resource in the modern economy and plays an increasingly prominent role in economic analysis. We summarize research on attention from both psychology and economics, placing a particular emphasis on its capacity to explain numerous documented violations of classical...