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...