By Richard H. Thaler
An creation to behavioural economics
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Assume that only one of the procedures can ever be attempted on any individual, that each has the same probability of success and (to make the case as clean as possible) that physicians know that if one procedure doesn't work the other would have. Clearly, in this situation a rational consumer would want the physician to make the choice, and furthermore, he would not want to know that a choice existed! In less dramatic examples there will still be an incentive to let the physician choose, particularly if the physician knows the patient well (and thus can do a good job of reflecting the patient's preferences).
Nevertheless, the economic theory of the consumer, even so extended, has not found widespread application in marketing. Why not? One reason is that all such models omit virtually all marketing variables except price and product characteristics. Many marketing variables fall into the category that Tversky and Kahneman (1981) refer to as framing. These authors have shown that often choices depend on the way a problem is posed as much as on the objective features of a problem. Yet within economic theory, framing cannot alter behavior.
In this case the $40 paid for the tickets will induce the consumer to go since v{g) + v{—(c + 40)) > — £(—40) due to the convexity of v. 2. Sunk Costs and Multipart Pricing Example 5 can be used to illustrate an application of the sunk cost effect in microeconomics. The tennis club uses a two-part pricing scheme. The membership fee is $300 and the court fees are $10 per hour. Suppose the membership fee is raised to $400 keeping the court fees fixed. The standard theory would predict the following effects: (1) some members will drop out, (2) those who remain will use the club slightly less because of the income effect of the increased membership fee (assuming tennis playing is normal), and (3) average utilization will rise if the change in the mix of members toward higher demanders outweighs the income effect, otherwise average utilization will fall.
Quasi Rational Economics by Richard H. Thaler
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