Influence of Utilitarian and Hedonic Attributes on Willingness to Pay Green Product Premiums and Neural Mechanisms in China: An ERP Study

Author:

Wei Qiang1,Lv Dong1,Lin Yixin2,Zhu Dongmei1,Liu Siyuan1,Liu Yuting1

Affiliation:

1. School of Education, Jianghan University, Wuhan 430056, China

2. School of Energy and Power Engineering, Huazhong University of Science & Technology, Wuhan 430074, China

Abstract

Green consumption is expected to become a new driving force for sustainable economic growth. The production cost of green products leads to the existence of a green premium, which affects the willingness to pay for green consumption. Moreover, willingness to pay is influenced by the product’s own attributes, such as its hedonic and utilitarian attributes. Our study used the event-related potentials (ERPs) technique to investigate how product attributes and premiums affect information processing and subsequent decision-making by comparing consumers’ acceptance of hedonic and utilitarian green products with different levels of premiums. Behavioral results indicated that consumers were more willing to pay premiums for utilitarian attributes than for hedonic attributes. ERPs results showed that hedonic attributes induced a greater P2 component, suggesting that price increases for hedonic products elicited more cognitive attention in the early cognitive stage and that the high premium condition did not match the hedonic attributes. In the late cognitive stage, where the utilitarian attribute induced higher N4, the consumers used the green consumption concept as a reason to reduce the negative emotions generated by the hedonic attribute and thus were more willing to accept the green premium for the hedonic product. The findings can be used to explain the psychological and neural activities of consumers at different stages when faced with the degree of product attribute-premium and help companies optimize their pricing strategies by using green products’ attributes.

Funder

Provincial Teaching Research Project of Hubei Universities

Publisher

MDPI AG

Subject

Management, Monitoring, Policy and Law,Renewable Energy, Sustainability and the Environment,Geography, Planning and Development,Building and Construction

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3