If it tastes bad it must be good: Consumer naïve theories and the marketing placebo effect

Abstract

The original marketing placebo effect study shows that high price increases consumers' expectations and enhances behavioral performance (Shiv, Carmon, & Ariely, 2005). We find that several non-price variables (set size, scarcity, packaging, and taste) conceptually replicate this effect. Consumers hold naïve theories about the possible influence of many marketing variables, and these theories influence subjective beliefs and objective behavior. © 2012 Elsevier B.V.