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Cited by 171Decision-Making and Behavioral EconomicsExperimental Behavioral Economics StudiesConsumer Market Behavior and Pricing

Medium Maximization

Open access
Hsee, Christopher K., Yu, Fang, Zhang, Jiao, Zhang, Yan·2003·Journal of Consumer Research
DOI 10.1086/374702
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Abstract

A medium—for example, points or money—is a token people receive as the immediate reward of their effort. It has no value in and of itself, but it can be traded for a desired outcome. Experiments demonstrate that, when people are faced with options entailing different outcomes, the presence of a medium can alter what option they choose. This effect occurs because the medium presents an illusion of advantage to an otherwise not so advantageous option, an illusion of certainty to an otherwise uncertain option, or an illusion of linearity to an otherwise concave effort-outcome return relationship. This work has implications for how points influence consumer choice and how money influences human behavior.

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Cites

37 of 37 references verified0 citation errors · 0 not checkable

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  • Consumers continue certain behaviors after several past instances.

    “Additionally, we contribute to past work showing that consumers continue certain behaviors after several past instances (e.g., collecting two or three items: Gao et al. 2014; acquiring a medium like loyalty points: Hsee et al. 2003)”

    From On or Off Track: How (Broken) Streaks Affect Consumer Decisions (2023) · cites this paper as Hsee et al. 2003

    Study 5 (Results and Discussion; page unavailable) found that participants continued an activity longer when they earned points as a medium. The activity was listening to noise, however, not repeating a behavior after several past instances. The Implications section discusses loyalty-point programs as an application, not as a tested setting. (LLM, conf=0.86)

    Experimental — accuracy not yet measured

  • The symbols used in behavioral tracking (e.g., checkmarks in behavioral logs) can have a special influence on consumers' behavior.

    “Furthermore, our findings inform our understanding of how the symbols used in behavioral tracking (e.g., the checkmarks in behavioral logs) can have a special influence on consumers' behavior.”

    From On or Off Track: How (Broken) Streaks Affect Consumer Decisions (2023) · cites this paper as Hsee et al. 2003

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Cites

Flagged first, then by citations

Research works printed but not linked: 8

  1. Armus, Harvard L. (1982), "Secondary Reinforcement Strength and Acquisition Reinforcement Schedule," Bulletin of the Psy- chonomic Society, 20 (3), 129
  2. Frank, Robert (1999), Luxury Fever: Why Money Fails to Satisfy in an Era of Excess, New York: Free Press.
  3. Keeney, Ralph L. (1980), Siting Energy Facilities, New York: Academic Press.
  4. ---(1994), "Creativity in Decision Making with Value-Fo- cused Thinking," Sloan Management Review, 35 (Summer), 33-41.
  5. Keeney, Ralph L. and Howard Raiffa (1976), Decisions with Mul- tiple Objectives: Preferences and Value Tradeoffs, New York: Wiley.
  6. Scitovsky, Tibor (1992), Joyless Economy: The Psychology of Hu- man Satisfaction, New York: Oxford University Press.
  7. ---(2000), "Mental Accounting Matters," in Choices, Values and Frames, ed. Daniel Kahneman and Amos Tversky, Cam- bridge: Cambridge University Press.
  8. Williams, Ben A. and Roger Dunn (1991), "Preference for Con- ditioned Reinforcement," Journal of the Experimental Anal- ysis of Behavior, 55 (January), 37-46.

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Authors
Hsee, C. K., Yu, F., Zhang, J., & Zhang, Y.
ORCID
Venue
Journal of Consumer Research
Publisher
Oxford University Press (OUP)
Published
2003-06
Volume
30
Issue
1
Pages
1-14
ISSN
  • 0093-5301 (ISSN-L)
  • 1537-5277
DOI
10.1086/374702
OpenAlex
W4234925279
Cited by
171
References
37
Citations by year
2026: 3 · 2025: 4 · 2024: 9 · 2023: 8 · 2022: 9 · 2021: 10 · 2020: 13 · 2019: 7 · 2018: 9 · 2017: 9 · 2016: 8 · 2015: 9 · 2014: 15 · 2013: 10 · 2012: 6
FWCI
2.71
Type
journal article
Language
en
Open access
Licence
cc-by-nc-nd
Locations
  • Journal of Consumer Research (publishedVersion)
  • CEIBS Institutional Repository (submittedVersion, cc-by-nc-nd)
Funders
National Science Foundation
Topics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Social Sciences › Safety Research › Experimental Behavioral Economics Studies
  • Social Sciences › Business, Management and Accounting › Marketing › Consumer Market Behavior and Pricing
Keywords
reward, consumer choice, money, decision-making

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