September 2012
Intermediate to advanced
391 pages
12h 39m
English
Content preview from Cloudonomics: The Business Value of Cloud Computing, + Website
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Zero-Price Effect
Kristina Shampanier of the Massachusetts Institute of Technology, Nina Mazar of the University of Toronto, and Dan Ariely of Duke conducted an interesting experiment.37 They offered subjects the opportunity to receive a free $10 gift card or pay $7 for a $20 gift card. Which would you take? Most subjects picked the free one. However, a moment’s thought shows that the net economic gain from a free $10 gift card is $10, whereas the net gain from a $20 gift card for which you pay $7 is higher: $13.
Shampanier, Mazar, and Ariely called this finding the “zero-price effect.” There is an analog in risk reduction: Consumers will pay more for an infinitesimal reduction to zero risk than a much larger reduction in risk to a small quantity. Zero, in other words, has a special appeal.
This bias is favorable for the cloud: Free trials, no commitment, no subscription fees, no implementation costs, no nonrecurring installation fees eliminate barriers to purchase and accelerate adoption.
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