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When the eyes say buy: visual fixations during hypothetical consumer choice improve prediction of actual purchases

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  • Mai, Taisuke
  • Kang, Min Jeong
  • Camerer, Colin F.

Abstract

Consumers typically overstate their intentions to purchase products, compared to actual rates of purchases, a pattern called "hypothetical bias". In laboratory choice experiments, we measure participants' visual attention using mousetracking or eye-tracking, while they make hypothetical as well as real purchase decisions. We find that participants spent more time looking both at price and product image prior to making a real "buy" decision than making a real "don't buy" decision. We demonstrate that including such information about visual attention improves prediction of real buy decisions. This improvement is evident, although small in magnitude, using mousetracking data, but is not evident using eye-tracking data.

Suggested Citation

  • Mai, Taisuke & Kang, Min Jeong & Camerer, Colin F., 2019. "When the eyes say buy: visual fixations during hypothetical consumer choice improve prediction of actual purchases," Munich Reprints in Economics 78228, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:78228
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    Cited by:

    1. Amasino, Dianna R. & Dolgin, Jack & Huettel, Scott A., 2023. "Eyes on the account size: Interactions between attention and budget in consumer choice," Journal of Economic Psychology, Elsevier, vol. 97(C).
    2. David J. Cooper & Ian Krajbich & Charles N. Noussair, 2019. "Choice-Process Data in Experimental Economics," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 5(1), pages 1-13, August.
    3. Andre Veiga & Tommaso Valletti, 2020. "Attention, recall and purchase: Experimental evidence on online news and advertising," Working Papers 20-15, NET Institute.
    4. Mesfin G. Genie & Mandy Ryan & Nicolas Krucien, 2023. "Keeping an eye on cost: What can eye tracking tell us about attention to cost information in discrete choice experiments?," Health Economics, John Wiley & Sons, Ltd., vol. 32(5), pages 1101-1119, May.

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