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EMAC 2024 Annual


Set Composition Induces Overbuying
(A2024-119508)

Published: May 28, 2024

AUTHORS

Elena Bocchi, Bayes Business School (formerly Cass), City University of London; Irene Scopelliti, City, University of London; Zachary Estes, Cass Business School, City University of London

ABSTRACT

Sets of items are ubiquitous in the marketplace. In this research, we identify a set equalization tendency, a preference for owning equally over unequally distributed sets of items, even if the latter more accurately reflect one’s differential preferences and consumption rates for the individual set members than the former. Specifically, we demonstrate that inequality in the distribution of a set of possessions increases consumers’ desire to even it out by purchasing more of the less numerous items. Such effect occurs because in sets distributed unequally, the most numerous items become a new reference point, triggering a perception of ‘not having enough’ (and therefore needing more) of all the items owned in lower quantities, ultimately resulting in greater acquisitions. This heuristic can lead consumers towards redundant, suboptimal acquisitions.