The impact of affect on willingness-to-pay and desired-set-size

What role does affect play in economic decision making? Previous research showed that the number of items had a linear effect on the willingness-to-pay for those items when participants were computationally primed, whereas participants' willingness-to-pay was insensitive to the amount when they were affectively primed. We extend this research by also studying the impact of affect on nonmonetary costs of waiting for items to be displayed and of screening them in a computer task. We assessed these costs by asking participants how many items they desired to see before making their selection. In our experiment, the effect of priming on desired-set-size was even larger than on willingness-to-pay, which can be explained by the fact that the nonmonetary costs, waiting time, were real, whereas willingness-to-pay was hypothetical. Participants also reported their satisfaction with the choosing process and the chosen items; no linear or nonlinear relationship was found between the self-determined desired-set-size and satisfaction.