Extra-experimental scarcity impacts hypothetical operant demand: A natural SARS-CoV-2 eperiment

Area of Science:

• Behavioral Economics
• Consumer Psychology
• Health Economics

Background:

• Behavioral economic demand models assess how organisms defend commodity consumption.
• Commodity purchase tasks offer a psychometrically sound method for evaluating demand for retail products.
• Operant literature indicates economy type (open vs. closed) impacts demand, but this is understudied in commodity purchase tasks.

Purpose of the Study:

• To investigate the impact of real-world market pressures on commodity demand using hypothetical purchase tasks.
• To examine how SARS-CoV-2 pandemic-related economic changes affected consumer demand for essential goods.
• To assess the construct validity of commodity purchase tasks under varying economic conditions.

Main Methods:

• A crowdsourced, within-subject design was employed to compare consumer demand at two time points during the SARS-CoV-2 pandemic.
• Hypothetical commodity purchase tasks were used to assess demand for hand lotion, sanitizer, paper towels, toilet paper, soda, and water.
• The study leveraged natural market fluctuations caused by pandemic-related economic shifts as a natural experiment.

Main Results:

• Commodity purchase tasks demonstrated sensitivity to external market pressures, such as scarcity induced by economic closures.
• Consumer demand for certain retail goods was significantly altered by the pandemic's economic impact.
• The findings support the reliability of self-reported data from purchase tasks.

Conclusions:

• Hypothetical commodity purchase tasks are valid tools for measuring consumer demand, even under significant external economic pressures.
• The study provides evidence for the construct validity of purchase tasks in reflecting real-world economic influences.
• Understanding demand shifts during crises is crucial for economic and public health strategies.