How Large Are Non-Budget-Constraint Effects of Prices on Demand?
通过实验室和实地实验，分离价格对需求的预算约束效应与非预算约束效应（如质量信号），发现非预算约束效应远小于预算约束效应，且常不显著。
Elementary consumer theory assumes prices affect demand only because they affect the budget constraint (BC). Alternative models, and some evidence, suggest prices can affect demand through other, non-BC channels (e.g., by signaling quality). This paper uses a lab and a field experiment to disentangle BC from non-BC effects of prices on demand. In the lab, we find that although prices positively affect stated willingness to pay, non-BC price elasticities are considerably smaller than BC price elasticities, are often statistically insignificant, and do not increase with product uncertainty. We do not detect any non-BC effects in our field experiment.