The Effect of Social Interaction on Economic Transactions
1,510 views · Published 1 September 2016 · 12:02 · Indexed 21 October 2026
Channel: Duke University - The Fuqua School of Business · 2016 · Education
Join us for our August 2016 Fuqua Faculty Conversation as Ryan McDevitt, Assistant Professor of Economics, presents: The Effect of Social Interaction on Economic Transactions Professor McDevitt studies how the social nature of a transaction influences what consumers purchase. To do so, he examined changes in two different retail formats that reduced a “social friction” that would otherwise inhibit consumers due to an implicit cost associated with ordering certain items in social settings, especially when those items might be embarrassing. He places these findings in the context of online transactions that require almost no social interaction, showing how firms might best respond to this phenomenon. In this Fuqua Faculty Conversation, we will discuss: - How social interaction affects what consumers buy - How this effect has become more prominent given the increasing prevalence of online transactions - How firms can benefit from this insight Lloyds Apotek photo courtesy of Holger Ellgaard
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