Explicit consumers responses are often adverse for the validity of procedures used to estimate consumers’ willingness-to-pay (WTP). This paper investigates if price evaluations occur automatically and to what extent these automatic processes can be used to implicitly estimate consumers’ WTP. An adapted version of the task-rule congruency (TRC) paradigm was used in two studies. Results of the first study provided evidence for the notion that prices are automatically evaluated. However, the used procedure had limitations that restricted its utility as an implicit WTP estimate. The procedure was adjusted, and an additional study was conducted. The results of the second study also indicated that prices were evaluated automatically. Additionally, the procedure used during the second study allowed to explore to what extent the observed TRC effects could be used to implicitly estimate consumers’ WTP. Taken together, these studies provided evidence for the notion that prices are evaluated automatically. Furthermore, the procedure has the potential to be further developed into an implicit estimate of consumers’ WTP.

The present study employed an explicit reaction time task but measured several underlying cognitive processes in an attempt to provide implicit estimates of consumers’ willingness-to-pay (WTP). Participants were asked to evaluate product-price combinations as cheap or expensive. The prices of the products ranged from very cheap to very expensive. Crucially, participants had to complete the task under time pressure while the dependent variables of interest could not be influenced deliberately. This is because we explored whether the magnitude of the price stimulus interfered with the reaction times (RTs), response force (RF) and partial responses (PRs). The results of our study demonstrated that both RTs and RF are influenced by the magnitude of the price and it is postulated that these dependent measures indeed have the potential to investigate consumers’ WTP. Future studies need to further investigate the possibilities of these implicit variables and validate eventual estimates.

Little is known about how price evaluation processes unfold. In the current study we explored if reaction times (RTs) can be used to study price evaluations. Additionally, we explored to what extent drift diffusion models (DDMs) are suitable to decompose the different aspects that underlay this decision processes. In a behavioral experiment, participants were asked to evaluate prices as fast as possible as ‘cheap’ or ‘expensive’. We expected that the time needed to evaluate prices would vary in accordance with a price manipulation that was used, and that RTs therefore could be interpreted a proxy of decision difficulty. Analysis of the behavioral data provided evidence for this hypothesis: very cheap and very expensive prices were evaluated faster compared to ambiguous prices. Then, drift diffusion models (DDMs) were used to decompose the different aspect of this decision process, with the goal to obtain a more fine-grained understanding of how the effect in RT data emerged. Results showed that the drift rate of the model was modulated by the price manipulation. Whereas there was no significant effect of the price manipulation on the non-decision time and the starting point parameter. We then contrasted the findings of the RT analysis with the results of the DDMs and outlined what the added value of DDMs is within this context.