This study investigates competing for theoretical stances (i.e., choice overload vs. choice cornucopia) and explores how increases in spending occur in high and low choice conditions following receiving promotional gift offers in a service consumption setting. This study includes a nonobtrusive field experiment (n = 200) that includes measured and manipulated variables: purchase versus nonpurchase conditions and size of expenditures. The study's context tests the use of two versus five promotional gift options and two levels of gift value (6 vs. €20). Findings using symmetrical (analysis of variance [ANOVA]) and asymmetrical (fuzzy set qualitative comparative analysis [fsQCA]) methods of analysis support the choice overload hypothesis in this unobtrusive field experiment. Also, spending in the high versus low choice condition increased when hotel guests were offered a high‐value gift for using room service. Given the nature of the nonobtrusive field experiment, this study provides valuable information for marketers and consumers regarding the moderating effects of promotional gifts in many option environments. While prior studies explore the conditions of choice cornucopia versus choice overload, to date few or possibly no attempts to identify practical ways of reducing the negative effects of choice overload.

This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB.

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This paper provides an assessment of the macroeconomic models regularly used for forecasting and policy analysis in the Eurosystem. These include semi-structural, structural and time-series models covering specific jurisdictions and the euro area within a closed economy, small open economy, multi-country or global setting. Models are used as analytical frameworks for building baseline projections and for supporting the preparation of monetary policy decisions. The paper delivers four main contributions. First, it provides a survey of the macroeconomic modelling portfolios currently used or under development within the Eurosystem. Second, it explores the analytical gaps in the Eurosystem models and investigates the scope for further enhancement of the main projection and policy models, and the creation of new models. Third, it reviews current practices in model-based analysis for monetary policy preparation and forecasting and provides recommendations and suggestions for improvement. Finally, it reviews existing cooperation modalities on model development and proposes alternative sourcing and organisational strategies to remedy any knowledge or analytical gaps identified.

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