| A blind box is a series of packaging with randomness whose specific content is unknown before opening. With the Pop Mart blind box toy as the most characteristic example, blind box has become a popular trend in recent Chinese market. Blind box is sometimes seen as a lottery- or gambling-like product. To study the underlying behavioral theories about the seemingly impulsive purchase of blind boxes, we experimentally investigate how risk aversion and the gambler’s fallacy are related to blind box consumption. We use the Holt-Laury (2002) paired lottery choice to elicit people’s risk attitudes before and after purchasing blind boxes. We also design an online experiment that simulates the online toy-drawing machine where participants invest experimental points to draw boxes. Based on the experimental results, we suggest that involving in blind box consumption increases general consumers’ risk aversion in a small degree. As for frequent blind box consumers, there is a significant increase of risk taking after drawing target boxes. This finding document that frequently involving in blind box consumption may lead to over-engagement and risky behaviors. Although the gambler’s fallacy is not detected, the novel, lottery-like products should be better regulated to prevent over-consumption and riskier behaviors. The novel experimental design that simulates real-world blind box drawing platforms contributes to experimental research in the blind box economy. We also expand the literature about consumer decision-making under uncertainty. |
