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103-483: PWYW models can be sometimes successful as they eliminate many disadvantages of conventional pricing. These models can eliminate fear of whether a product is worth a given set price and the related risk of disappointment (" buyer's remorse "). For sellers it removes the challenging and sometimes costly task of setting the "right" price (which may vary for different market segments). For both buyers and sellers, it changes an adversarial zero-sum conflict centered on price into

206-437: A tablet , compared to 30% owning such devices in 2013. Besides published books and magazines that have a digital equivalent, there are also digital textbooks that are intended to serve as the text for a class and help in technology-based education. E-books are also referred to as "ebooks", "eBooks", "Ebooks", "e-Books", "e-journals", "e-editions", or "digital books". A device that is designed specifically for reading e-books

309-459: A PWYW model since buyers with higher valuations of the product will choose to pay a higher price. Thus, price discrimination could result in higher revenues for the seller if costs are sufficiently low. PWYW is also an effective tool for penetrating a new market, perhaps to introduce a new brand, as even consumers with a very low valuation can pay small amounts for the same product. The success of PWYW models depends on several factors. For one source,

412-427: A PWYW model, the average price paid is very low ($ 0.92), resulting in no income increase for the firm. However, when PWYW was coupled with a charitable cause (buyers were informed they could pay what they wanted AND that half of the paid amount would be donated to a patient support organization) the average amount paid increased substantially (to $ 6.50). This significantly increased the firm's income, as well as generating

515-474: A buyer-directed charity component to further increase buyer willingness to pay. This charity effect is similar to the research study noted in the Research section above. Humble Bundle also encourages buyers to "beat the average" by adding additional content for customers who pay above the current average purchase price. Repeated transactions A further enhancement is to use a series of repeated transactions. This

618-561: A comprehensive bibliography of medical literature. In early 2000, NLM set up the PubMed Central repository, which stores full-text e-book versions of many medical journal articles and books, through co-operation with scholars and publishers in the field. Pubmed Central also now provides archiving and access to over 4.1 million articles, maintained in a standard XML format known as the Journal Article Tag Suite (JATS). Despite

721-405: A decrease in overall satisfaction. Consider the number of choices in a simple supermarket . There are likely to be many different options for a single type of product. With so many to choose from, the customer might expect that one of the available options must be perfect for their needs and will have no drawbacks. This leads to expectations rarely being met, a significant psychological issue. In

824-532: A freeware HyperCard stack, called EBook, that allowed easy import of any text file to create a pageable version similar to an electronic paperback book. A notable feature was automatic tracking of the last page read so that on returning to the 'book' you were taken back to where you had previously left off reading. The title of this stack may have helped popularize the term 'ebook'. As e-book formats emerged and proliferated, some garnered support from major software companies, such as Adobe with its PDF format that

927-503: A friendly win-win exchange centered on value and trust. It also accounts for varying value perceptions and price sensitivities among buyers. While most uses of PWYW have been at the margins of the economy, or for special promotions, there are emerging efforts to expand its utility to broader and more regular use (see " Enhanced forms " below). Further reasons for sellers to implement PWYW pricing include price discrimination and market penetration. Price discrimination occurs automatically in

1030-424: A higher nominal price) for the product. Studies investigating the link between cognitive dissonance and impulse buying have shown that impulse buyers experience less cognitive dissonance when they are disappointed with their purchase. The main explanation for this is that impulse buyers go into the purchase already without high expectations. Another possible explanation, at least among more sophisticated buyers,

1133-451: A husband who takes his wife to the most expensive restaurant in town for their anniversary only to find that the food and service does not meet his expectations might still be satisfied with his decision to go to the restaurant but have the intention to never return. In this extension of cognitive dissonance, the duality of satisfaction and intention are separate phenomena within buyer's remorse. In social psychology , "involvement" describes

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1236-441: A lack of privacy for the user's e-book reading activities. For example, Amazon knows the user's identity, what the user is reading, whether the user has finished the book, what page the user is on, how long the user has spent on each page, and which passages the user may have highlighted. One obstacle to wide adoption of the e-book is that a large portion of people value the printed book as an object itself, including aspects such as

1339-702: A library purchases an e-book license, the cost is at least three times what it would be for a personal consumer. E-book licenses are more expensive than paper-format editions because publishers are concerned that an e-book that is sold could theoretically be read and/or checked out by a huge number of users, potentially damaging sales. However, some studies have found the opposite effect to be true (for example, Hilton and Wikey 2010). The Internet Archive and Open Library offer more than six million fully accessible public domain e-books. Project Gutenberg has over 52,000 freely available public domain e-books. An e-reader , also called an e-book reader or e-book device ,

1442-516: A remix of a familiar song. The inventor of the first e-book is not widely agreed upon. Some notable candidates include the following: The first e-book may be the Index Thomisticus , a heavily annotated electronic index to the works of Thomas Aquinas , prepared by Roberto Busa , S.J. beginning in 1946 and completed in the 1970s. Although originally stored on a single computer, a distributable CD-ROM version appeared in 1989. However, this work

1545-434: A result, reading should find a new medium: A simple reading machine which I can carry or move around, attach to any old electric light plug and read hundred-thousand-word novels in 10 minutes if I want to, and I want to. Brown's notion, however, was much more focused on reforming orthography and vocabulary, than on medium. He says: "It is time to pull out the stopper" and begin "a bloody revolution of

1648-519: A set of multimedia formats (others could be used, but there must also be a fallback in one of the required formats), and an XML schema for a "manifest", to list the components of a given e-book, identify a table of contents, cover art, and so on. This format led to the open format EPUB . Google Books has converted many public domain works to this open format. In 2010, e-books continued to gain in their own specialist and underground markets. Many e-book publishers began distributing books that were in

1751-557: A substantial charitable contribution. In a 2012 follow-up research paper, Gneezy and colleagues found PWYW may deter some customers from purchasing. Their results show: "individuals feel bad when they pay less than the 'appropriate' price, causing them to pass on the opportunity to purchase the product altogether". In a series of controlled laboratory experiments, Klaus M. Schmidt, Martin Spann and Robert Zeithammer (2014) show that outcome-based social preferences and strategic considerations to keep

1854-448: A successful PWYW model has a: This strategy tends to be more effective when relating to digital products or services. Other names include "pay what you wish", "pay what you like", "pay as you want", "pay what you feel", "pay as you wish", "pay as you like", "pay what you will", and "pay as you will". " Pay what you can " is sometimes used synonymously, but this is more oriented to charity or social uses and based on ability to pay. PWYW

1957-603: A word while reading. A 2017 study found that even when accounting for the emissions created in manufacturing the e-reader device, substituting more than 4.7 print books a year resulted in less greenhouse gas emissions than print. While an e-reader costs more than most individual books, e-books may have a lower cost than paper books. E-books may be made available for less than the price of traditional books using on-demand book printers . Moreover, numerous e-books are available online free of charge on sites such as Project Gutenberg . For example, all books printed before 1928 are in

2060-627: A year before. At the end of the first quarter of 2012, e-book sales in the United States surpassed hardcover book sales for the first time. Until late 2013, use of an e-reader was not allowed on airplanes during takeoff and landing by the FAA . In November 2013, the FAA allowed use of e-readers on airplanes at all times if it is in Airplane Mode, which means all radios turned off, and Europe followed this guidance

2163-456: Is Ebook seller OpenBooks.com. Post-pricing separates the buying decision and the pricing decision. Consuming a product, call it a good, reduces information asymmetries about the good's quality, so the buyer is informed of the product's quality when they decide what to pay. Risk-averse buyers who would not purchase the good at a fixed price for fear of its quality (or would price at a discount in an ex ante PWYW system) can be enticed to purchase

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2266-500: Is a book publication made available in electronic form, consisting of text, images, or both, readable on the flat-panel display of computers or other electronic devices. Although sometimes defined as "an electronic version of a printed book", some e-books exist without a printed equivalent. E-books can be read on dedicated e-reader devices, also on any computer device that features a controllable viewing screen, including desktop computers , laptops , tablets and smartphones . In

2369-517: Is a mobile electronic device that is designed primarily for the purpose of reading e-books and digital periodicals. An e-reader is similar in form, but more limited in purpose than a tablet . In comparison to tablets, many e-readers are better than tablets for reading because they are more portable, have better readability in sunlight and have longer battery life. In July 2010, online bookseller Amazon.com reported sales of e-books for its proprietary Kindle , outnumbered sales of hardcover books for

2472-414: Is a result of the brain's instinctive (and rational) treatment of the transaction costs involved in acquiring a product as part of the purchase price of that product: The more involvement that a purchase requires or the purchaser puts in, the more dissonance or psychological discomfort the buyer will experience if dissatisfied with the purchase, just as if the purchaser had spent more "on paper" (i.e., paid

2575-569: Is a theory by American psychologist Barry Schwartz claiming that, after a certain threshold is reached, an increase in the number of choices will cause a significant amount of psychological distress. This distress, according to Professor Schwartz, can manifest itself in many ways. One way is through buyer's remorse. The theory states that buyer's remorse is created through increasing opportunity costs associated with increased choices. Opportunity costs associated with alternative choices compound and create strong feelings of dissonance and remorse. As

2678-406: Is called FairPay ("Fair PWYW"). This shifts the scope from a single digital content transaction to an ongoing relationship over a series of transactions. It builds on the benefits of ex post PWYW pricing (setting the price after consumption, when product's value is known) and adds a feedback process for tracking individual buyers' reputations for paying fairly, as assessed by the seller. It then uses

2781-418: Is called an "e-reader", "ebook device", or "eReader". Some trace the concept of an e-reader, a device that would enable the user to view books on a screen, to a 1930 manifesto by Bob Brown , written after watching his first " talkie " (movie with sound). He titled it The Readies , playing off the idea of the "talkie". In his book, Brown says movies have outmaneuvered the book by creating the "talkies" and, as

2884-447: Is generally thought to have coined the term "electronic book", and it was established enough to use in an article title by 1985. FRESS was used for reading extensive primary texts online, as well as for annotation and online discussions in several courses, including English Poetry and Biochemistry. Brown's faculty made extensive use of FRESS. For example the philosopher Roderick Chisholm used it to produce several of his books. Thus in

2987-549: Is more broadly oriented to perceived value in combination with willingness and ability to pay. PWYW has long existed on the margins of the economy, such as for tips, street performers, and charities. It has been gaining interest in wider industries. After the Radiohead experiment, economics and business researchers began a flurry of studies, with particular attention to the behavioral economics aspects of PWYW—what motivates buyers to pay more than zero, and how can sellers structure

3090-706: Is sometimes omitted. Maybe this is because the digitized text was a means for studying written texts and developing linguistic concordances, rather than as a published edition in its own right. In 2005, the Index was published online. In 1949, Ángela Ruiz Robles , a teacher from Ferrol, Spain , patented the Enciclopedia Mecánica , or the Mechanical Encyclopedia, a mechanical device which operated on compressed air where text and graphics were contained on spools that users would load onto rotating spindles. Her idea

3193-510: Is that persons who are dissatisfied with a purchase that they made on impulse may blame that dissatisfaction at least in part on their own failure to thoroughly consider whether the product will satisfy their prior expectations even if it performs as advertised, thus blaming any discrepancy at least in part on themselves (via their own impulsivity) rather than on the purchased product (via any sort of difference between its promised and its actual attributes and/or performance). The paradox of choice

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3296-404: Is the money back guarantee , a guarantee from the retailer that the product will meet the customer's needs or the customer is entitled to a full refund. This technique is highly successful at lessening buyer's remorse because it immediately makes the decision a changeable one. The unchangeability of an "all-sales-final" purchase can lead to a larger amount of psychological discomfort at the point of

3399-482: Is the inclusion of a coupon towards a future purchase at the point of sale. This has many benefits for both the consumer and retailer. First, the consumer is more likely to return to the store with the coupon, which will result in a higher percentage of repeat customers. Each successive time a purchase is made and is deemed satisfactory, buyer's remorse is less likely to be experienced. Customers can justify their purchases with product performance. Another technique used

3502-442: Is the resources invested in a purchase (material, intellectual, psychological, and others) and effort is directly related to the importance of the purchase. Purchases that require high amounts of effort but do not bear high rewards are likely to lead to buyer's remorse. Responsibility refers to the fact that the purchase is done out of free will. Buyers that have no choice on the purchase will be less likely to feel dissonance because it

3605-448: Is the sense of regret after having made a purchase. It is frequently associated with the purchase of an expensive item such as a vehicle or real estate. Buyer's remorse is thought to stem from cognitive dissonance , specifically post-decision dissonance, that arises when a person must make a difficult decision, such as a heavily invested purchase between two similarly appealing alternatives. Factors that affect buyer's remorse may include

3708-522: The United States Declaration of Independence into a computer in plain text. Hart planned to create documents using plain text to make them as easy as possible to download and view on devices. After Hart first adapted the U.S. Declaration of Independence into an electronic document in 1971, Project Gutenberg was launched to create electronic copies of more texts, especially books. Dedicated hardware devices for ebook reading began to appear in

3811-500: The public domain in the United States, which enables websites to host ebook versions of such titles for free. Depending on possible digital rights management , e-books (unlike physical books) can be backed up and recovered in the case of loss or damage to the device on which they are stored, a new copy can be downloaded without incurring an additional cost from the distributor. Readers can synchronize their reading location, highlights and bookmarks across several devices. There may be

3914-419: The public domain . At the same time, authors with books that were not accepted by publishers offered their works online so they could be seen by others. Unofficial (and occasionally unauthorized) catalogs of books became available on the web, and sites devoted to e-books began disseminating information about e-books to the public. Nearly two-thirds of the U.S. Consumer e-book publishing market are controlled by

4017-520: The "Big Five". The "Big Five" publishers are: Hachette , HarperCollins , Macmillan , Penguin Random House and Simon & Schuster . U.S. libraries began to offer free e-books to the public in 1998 through their websites and associated services, although the e-books were primarily scholarly, technical, or professional in nature, and could not be downloaded. In 2003, libraries began offering free downloadable popular fiction and non-fiction e-books to

4120-568: The 2000s, there was a trend of print and e-book sales moving to the Internet , where readers buy traditional paper books and e-books on websites using e-commerce systems. With print books, readers are increasingly browsing through images of the covers of books on publisher or bookstore websites and selecting and ordering titles online. The paper books are then delivered to the reader by mail or any other delivery service. With e-books, users can browse through titles online, select and order titles, then

4223-541: The 70s and 80s, in addition to the main frame and laptop solutions, and collections of data per se. One early e-book implementation was the desktop prototype for a proposed notebook computer, the Dynabook , in the 1970s at PARC : a general-purpose portable personal computer capable of displaying books for reading. In 1980, the U.S. Department of Defense began a concept development for a portable electronic delivery device for technical maintenance information called project PEAM,

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4326-524: The Association of American Publishers' annual report 2019. In 2013, Carrenho estimates that e-books would have a 15% market share in Spain in 2015. According to Nielsen Book Research, e-book share went up from 20% to 33% between 2012 and 2014, but down to 29% in the first quarter of 2015. Amazon-published and self-published titles accounted for 17 million of those books (worth £58m) in 2014, representing 5% of

4429-496: The Future . Early e-books were generally written for specialty areas and a limited audience, meant to be read only by small and devoted interest groups. The scope of the subject matter of these e-books included technical manuals for hardware, manufacturing techniques, and other subjects. In the 1990s, the general availability of the Internet made transferring electronic files much easier, including e-books. In 1993, Paul Baim released

4532-478: The Harvard Business Review Blog. Fair PWYW integrates PWYW into a feedback/control cycle which tries to create value for both the buyer and seller. It attempts to reflect the customer's dynamic perceptions of value and real willingness to pay - this enables it to optimize co-creation of customer value over the course of the buyer and seller's relationship. Buyer%27s remorse Buyer's remorse

4635-576: The PEAM device, titled "Apparatus for delivering procedural type instructions", was submitted by Texas Instruments on December 4, 1985, listing John K. Harkins and Stephen H. Morriss as inventors. In 1992, Sony launched the Data Discman , an electronic book reader that could read e-books that were stored on CDs. One of the electronic publications that could be played on the Data Discman was called Library of

4738-494: The PWYW model which can improve its profitability while maintaining its buyer appeal. Ex post pricing One simple enhancement is to shift the time of pricing from the usual practice of ex ante pricing, which is done at the initiation of a transaction and prior to the consumption experience, to ex post pricing, which defers pricing to a follow-up step after the consumption experience. A commercial use that offers this payment choice

4841-633: The Portable Electronic Aid for Maintenance. Detailed specifications were completed in FY 1981/82, and prototype development began with Texas Instruments that same year. Four prototypes were produced and delivered for testing in 1986, and tests were completed in 1987. The final summary report was produced in 1989 by the U.S. Army Research Institute for the Behavioral and Social Sciences, authored by Robert Wisher and J. Peter Kincaid . A patent application for

4944-488: The Preface to Person and Object (1979) he writes: "The book would not have been completed without the epoch-making File Retrieval and Editing System..." Brown University's work in electronic book systems continued for many years, including US Navy funded projects for electronic repair-manuals; a large-scale distributed hypermedia system known as InterMedia; a spinoff company Electronic Book Technologies that built DynaText ,

5047-583: The TEI approach. In the late 1990s, a consortium formed to develop the Open eBook format as a way for authors and publishers to provide a single source-document which many book-reading software and hardware platforms could handle. Several scholars from the TEI were closely involved in the early development of Open eBook , including Allen Renear , Elli Mylonas , and Steven DeRose , all from Brown. Focused on portability, Open eBook as defined required subsets of XHTML and CSS ;

5150-436: The U.S. were offering e-books, and a large movement in the library industry began to seriously examine the issues relating to e-book lending, acknowledging a " tipping point " when e-book technology would become widely established. Content from public libraries can be downloaded to e-readers using application software like Overdrive and Hoopla . The U.S. National Library of Medicine has for many years provided PubMed ,

5253-412: The acquisition process by offering to match a library's selection profile to the vendor's e-book titles. The library's catalog is then populated with records for all of the e-books that match the profile. The decision to purchase the title is left to the patrons, although the library can set purchasing conditions such as a maximum price and purchasing caps so that the dedicated funds are spent according to

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5356-401: The book on the default device or application, even if it has insufficient functionality. While a paper book is vulnerable to various threats, including water damage, mold and theft, e-books files may be corrupted, deleted or otherwise lost as well as pirated . Where the ownership of a paper book is fairly straightforward (albeit subject to restrictions on renting or copying pages, depending on

5459-510: The book), the purchaser of an e-book's digital file has conditional access with the possible loss of access to the e-book due to digital rights management provisions, copyright issues, the provider's business failing or possibly if the user's credit card expired. According to the Association of American Publishers 2018 annual report, ebooks accounted for 12.4% of the total trade revenue. Publishers of books in all formats made $ 22.6 billion in print form and $ 2.04 billion in e-books, according to

5562-406: The decision. This makes the stakes higher, and poor choices will cause significant buyer's remorse. In addition, legislation exists in various parts of the world enforcing the right to a cooling-off period , during which contracts may be cancelled and goods returned for any reason, for a full refund. Ebook An ebook (short for electronic book ), also spelled as e-book or eBook ,

5665-472: The device, an e-book may be readable in low light or even total darkness. Many e-readers have a built-in light source, can enlarge or change fonts, use text-to-speech software to read the text aloud for visually impaired, elderly or dyslexic people or just for convenience. Additionally, e-readers allow readers to look up words or find more information about the topic immediately using an online dictionary. Amazon reports that 85% of its e-book readers look up

5768-463: The e-book can be sent to them online or the user can download the e-book. By the early 2010s, e-books had begun to overtake hardcover by overall publication figures in the U.S. The main reasons people buy e-books are possibly because of lower prices, increased comfort (as they can buy from home or on the go with mobile devices) and a larger selection of titles. With e-books, "electronic bookmarks make referencing easier, and e-book readers may allow

5871-688: The early 1960s, with the NLS project headed by Douglas Engelbart at Stanford Research Institute (SRI), and the Hypertext Editing System and FRESS projects headed by Andries van Dam at Brown University . FRESS documents ran on IBM main frames and were structure-oriented rather than line-oriented. They were formatted dynamically for different users, display hardware, window sizes, and so on, as well as having automated tables of contents, indexes, and so on. All these systems also provided extensive hyperlinking , graphics, and other capabilities. Van Dam

5974-474: The effort, investment, and commitment in purchases. Involvement is often coupled with cognitive dissonance to explain buyer's remorse. In most cases, buyer's remorse resulting from a purchase that demands high involvement and results in cognitive dissonance is, all else (most notably nominal purchase price) being equal, harder to overcome than is buyer's remorse resulting from a purchase that demands low involvement and results in cognitive dissonance. This phenomenon

6077-415: The emotional and habitual aspects, there are also some readability and usability issues that need to be addressed by publishers and software developers. Many e-book readers who complain about eyestrain, lack of overview and distractions could be helped if they could use a more suitable device or a more user-friendly reading application, but when they buy or borrow a DRM-protected e-book, they often have to read

6180-416: The example of a supermarket, buying the wrong product may not be a significant mistake. For more involved decisions, the consequences of a wrong decision are significant. Choice-supportive bias leads to an increased liking of one's choices, including purchases. This seems to contradict the concept of buyer's remorse. However, this choice enhancement can collapse when presented with even minor indication that

6283-442: The fairness reputation data to let the seller determine what further offers to extend to that particular buyer. It seeks to incentivize fair pricing by buyers (to maintain a good reputation, and thus be eligible for future offers), and to enable sellers to limit their risk on each transaction in accord with the buyer's reputation. The Fair PWYW architecture and how it builds on modern digital content pricing strategy has been outlined on

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6386-628: The first SGML -based e-reader system; and the Scholarly Technology Group's extensive work on the Open eBook standard. Despite the extensive earlier history, several publications report Michael S. Hart as the inventor of the e-book. In 1971, the operators of the Xerox Sigma V mainframe at the University of Illinois gave Hart extensive computer time. Seeking a worthy use of this resource, he created his first electronic document by typing

6489-463: The first time ever during the second quarter of 2010, saying it sold 140 e-books for every 100 hardcover books, including hardcovers for which there was no digital edition . By January 2011, e-book sales at Amazon had surpassed its paperback sales. In the overall US market, paperback book sales are still much larger than either hardcover or e-book. The American Publishing Association estimated e-books represented 8.5% of sales as of mid-2010, up from 3%

6592-411: The first two decades of the 21st century, difficulties keep libraries from providing some e-books to clients. Publishers will sell e-books to libraries, but in most cases they will only give libraries a limited license to the title, meaning that the library does not own the electronic text but is allowed to circulate it for either a certain period of time, or a certain number of check outs, or both. When

6695-479: The fractured market of independent publishers and specialty authors lacked consensus regarding a standard for packaging and selling e-books. Meanwhile, scholars formed the Text Encoding Initiative , which developed consensus guidelines for encoding books and other materials of scholarly interest for a variety of analytic uses as well as reading. Countless literary and other works have been developed using

6798-413: The item) does not match their attitude (their expectation of the purchased item). The following scale was developed by Sweeney, Hausknecht, and Soutar in a study to investigate three elements (one emotional, two cognitive) of buyer's remorse. There may be a duality of attitudes that explain how a person may be satisfied with their purchase but have the intention to never repeat the purchase. For example,

6901-551: The library's budget. The 2012 meeting of the Association of American University Presses included a panel on the PDA of books produced by university presses, based on a preliminary report by Joseph Esposito, a digital publishing consultant who has studied the implications of PDA with a grant from the Andrew W. Mellon Foundation . Although the demand for e-book services in libraries has grown in

7004-522: The market. When given the choice, most sellers opt for setting a posted price rather than a PWYW pricing strategy. Another PWYW experiment looked at determinants for the price chosen by consumers of the application iProduct, which provided tutorials and lessons for potential application developers on the App Store (iOS) . The application was offered as free with in-app purchases, including a gratuity mechanism that allowed users to pay/donate what they wanted for

7107-525: The next month. In 2014, The New York Times predicted that by 2018 e-books will make up over 50% of total consumer publishing revenue in the United States and Great Britain. Some of the major book retailers and multiple third-party developers offer free (and in some third-party cases, premium paid) e-reader software applications (apps) for the Mac and PC computers as well as for Android , Blackberry , iPad , iPhone , Windows Phone and Palm OS devices to allow

7210-401: The number of choices increase, it is easier to imagine a different choice that may have been better than the one selected. The constant comparison to one's expectations induces regret , which reduces the satisfaction of any decision, even if it fills the individual's needs. When there are many alternatives to consider, it is easy to imagine the attractive features of rejected choices and there is

7313-426: The overall book market and 15% of the digital market. The volume and value sales, although similar to 2013, had seen a 70% increase since 2012. The Wischenbart Report 2015 estimates the e-book market share to be 4.3%. The Brazilian e-book market is only emerging. Brazilians are technology savvy, and that attitude is shared by the government. In 2013, around 2.5% of all trade titles sold were in digital format. This

7416-525: The possible implications of the digital rights management tied to their products. Generally, they claim that digital rights management is meant to prevent illegal copying of the e-book. However, in many cases, it is also possible that digital rights management will result in the complete denial of access by the purchaser to the e-book. The e-books sold by most major publishers and electronic retailers, which are Amazon.com , Google , Barnes & Noble , Kobo Inc. and Apple Inc. , are DRM-protected and tied to

7519-599: The price paid for the product. Fairness was found to have no significant effect. Further research focused on the long-term perspective of pay what you want. A study conducted by researchers of the Ruhr-University of Bochum examines repeated transactions in a pay what you want environment. By using latent growth modeling they find that the average price paid decreases significantly; yet the decrease in price paid reduces with every transaction. They further show customers' preference for fairness and price conscientiousness influence

7622-526: The print format and later if the author wishes an electronic version is produced. The New York Times keeps a list of best-selling e-books, for both fiction and non-fiction. All of the e-readers and reading apps are capable of tracking e-book reading data, and what the data could contain which e-books users open, how long the users spend reading each e-book and how much of each e-book is finished. In December 2014, Kobo released e-book reading data collected from over 21 million of its users worldwide. Some of

7725-404: The process to obtain desirable pricing levels? The first studies appeared in 2009: Kim et al. and Regner and Barria. In 2010, a large-scale experiment was conducted in an amusement park. Ayelet Gneezy , Uri Gneezy , Leif D. Nelson, and Amber Brown tested the effectiveness of PWYW by selling roller coaster photos to park visitors. Their results show although many more people bought the photo under

7828-493: The product using an ex post PWYW system. The ex post PWYW system works as a signal of quality to attract risk-averse buyers. This might be a profitable strategy if it attracts risk-averse buyers, increasing the consumer base and allowing economies of scale in production. Charity elements Another enhancement is to add a charity element when selling digital content. This is used in the Humble Indie Bundle , which has

7931-435: The projects included in the app. The study tested the significance of four determinants in deciding the PWYW price paid by consumers: fairness (proper compensation to the seller), loyalty to the seller, price consciousness (focus on paying a low price), and usage (how much the consumer will use the product). The study found that price consciousness negatively influenced the price paid, while usage and loyalty positively influenced

8034-483: The pros and cons of e-books: Electronic books are ideal for people who value the information contained in them, or who have vision problems, or who like to read on the subway, or who do not want other people to see how they are amusing themselves, or who have storage and clutter issues, but they are useless for people who are engaged in an intense, lifelong love affair with books. Books that we can touch; books that we can smell; books that we can depend on. Apart from all

8137-460: The psychological theory of cognitive dissonance , a state of psychological discomfort when at least two elements of cognition are in opposition, and which motivates the person to appease it by changing how they think about the situation. Buyer's remorse is an example of post-decision dissonance, where a person is stressed by a made decision and seeks to decrease their discomfort. The buyer may change their behavior, their feelings, their knowledge about

8240-500: The public, launching an e-book lending model that worked much more successfully for public libraries. The number of library e-book distributors and lending models continued to increase over the next few years. From 2005 to 2008, libraries experienced a 60% growth in e-book collections. In 2010, a Public Library Funding and Technology Access Study by the American Library Association found that 66% of public libraries in

8343-598: The publisher's e-reader software or hardware. The first major publisher to omit DRM was Tor Books , one of the largest publishers of science fiction and fantasy, in 2012. Smaller e-book publishers such as O'Reilly Media , Carina Press and Baen Books had already forgone DRM previously. Some e-books are produced simultaneously with the production of a printed format, as described in electronic publishing , though in many instances they may not be put on sale until later. Often, e-books are produced from pre-existing hard-copy books, generally by document scanning , sometimes with

8446-411: The publisher. It is possible to release an e-book chapter by chapter as each chapter is written. This is useful in fields such as information technology where topics can change quickly in the months that it takes to write a typical book. It is also possible to convert an electronic book to a printed book by print on demand . However, these are exceptions as tradition dictates that a book be launched in

8549-430: The purchase did not meet the buyer's predominant goals. Indeed, if the purchase meets an individual's goals there will be less post-purchase dissonance which means there will be less remorse and greater decision satisfaction. Buyer's remorse is a powerful experience for consumers. For years, marketers have been attempting to reduce buyer's remorse through many different methods. One specific technique employed by marketers

8652-465: The purchase or claim to know better alternatives. The remorse associated with some extreme shopping activity may be, again, a sign of some deeper disquiet. However, normal "buyer's remorse" should not be confused with the complex emotional dynamics of " shopaholic " behavior, just as a binge on a special occasion should not be confused with a serious eating disorder such as bulimia . The phenomenon of buyer's remorse has been generally associated with

8755-400: The purchase, they are more fully able to experience the negative aspects: all the opportunity costs of the purchase, and a reduction in purchasing power . Also, before the purchase, the buyer has a full array of options, including not purchasing; afterwards, their options have been reduced to: Buyer's remorse can also be caused or increased by worrying that other people may later question

8858-525: The reading of e-books and other documents independently of dedicated e-book devices. Examples are apps for the Amazon Kindle , Barnes & Noble Nook , iBooks , Kobo eReader and Sony Reader . Writers and publishers have many formats to choose from when publishing e-books. Each format has advantages and disadvantages. The most popular e-readers and their natively supported formats are shown below: Most e-book publishers do not warn their customers about

8961-414: The resources invested, the involvement of the purchaser, whether the purchase is compatible with the purchaser's goals, and feelings encountered post-purchase that include regret. The remorse may be caused by various factors, such as: the person purchased a product now rather than waiting, the item was purchased in an ethically unsound way, the property was purchased on borrowed money, the purchased object

9064-498: The results were that only 44.4% of UK readers finished the bestselling e-book The Goldfinch and the 2014 top selling e-book in the UK, "One Cold Night", was finished by 69% of readers. This is evidence that while popular e-books are being completely read, some e-books are only sampled. In the space that a comparably sized physical book takes up, an e-reader can contain thousands of e-books, limited only by its memory capacity. Depending on

9167-410: The seller in the market can explain why and how much buyers voluntarily pay to a PWYW seller. They find that PWYW can be viable in a monopolistic market, but is less successful as a competitive strategy because it does not drive traditional posted-price sellers out of the market. Instead, the existence of a posted-price competitor reduces buyers' payments and prevents the PWYW seller from fully penetrating

9270-554: The steepness of the individual price curves. A broad review of the literature on PWYW and related forms of voluntary payment (tipping, donations, and gifts) by Natter and Kaufmann, published in 2015, examines many relevant factors as they relate to voluntary pricing strategies. These factors include product characteristics, consumer-related characteristics, situational variables, relational techniques, and reference prices. The review also addresses economic and communicative success, and underlying market motives. There are several changes to

9373-405: The texture, smell, weight and appearance on the shelf. Print books are also considered valuable cultural items, and symbols of liberal education and the humanities . Kobo found that 60% of e-books that are purchased from their e-book store are never opened and found that the more expensive the book is, the more likely the reader would at least open the e-book. Joe Queenan has written about

9476-405: The type size, avoid paper cuts and save trees, all while hastening the day when words could be 'recorded directly on the palpitating ether.'" Brown believed that the e-reader (and his notions for changing the text itself) would bring a completely new life to reading. Schuessler correlates it with a DJ spinning bits of old songs to create a beat or an entirely new song, as opposed to just

9579-411: The use of robotic book scanners , having the technology to quickly scan books without damaging the original print edition. Scanning a book produces a set of image files, which may additionally be converted into text format by an OCR program. Occasionally, as in some projects, an e-book may be produced by re-entering the text from a keyboard. Sometimes only the electronic version of a book is produced by

9682-449: The user to annotate pages." "Although fiction and non-fiction books come in e-book formats, technical material is especially suited for e-book delivery because it can be digitally searched" for keywords. In addition, for programming books, code examples can be copied. In the U.S., the amount of e-book reading is increasing. By 2014, 28% of adults had read an e-book, compared to 23% in 2013. By 2014, 50% of American adults had an e-reader or

9785-647: The widespread adoption of e-books, some publishers and authors have not endorsed the concept of electronic publishing , citing issues with user demand, copyright infringement and challenges with proprietary devices and systems. In a survey of interlibrary loan (ILL) librarians, it was found that 92% of libraries held e-books in their collections and that 27% of those libraries had negotiated ILL rights for some of their e-books. This survey found significant barriers to conducting interlibrary loan for e-books. Patron-driven acquisition (PDA) has been available for several years in public libraries, allowing vendors to streamline

9888-451: The word," introducing huge numbers of portmanteau symbols to replace normal words, and punctuation to simulate action or movement, so it is not clear whether this fits into the history of "e-books" or not. Later e-readers never followed a model at all like Brown's. However, he correctly predicted the miniaturization and portability of e-readers. In an article, Jennifer Schuessler writes: "The machine, Brown argued, would allow readers to adjust

9991-467: The world (what they thought the purchased item would be like), or even their knowledge of themselves. The more resources such as money, time, and cognitive resources that are invested into making a purchase, the more likely the buyer will experience buyer's remorse or psychological discomfort. Psychologists have focused on three main elements that are related to cognitive dissonance and buyer's remorse. They are: effort, responsibility, and commitment. Effort

10094-415: The wrong choice was made. While initial positivity towards a decision is greater for more difficult decisions, this positivity also has greater vulnerability to evidence of an incorrect choice. This effect is larger when the purchaser is more involved in the decision. However, buyer's remorse can be reduced by post-purchase confirmation, though post-purchase communication may aggravate a buyer's discomfort if

10197-454: Was a 400% growth over 2012 when only 0.5% of trade titles were digital. In 2014, the growth was slower, and Brazil had 3.5% of its trade titles being sold as e-books. The Wischenbart Report 2015 estimates the e-book market share to be around 1%. Public domain books are those whose copyrights have expired, meaning they can be copied, edited, and sold freely without restrictions. Many of these books can be downloaded for free from websites like

10300-426: Was introduced in 1993. Unlike most other formats, PDF documents are generally tied to a particular dimension and layout, rather than adjusting dynamically to the current page, window, or another size. Different e-reader devices followed different formats, most of them accepting books in only one or a few formats, thereby fragmenting the e-book market even more. Due to the exclusiveness and limited readerships of e-books,

10403-470: Was not of their own volition. Commitment refers to the continuing of an action. The purchase of an automobile has high commitment because the car must usually be driven for a long duration. Purchases with higher commitment will lead to more buyer's remorse. Low rewards matched with these three conditions will most likely result in buyer's remorse via cognitive dissonance. The buyer feels anxiety and psychological discomfort because their behavior (the purchase of

10506-417: Was something that would not be acceptable to others, or the purchased object was something that the buyer later questions the value and need of. In the phase before purchasing, a prospective buyer often feels positive emotions associated with a purchase (desire, a sense of heightened possibilities, and an anticipation of the enjoyment that will accompany using the product, for example); afterwards, having made

10609-505: Was to create a device which would decrease the number of books that her pupils carried to school. The final device was planned to include audio recordings, a magnifying glass, a calculator, and an electric light for night reading. Her device was never put into production but a prototype is on display at the National Museum of Science and Technology in A Coruña . Alternatively, some historians consider electronic books to have started in

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