This research investigates the placebo effects of price and brand on consumer judgment and focuses on how two psychological moderators, deliberation thinking and self-confidence, influence the placebo-like effects. Two experiments were conducted. The results show that although different prices and brands on the same product would not influence consumers’ taste evaluation, they would affect participants’ grades in the memory test. That means there is a placebo effect on price/brand cues. The results also indicate that the placebo effect of price is more influenced by the discounted price than the regular price when people have low deliberation thinking. Furthermore, the findings show that the effects of brand and self-confidence create an interaction effect. Self-confidence moderates the placebo effect of brand on consumers’ judgment. Theoretical and managerial implications of the findings are provided.
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