The willingness to pay for a product by consumers can be easy to predict. During the June 2026 heat wave in Europe, earlier and more intense than ever before, many people went to retailers offering cooling systems or fans with a determination to buy. However, the retailers who had stocks available found themselves depleted rapidly. The physical urge to find a solution to cool down a hot apartments has pushed the willingness to pay to new heights for such systems. A kind of market failure occurred as too many (short-sighted) consumers wanted to buy a quick fix for a serious personal health-related issue. The widely observed shortage of supply of air-conditioners and fans raised considerable frustrations on all sides, missed turnover and substantial profits for the retailers and lack of physical cooling in a suddenly “overheated” market.
The increased willingness to pay might be redirected to other “greener” solutions to the heating problem, but they often entail behavioral changes. This bi-directional relationship between willingness to pay and (lack of) readiness for behavioral changes is a fundamental principle of behavioral economics and sociology.































