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Author: Coby Morvinski
Publisher:
ISBN:
Category :
Languages : en
Pages : 195
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Book Description
Our life is filled with choices which we describe as preferences. Preferences depend on the sensitivity of specific decisions to contextual and situational states that surround them as well as the support that individuals have in making them. As a result, science offers no simple summary of individuals' competence as decision makers, but a suite of theories and methods suited to capturing these sensitivities. This dissertation contributes to the existing theory by exploring new grounds in consumer decision making that broaden our knowledge of decision science and making more sense of some of the otherwise unpredicted observed behaviors. Chapter 1 explores conditions under which some individual's preference can be implicitly elicited. A series of five experiments demonstrate that people intuitively relate preferred choices to prominently labeled cues (such as Heads as opposed to Tails in a coin toss) and vice versa. Some findings suggest that preference-prominence congruence may be rooted in a deeper link between prominence and fluency. Chapter 2 investigates well-known measures of individual preference: stated and revealed preferences. A series of four experiments involving consequential decisions demonstrate that the mere act of stating one's preference may influence subsequent behavior and the preferences it reveals. The results also suggest that consistency with previous judgments, but not greed, plays a central role in biasing observed preferences. Individuals who stated their desire compensation for a task they just performed, committed to a much higher compensation than those who haven't done so. Chapter 3 investigates the conditions under which information about a large number of current adopters affects product attractiveness. The main results suggest a 'Goldilocks' requirement of product uncertainty in which large stock information that is coupled with too much or too little uncertainty can have no or even detrimental effect on sales. Particularly, while current adoption information may be uninformative for consumers who are already well informed (e.g., experts), too much product uncertainty together with a statements about a large number of current adopters may undermine seller credibility and decrease adoption likelihood.
Author: Coby Morvinski
Publisher:
ISBN:
Category :
Languages : en
Pages : 195
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Book Description
Our life is filled with choices which we describe as preferences. Preferences depend on the sensitivity of specific decisions to contextual and situational states that surround them as well as the support that individuals have in making them. As a result, science offers no simple summary of individuals' competence as decision makers, but a suite of theories and methods suited to capturing these sensitivities. This dissertation contributes to the existing theory by exploring new grounds in consumer decision making that broaden our knowledge of decision science and making more sense of some of the otherwise unpredicted observed behaviors. Chapter 1 explores conditions under which some individual's preference can be implicitly elicited. A series of five experiments demonstrate that people intuitively relate preferred choices to prominently labeled cues (such as Heads as opposed to Tails in a coin toss) and vice versa. Some findings suggest that preference-prominence congruence may be rooted in a deeper link between prominence and fluency. Chapter 2 investigates well-known measures of individual preference: stated and revealed preferences. A series of four experiments involving consequential decisions demonstrate that the mere act of stating one's preference may influence subsequent behavior and the preferences it reveals. The results also suggest that consistency with previous judgments, but not greed, plays a central role in biasing observed preferences. Individuals who stated their desire compensation for a task they just performed, committed to a much higher compensation than those who haven't done so. Chapter 3 investigates the conditions under which information about a large number of current adopters affects product attractiveness. The main results suggest a 'Goldilocks' requirement of product uncertainty in which large stock information that is coupled with too much or too little uncertainty can have no or even detrimental effect on sales. Particularly, while current adoption information may be uninformative for consumers who are already well informed (e.g., experts), too much product uncertainty together with a statements about a large number of current adopters may undermine seller credibility and decrease adoption likelihood.
Author: Sangsuk Yoon
Publisher:
ISBN:
Category :
Languages : en
Pages : 162
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Book Description
Although prior studies have widely examined how descriptions of task environment influence consumer preference, the effect of procedure elicitation methods on consumer preference have not yet been explored thoroughly. To address this issue, this three-essay dissertation investigates the effect of preference elicitation methods on consumer preference in three different domains: anchoring, risky choice and decision framing. This dissertation also uses a multi-method approach that includes behavioral experiments, meta-analysis, p-curve analysis, eye-tracking, and computational modeling to deeply understand the impact, robustness, and underlying processes of procedural manipulations in the three domains. The overall results show that changes in decision processes not only affect consumer preference immediately in all three domains, but also have long-term effects. Critically, these findings imply that the impact of procedural manipulations on consumer preference is robust and is not a short-term distortion of preference. Thus, marketers and policy makers can utilize different procedural elicitation methods to shape long-term consumer preferences, and need to consider decision procedure in setting up marketing strategies. Limitations and future research directions are discussed in the last chapter of the dissertation.
Author: Ilhan Emre Ertan
Publisher:
ISBN:
Category : Consumer behavior
Languages : en
Pages :
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This dissertation includes three essays. The first two essays focus on analyzing consumers’ strategic waiting behavior, and the third essay addresses the differences in consumers’ risk preferences while making decisions for different temporal spots. Due to the long history of markdown applications, in time consumers have built rational expectations from the seller to provide markdown discounts throughout a selling horizon. We investigate the assumption that as rational utility maximizers, consumers act according to maximizing their utility over time. In the first essay, we intend to identify the underlying determinants of consumers’ sequential decision making processes under uncertain product availability. We structure a benchmark optimal purchase timing policy in a market environment, in which a single strategic customer could only follow the markdown pricing scheme, the available inventory level and the remaining time to the end of the selling horizon to maximize his expected surplus from the purchase. In the second essay, we present a set of controlled human subject experiments that investigate how people make purchase timing decisions under product purchase uncertainty. The impact of experiencing Stock Out, when the consumer waits too long and the product is sold out at the retailer and the impact of experiencing Over Pay, when the consumer decides to buy early and finds the product available at a deeper discount later, are analyzed with a unique sequential decision making task through our experimental studies. We identified that human subjects are on average more risk seeking than the analytical model predicts. In the end, we propose a behavioral choice model which incorporates human subjects’ attitudes towards feelings of regret rooted from Stock Out and Over Pay. After observing the impact of risk preferences on consumers’ purchase timing decisions, in the third essay, we look into the human subjects’ attitudes towards making decisions with uncertain outcomes at different time points. We found that consumers show less risk averse risk preference while making decisions for uncertain hedonic products compared to the risk preferences while making decisions for utilitarian products, which is a big contrast to the experimental economics literature. Using subjects’ product consumption size as a co-variate sheds light onto our analysis, indicating the importance of motivational control in eliciting risk preferences when using primary rewards as the incentive mechanism for risk preference elicitation experiments.
Author: Vicki Inger Knoblauch
Publisher:
ISBN:
Category : Consumer behavior
Languages : en
Pages : 126
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Author: Valeriia Lobasenko
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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The general purpose of this thesis is to analyze the different types of values that determine and explain the choices and behavior of consumers with a particular focus on innovative products. Specifically, we want to know whether consumers are willing to pay for innovative products with sustainable features and how consumer preferences and characteristics of the product are involved in the process of the decision-making. In addition, we test new methods for such estimations.In the Chapter 1 we claim that individual preferences are reflected in willingness to pay for a product/service and are based on individual's values. These values are stable for each individual, guide his/her preferences and actions as an individual (personal values) and as an economic agent (customer and consumer values). With the focus on the consumption of innovative and sustainable products, this thesis discusses also environmental and innovative values.The importance of value analysis for innovative products is of a high importance for companies, because it allows to anticipate preferences and their changes, and by this, helps to define the priorities of new product development processes.The complex systems of these values result in particular challenges for the estimation, discussed in Chapter 2. Therefore, the accuracy of WTP estimates depends on the choice of the method used by the researcher.The obtained results show that consumers have positive valuations of innovative products with sustainable characteristics. These valuations are based on consumers preferences and values inherent to him/her are an individual and as a consumer. The empirical studies presented in Chapters 3 and 4 offer two experimental approaches, which contribute to the understanding of consumer behavior towards innovative products and to the understanding of the difficulties and challenges for experimental methods of preference elicitation for these products/services. In addition, they demonstrate the validity of value theory in consumer behavior.
Author: Jan Heufer
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ISBN:
Category :
Languages : en
Pages :
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Author: Aysu Senyuz
Publisher:
ISBN:
Category :
Languages : en
Pages : 116
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Feelings and thoughts are inseparable in decision making process. As social beings, individuals frequently integrate their emotions in relation to other people in their consumption choices. In my two dissertation essays, I seek to examine the role of emotions on consumption decisions. In the first essay, I explore the impact of self-transcendent emotion of awe on preferences for limited edition products. Findings across seven studies indicate that awe-eliciting appeals commonly used in the promotion of limited edition products decrease consumer preferences towards those products. This effect is due to reduced feelings of connection for individuals feeling awe in response to the promotion of limited edition products. Furthermore, I demonstrate that the promotion of limited edition products can benefit from awe elicitation, but these effects depend on characteristics of the consumer segment (need for uniqueness) and promotion (presence of cause-related marketing cues) related to the experience of connection. My second essay investigates how romantic maintenance motives affect preferences for utilitarian consumption. Across six studies, including secondary data from the United States Department of Transportation, individuals with a romantic relationship maintenance motive were more likely to engage in utilitarian consumption relative to individuals without such motive. This effect emerges from the temporal focus towards the future for individuals with a romantic maintenance motive. Furthermore, positioning the product for short-term use or highlighting additional services that provide immediate benefits mitigates this effect. In the two essays, I use both lab and field experiments to test my hypotheses, employ both mediation and moderation methods to test the psychological processes, and explore several boundary conditions. I conclude the two essays by outlining their contributions to both theory and marketing practice.
Author: Jing Xie
Publisher:
ISBN:
Category :
Languages : en
Pages : 122
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Intention is another reason why respondents behave differently in different non-hypothetical experiments. Since we have found significant estimated gaps between real choice experiments and experimental auction, the third essay only focuses on these two experiments. When including respondents purchase intention in the analysis, the results show that purchase intention had different effects on consumers behavior in experimental auctions and real choice experiments. One novel good and two non-novel goods were used in the experiments. Results show that respondents purchase intention only affect respondents choice on non-novel goods in the experimental auctions, but purchase intention only affect respondents choice on novel good in the choice experiments. In conclusion, besides price bargaining preferences, purchase intention is also an important factor that researchers should consider when conducting experiments to evaluation consumers willingness-to-pay.
Author: Morris B Holbrook
Publisher:
ISBN: 9781032908861
Category :
Languages : en
Pages : 0
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Author:
Publisher:
ISBN:
Category : Consumers
Languages : en
Pages : 572
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