Cost-Benefit Models for Explaining Consumer Choice and Information Seeking Behavior
AbstractWhile it provides excellent descriptions of behavior, existing consumer research on information seeking and processing largely fails to explain why consumers engage in various types of activities. This paper presents an economic framework for measuring costs/benefits of search behavior which can help to resolve these questions. This work shows how such a framework can lead to testable hypotheses about information seeking, and discusses how operational measures of economic incentives to search can be developed and employed.
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Bibliographic InfoArticle provided by INFORMS in its journal Management Science.
Volume (Year): 28 (1982)
Issue (Month): 2 (February)
marketing: buyer behavior; search and surveillance; economics;
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- Smith, Gerald E. & Venkatraman, Meera P. & Dholakia, Ruby Roy, 1999. "Diagnosing the search cost effect: Waiting time and the moderating impact of prior category knowledge," Journal of Economic Psychology, Elsevier, vol. 20(3), pages 285-314, June.
- Lemieux, James & Peterson, Robert A., 2011. "Purchase deadline as a moderator of the effects of price uncertainty on search duration," Journal of Economic Psychology, Elsevier, vol. 32(1), pages 33-44, February.
- Frank J. van Rijnsoever & Carolina Castaldi, 2008. "Knowledge base, information search and intention to adopt innovation," Innovation Studies Utrecht (ISU) working paper series 08-02, Utrecht University, Department of Innovation Studies, revised Feb 2008.
- Xin Wang & Alan Montgomery & Kannan Srinivasan, 2008. "When auction meets fixed price: a theoretical and empirical examination of buy-it-now auctions," Quantitative Marketing and Economics, Springer, vol. 6(4), pages 339-370, December.
- DeSarbo, Wayne S. & Choi, Jungwhan, 1998. "A latent structure double hurdle regression model for exploring heterogeneity in consumer search patterns," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 423-455, November.
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