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An Evaluation Cost Model of Consideration Sets

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Author Info
Hauser, John R
Wernerfelt, Birger

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Abstract

If utility (net of price) varies by consumption occasion, the consideration set of a rational consumer will represent trade-offs between decision costs and the incremental benefits of choosing from a larger set of brands. If evaluating a brand decreases bias and uncertainty in perceived utility, the decision to evaluate a brand for inclusion in a consideration set is different from the decision to consider an evaluated brand. The decision to consumer is, in turn, different from the decision to consider. This article provides analytical expressions for these decision criteria and presents four aggregate implications of the model: (1) distributions of consideration set sizes, (2) order-of-entry penalties, (3) dynamic advertising response, and (4) competitive promotion intensity. Copyright 1990 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Consumer Research.

Volume (Year): 16 (1990)
Issue (Month): 4 (March)
Pages: 393-408
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Handle: RePEc:ucp:jconrs:v:16:y:1990:i:4:p:393-408

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  1. Urban, Glen L. & Kalyanaram, Gurumurthy., 1990. "Dynamic effects of the order of entry on market share trial penetration, and repeat purchases for frequently purchased consumer goods," Working papers 3207-90., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  2. Allender, William J. & Richards, Timothy J., 2009. "Measures of Brand Loyalty," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49536, Agricultural and Applied Economics Association. [Downloadable!]
  3. Urban, Glen L. & Sultan, Fareena. & Qualls, William J. 1953-, 1998. "Trust based marketing on the internet," Working papers WP 4035-98., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  4. Hauser, John R. & Urban, Glen L. & Weinberg, Bruce D., 1992. "Time flies when you're having fun : how consumers allocate their time when evaluating products," Working papers 3439-92., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  5. Pieters, R. & Warlop, L., 1998. "Visual attention during brand choice : the impact of time pressure and task motivation," Discussion Paper 69, Tilburg University, Center for Economic Research. [Downloadable!]
  6. Nagler, Matthew, 2006. "Understanding the Internet's relevance to media ownership policy: a model of too many choices," MPRA Paper 2180, University Library of Munich, Germany. [Downloadable!]
  7. Franz Hackl & Bernhard Weiss & Rudolf Winter-Ebmer, 2009. "Tuning an Online Shop: Consumer Reactions to E-tailers' Service Quality," Economics working papers 2009-05, Department of Economics, Johannes Kepler University Linz, Austria. [Downloadable!]
  8. Wendel,Sonja & Dellaert,Benedict G.C., 2005. "Situation Variation in Consumers’ Media Channel Consideration," Research Memoranda 005, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  9. Kurt Carlson & Chris Janiszewski & Ralph Keeney & David Krantz & Howard Kunreuther & Mary Luce & J. Russo & Stijn Osselaer & Detlof Winterfeldt, 2008. "A theoretical framework for goal-based choice and for prescriptive analysis," Marketing Letters, Springer, vol. 19(3), pages 241-254, December. [Downloadable!] (restricted)
  10. Riemer, Hila & Mallik, Suman & Sudharshan, Devanathan, 2002. "Market Shares Follow the Zipf Distribution," Working Papers 02-0125, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
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