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The Value of Time Spent in Price-Comparison Shopping: Survey and Experimental Evidence

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  • Marmorstein, Howard
  • Grewal, Dhruv
  • Fishe, Raymond P H
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    Abstract

    The value that consumers place on time spent in price-comparison shopping is central to the economics of information theory and models of consumers search behavior. Yet few empirical studies have examined consumers subjective value of time. Building on Gary Becker's work this article presents two tests of a model of the subjective value of time. In an effort to explain consumers subjective value of time while they are price-comparison shopping the model introduces perceived enjoyment of shopping as a new explanatory variable. The findings reveal that respondents incorporate both wage rates and perceived enjoyment of price-comparison shopping into their subjective value of time. Copyright 1992 by the University of Chicago.

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    Bibliographic Info

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

    Volume (Year): 19 (1992)
    Issue (Month): 1 (June)
    Pages: 52-61

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    Handle: RePEc:ucp:jconrs:v:19:y:1992:i:1:p:52-61

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    Web page: http://www.journals.uchicago.edu/JCR/

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    Cited by:
    1. Dass, Mayukh & Kumar, Shivina, 2014. "Bringing product and consumer ecosystems to the strategic forefront," Business Horizons, Elsevier, vol. 57(2), pages 225-234.
    2. Volpe, Richard J., III & Lavoie, Nathalie, 2005. "The Effect of Wal-Mart Supercenters on Grocery Prices in New England," 2005 Annual meeting, July 24-27, Providence, RI 19188, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Noble, Stephanie M. & Griffith, David A. & Weinberger, Marc G., 2005. "Consumer derived utilitarian value and channel utilization in a multi-channel retail context," Journal of Business Research, Elsevier, vol. 58(12), pages 1643-1651, December.
    4. Miriam Tatzel, 2003. "The Art of Buying: Coming to Terms with Money and Materialism," Journal of Happiness Studies, Springer, vol. 4(4), pages 405-435, December.
    5. Karande, Kiran & Lombard, John R, 2005. "Location strategies of broad-line retailers: an empirical investigation," Journal of Business Research, Elsevier, vol. 58(5), pages 687-695, May.
    6. Hoorens, Vera & Remmers, Nicole & van de Riet, Kamieke, 1999. "Time is an amazingly variable amount of money: Endowment and ownership effects in the subjective value of working time," Journal of Economic Psychology, Elsevier, vol. 20(4), pages 383-405, August.
    7. Tatzel, Miriam, 2002. ""Money worlds" and well-being: An integration of money dispositions, materialism and price-related behavior," Journal of Economic Psychology, Elsevier, vol. 23(1), pages 103-126, February.
    8. William H. Greene & Mark N. Harris & Bruce Hollingsworth, 2014. "Inflated Responses in Measures of Self-Assessed Health," Working Papers 14-12, New York University, Leonard N. Stern School of Business, Department of Economics.

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