Automatic Construction and Use of Contextual Information for Product and Price Evaluations
AbstractThe context in which a product is seen influences the internal standard that consumers use to judge both this and other products. Two experiments showed that a product was judged as less expensive in a high-priced context than in a low-priced context even though the product's actual price was recalled as higher in the first condition than in the second. This effect of the initial context carried over to a new product encountered 48 hours later and also influenced price estimates of products from other categories. Additional experiments demonstrated that the standard that people use to evaluate products can be influenced by exposure to high and low stimulus values that are below participants' perceptual thresholds. Thus, the effects of internal standards on product judgments can occur without an awareness of the conditions that led to the construction of this standard. Copyright 2002 by the University of Chicago.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Consumer Research.
Volume (Year): 28 (2002)
Issue (Month): 4 (March)
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Web page: http://www.journals.uchicago.edu/JCR/
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- Wedad Elmaghraby & Anandasivam Gopal & Ali Pilehvar, 2012. "Reference Prices and Bidder Heterogeneity in Secondary Market Online B2B Auctions," Working Papers 12-06, NET Institute, revised Sep 2012.
- Mochon, Daniel & Frederick, Shane, 2013. "Anchoring in sequential judgments," Organizational Behavior and Human Decision Processes, Elsevier, vol. 122(1), pages 69-79.
- Pechtl, Hans, 2004. "Das Preiswissen von Konsumenten: eine theoretisch-konzeptionelle Analyse," Wirtschaftswissenschaftliche Diskussionspapiere 01/2004, Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics.
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