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Decision Making in Information-Rich Environments: The Role of Information Structure

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  • Lurie, Nicholas H
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    Abstract

    Today's consumers are often overloaded with information. This article argues that traditional approaches to measuring the amount of information in a choice set fail to account for important structural dimensions of information and may therefore incorrectly predict information overload. Two experiments show that a structural approach to measuring information, such as information theory, is better able to predict information overload and that information structure also has important implications for information acquisition. A Monte-Carlo simulation, in which decision rules are applied to multiple information environments, shows that the amount of information processing mediates the relationship between information structure and information overload. Copyright 2004 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): 30 (2004)
    Issue (Month): 4 (March)
    Pages: 473-86

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    Handle: RePEc:ucp:jconrs:v:30:y:2004:i:4:p:473-86

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

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    Cited by:
    1. Lurie, Nicholas H. & Swaminathan, Jayashankar M., 2009. "Is timely information always better? The effect of feedback frequency on decision making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 108(2), pages 315-329, March.
    2. Philip G. Joyce, 2008. "Does more (or even better) information lead to better budgeting? A new perspective," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 27(4), pages 945-960.
    3. Anish Nagpal & Adwait Khare & Tilottama Chowdhury & Lauren Labrecque & Ameet Pandit, 2011. "The impact of the amount of available information on decision delay: The role of common features," Marketing Letters, Springer, vol. 22(4), pages 405-421, November.
    4. Bonsall, Peter & Shires, Jeremy & Maule, John & Matthews, Bryan & Beale, Jo, 2007. "Responses to complex pricing signals: Theory, evidence and implications for road pricing," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(7), pages 672-683, August.
    5. Durbach, Ian N. & Stewart, Theodor J., 2011. "An experimental study of the effect of uncertainty representation on decision making," European Journal of Operational Research, Elsevier, vol. 214(2), pages 380-392, October.
    6. Marco Pelliccia, 2013. "Ambiguous Networks," Birkbeck Working Papers in Economics and Finance 1303, Birkbeck, Department of Economics, Mathematics & Statistics.
    7. Wang, Kuo-Ching & Chou, Shu-Hui & Su, Che-Jen & Tsai, Hsin-Yi, 2007. "More information, stronger effectiveness? Different group package tour advertising components on web page," Journal of Business Research, Elsevier, vol. 60(4), pages 382-387, April.

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