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Age-induced decision shrinkage, another avenue to repeat purchase: the example of new automobiles

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  • LAURENT, Gilles
  • LAMBERT-PANDRAUD, Raphaelle

    (Negocia, Paris)

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    Abstract

    The literature from psychology and gerontology suggests that older persons have reduced cognitive abilities, and an increased risk aversion. On this basis, we predict that their decision process will be shrunk, in three manners: a smaller consideration set, a focus on the previous brand (leading to repeat purchases), a privileged status given to other ancient brands. In a survey approach, we test these predictions on a large sample of recent buyers of new automobiles. The results confirm the prediction: A shrinkage of the decision process appears after sixty, and is markedly stronger after seventy-five, two limits suggested by the literature.

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    Bibliographic Info

    Paper provided by HEC Paris in its series Les Cahiers de Recherche with number 748.

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    Length: 57 pages
    Date of creation: 01 Feb 2002
    Date of revision:
    Handle: RePEc:ebg:heccah:0748

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    Postal: HEC Paris, 78351 Jouy-en-Josas cedex, France
    Web page: http://www.hec.fr/
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    Related research

    Keywords: age; consumer behavior; purchase process; brand loyalty; cautiousness;

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    1. Fournier, Susan, 1998. " Consumers and Their Brands: Developing Relationship Theory in Consumer Research," Journal of Consumer Research, University of Chicago Press, vol. 24(4), pages 343-73, March.
    2. Yoon, Carolyn, 1997. " Age Differences in Consumers' Processing Strategies: An Investigation of Moderating Influences," Journal of Consumer Research, University of Chicago Press, vol. 24(3), pages 329-42, December.
    3. Cole, Catherine A & Balasubramanian, Siva K, 1993. " Age Differences in Consumers' Search for Information: Public Policy Implications," Journal of Consumer Research, University of Chicago Press, vol. 20(1), pages 157-69, June.
    4. Elke U. Weber & Richard A. Milliman, 1997. "Perceived Risk Attitudes: Relating Risk Perception to Risky Choice," Management Science, INFORMS, vol. 43(2), pages 123-144, February.
    5. Schmalensee, Richard., 1980. "Product differentiation advantages of pioneering brands," Working papers 1140-80., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    6. Nedungadi, Prakash, 1990. " Recall and Consumer Consideration Sets: Influencing Choice without Altering Brand Evaluations," Journal of Consumer Research, University of Chicago Press, vol. 17(3), pages 263-76, December.
    7. Alba, Joseph W & Hutchinson, J Wesley, 1987. " Dimensions of Consumer Expertise," Journal of Consumer Research, University of Chicago Press, vol. 13(4), pages 411-54, March.
    8. Law, Sharmistha & Hawkins, Scott A & Craik, Fergus I M, 1998. " Repetition-Induced Belief in the Elderly: Rehabilitating Age-Related Memory Deficits," Journal of Consumer Research, University of Chicago Press, vol. 25(2), pages 91-107, September.
    9. Derbaix, C., 1983. "Perceived risk and risk relievers: An empirical investigation," Journal of Economic Psychology, Elsevier, vol. 3(1), pages 19-38.
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