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How Do Consumers Make Choices? A Summary of Evidence from Marketing and Psychology

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  • Babutsidze, Zakaria

    ()
    (UNU-MERIT)

Abstract

In this paper I review the evidence from marketing and psychology literature about the purchase behavior of consumers. I concentrate on the characteristics of the choice process, choice of the external information source and nature of the information obtained from these sources. The impact of important systematic differences among consumers and products on choice behavior is also discussed.

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File URL: http://www.merit.unu.edu/publications/wppdf/2007/wp2007-005.pdf
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Bibliographic Info

Paper provided by United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT) in its series MERIT Working Papers with number 005.

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Date of creation: 2007
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Handle: RePEc:unm:unumer:2007005

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Keywords: Consumer Choice; Information; Decision-making; Marketing;

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References

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  1. Muthukrishnan, A V, 1995. " Decision Ambiguity and Incumbent Brand Advantage," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 22(1), pages 98-109, June.
  2. Lussier, Denis A & Olshavsky, Richard W, 1979. " Task Complexity and Contingent Processing in Brand Choice," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 6(2), pages 154-65, Se.
  3. Biehal, Gabriel & Chakravarti, Dipankar, 1986. " Consumers' Use of Memory and External Information in Choice: Macro and Micro Perspectives," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 12(4), pages 382-405, March.
  4. Bettman, James R & Zins, Michel A, 1977. " Constructive Processes in Consumer Choice," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 4(2), pages 75-85, Se.
  5. Andrew D. Gershoff & Gita Venkataramani Johar, 2006. "Do You Know Me? Consumer Calibration of Friends' Knowledge," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 32(4), pages 496-503, 03.
  6. Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, Springer, vol. 1(1), pages 7-59, March.
  7. Heath, Timothy B & Chatterjee, Subimal, 1995. " Asymmetric Decoy Effects on Lower-Quality versus Higher-Quality Brands: Meta-analytic and Experimental Evidence," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 22(3), pages 268-84, December.
  8. Holt, Douglas B, 1995. " How Consumers Consume: A Typology of Consumption Practices," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 22(1), pages 1-16, June.
  9. Beatty, Sharon E & Smith, Scott M, 1987. " External Search Effort: An Investigation across Several Product Categories," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 14(1), pages 83-95, June.
  10. Coupey, Eloise, 1994. " Restructuring: Constructive Processing of Information Displays in Consumer Choice," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 21(1), pages 83-99, June.
  11. Simonson, Itamar, 1989. " Choice Based on Reasons: The Case of Attraction and Compromise Effects," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 16(2), pages 158-74, September.
  12. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, Econometric Society, vol. 47(2), pages 263-91, March.
  13. Russo, J Edward & Leclerc, France, 1994. " An Eye-Fixation Analysis of Choice Processes for Consumer Nondurables," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 21(2), pages 274-90, September.
  14. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 56, pages 279.
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Cited by:
  1. Tommaso Ciarli & André Lorentz & Maria Savona & Marco Valente, 2010. "The Effect Of Consumption And Production Structure On Growth And Distribution. A Micro To Macro Model," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 61(1), pages 180-218, 02.
  2. Tommaso Ciarli & Andre' Lorentz & Maria Savona & Marco Valente, 2012. "The role of technology, organisation, and demand in growth and income distribution," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2012/06, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

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