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Does greater product information actually inform consumer decisions? The relationship between product information quantity and diversity of consumer decisions

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  • Sasaki, Takao
  • Becker, D. Vaughn
  • Janssen, Marco A.
  • Neel, Rebecca

Abstract

For many consumer goods, the advent of online markets dramatically increases the amount of information available about products' different features and qualities. Although numerous studies have investigated the effects of information quantity on individual-level decisions, it is still unknown how the amount of attribute information affects group-level patterns of behavior, particularly when consumers are also aware of a choice's popularity. In the present studies, we hypothesized that when attribute information increases, it may exceed the individual's cognitive capacity to process this information, and as a result conformity - choosing the most popular item - becomes more likely. In this study, we first examined empirical data collected from human subject experiments in a simulated online shopping experience, and then developed an agent-based model (ABM) to explore this behavioral clustering. Both studies confirmed our primary hypotheses, and the ABM shows promise as a tool for exploring extensions of these ideas.

Suggested Citation

  • Sasaki, Takao & Becker, D. Vaughn & Janssen, Marco A. & Neel, Rebecca, 2011. "Does greater product information actually inform consumer decisions? The relationship between product information quantity and diversity of consumer decisions," Journal of Economic Psychology, Elsevier, vol. 32(3), pages 391-398, June.
  • Handle: RePEc:eee:joepsy:v:32:y:2011:i:3:p:391-398
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    References listed on IDEAS

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    1. Scammon, Debra L, 1977. " "Information Load" and Consumers," Journal of Consumer Research, Oxford University Press, vol. 4(3), pages 148-155, December.
    2. Ariely, Dan & Levav, Jonathan, 2000. " Sequential Choice in Group Settings: Taking the Road Less Traveled and Less Enjoyed," Journal of Consumer Research, Oxford University Press, vol. 27(3), pages 279-290, December.
    3. Grether, David M. & Wilde, Louis L., 1983. "Consumer choice and information : New experimental evidence," Information Economics and Policy, Elsevier, vol. 1(2), pages 115-144.
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    Cited by:

    1. Marette Stéphan & Roosen Jutta & Blanchemanche Sandrine, 2011. "The Combination of Lab and Field Experiments for Benefit-Cost Analysis," Journal of Benefit-Cost Analysis, De Gruyter, vol. 2(3), pages 1-36, August.
    2. Disdier, Anne-Célia & Marette, Stéphan, 2012. "How do consumers in developed countries value the environment and workers’ social rights in developing countries?," Food Policy, Elsevier, vol. 37(1), pages 1-11.
    3. Mamouni Limnios, Elena & Schilizzi, Steven G.M. & Burton, Michael & Ong, Angeline & Hynes, Niki, 2016. "Willingness to pay for product ecological footprint: Organic vs non-organic consumers," Technological Forecasting and Social Change, Elsevier, vol. 111(C), pages 338-348.

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