IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v169y2021ics0040162521002791.html
   My bibliography  Save this article

The impact of new technologies on consumers beliefs: Reducing the perceived risks of electric vehicle adoption

Author

Listed:
  • Featherman, Mauricio
  • Jia, Shizhen (Jasper)
  • Califf, Christopher B.
  • Hajli, Nick

Abstract

Consumers who decide to adopt complex, radically innovative products simultaneously can hold very different belief structures that, for example, capture concern for future losses, and beliefs of future gains, as well as the desire to coalesce with referents. This research develops a model of how consumers decide their next electrified vehicle. Based on the Theory of Reasoned Action (TRA) and Risk-Benefit Models, the electric vehicle (EV) purchase decision is modeled as primarily based on beliefs of the perceived benefits and the perceived risks of technology adoption and social influences. Further, beliefs of a manufacturer's expertise and trustworthiness were found to reduce consumer risk concerns and strengthen consumer conviction that the benefits of technology were attainable. Structural equation modeling of survey data confirm the proposed consumer decision model, and our contention that technology adoption can be better understood by specifically exploring discordant consumer beliefs of the post-purchase consequences. The results of our research provide a new understanding of salient consumer risk and benefit beliefs when consumers face new technologies that represent a paradigm shift. Results also provide insight for technology firms that need to constantly develop new strategic marketing actions designed to increase demand for their complex technological products.

Suggested Citation

  • Featherman, Mauricio & Jia, Shizhen (Jasper) & Califf, Christopher B. & Hajli, Nick, 2021. "The impact of new technologies on consumers beliefs: Reducing the perceived risks of electric vehicle adoption," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    • Handle: RePEc:eee:tefoso:v:169:y:2021:i:c:s0040162521002791
    DOI: 10.1016/j.techfore.2021.120847
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162521002791
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2021.120847?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Egbue, Ona & Long, Suzanna, 2012. "Barriers to widespread adoption of electric vehicles: An analysis of consumer attitudes and perceptions," Energy Policy, Elsevier, vol. 48(C), pages 717-729.
    2. Bearden, William O & Rose, Randall L, 1990. "Attention to Social Comparison Information: An Individual Difference Factor Affecting Consumer Conformity," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 16(4), pages 461-471, March.
    3. Gilles Laurent & Pierre Chandon & Brian Wansink, 2000. "A Benefit Congruency Framework of Sales Promotion Effectiveness," Post-Print hal-00458440, HAL.
    4. Ajzen, Icek, 1991. "The theory of planned behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 50(2), pages 179-211, December.
    5. Martin Fishbein, 2008. "A Reasoned Action Approach to Health Promotion," Medical Decision Making, , vol. 28(6), pages 834-844, November.
    6. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
    7. Gunawan, Dedy Darsono & Huarng, Kun-Huang, 2015. "Viral effects of social network and media on consumers’ purchase intention," Journal of Business Research, Elsevier, vol. 68(11), pages 2237-2241.
    8. Gefen, David & Straub, Detmar W., 2004. "Consumer trust in B2C e-Commerce and the importance of social presence: experiments in e-Products and e-Services," Omega, Elsevier, vol. 32(6), pages 407-424, December.
    9. Sirkka L. Jarvenpaa & Thomas R. Shaw & D. Sandy Staples, 2004. "Toward Contextualized Theories of Trust: The Role of Trust in Global Virtual Teams," Information Systems Research, INFORMS, vol. 15(3), pages 250-267, September.
    10. Paul A. Pavlou & David Gefen, 2004. "Building Effective Online Marketplaces with Institution-Based Trust," Information Systems Research, INFORMS, vol. 15(1), pages 37-59, March.
    11. Bhatnagar, Amit & Ghose, Sanjoy, 2004. "Segmenting consumers based on the benefits and risks of Internet shopping," Journal of Business Research, Elsevier, vol. 57(12), pages 1352-1360, December.
    12. Jyrki Wallenius & James S. Dyer & Peter C. Fishburn & Ralph E. Steuer & Stanley Zionts & Kalyanmoy Deb, 2008. "Multiple Criteria Decision Making, Multiattribute Utility Theory: Recent Accomplishments and What Lies Ahead," Management Science, INFORMS, vol. 54(7), pages 1336-1349, July.
    13. Newell, Stephen J. & Goldsmith, Ronald E., 2001. "The development of a scale to measure perceived corporate credibility," Journal of Business Research, Elsevier, vol. 52(3), pages 235-247, June.
    14. Gadenne, David & Sharma, Bishnu & Kerr, Don & Smith, Tim, 2011. "The influence of consumers' environmental beliefs and attitudes on energy saving behaviours," Energy Policy, Elsevier, vol. 39(12), pages 7684-7694.
    15. Paluch, Stefanie & Wünderlich, Nancy V., 2016. "Contrasting risk perceptions of technology-based service innovations in inter-organizational settings," Journal of Business Research, Elsevier, vol. 69(7), pages 2424-2431.
    16. Zeng, Xianlai & Li, Jinhui & Liu, Lili, 2015. "Solving spent lithium-ion battery problems in China: Opportunities and challenges," Renewable and Sustainable Energy Reviews, Elsevier, vol. 52(C), pages 1759-1767.
    17. John E. Grable & Michael J. Roszkowski, 2008. "The influence of mood on the willingness to take financial risks," Journal of Risk Research, Taylor & Francis Journals, vol. 11(7), pages 905-923, October.
    18. Pan, Lee-Yun & Chiou, Jyh-Shen, 2011. "How Much Can You Trust Online Information? Cues for Perceived Trustworthiness of Consumer-generated Online Information," Journal of Interactive Marketing, Elsevier, vol. 25(2), pages 67-74.
    19. Mary J. Culnan & Pamela K. Armstrong, 1999. "Information Privacy Concerns, Procedural Fairness, and Impersonal Trust: An Empirical Investigation," Organization Science, INFORMS, vol. 10(1), pages 104-115, February.
    20. Mauricio S. Featherman & Nick Hajli, 2016. "Self-Service Technologies and e-Services Risks in Social Commerce Era," Journal of Business Ethics, Springer, vol. 139(2), pages 251-269, December.
    21. Sweeney, Jill & Swait, Joffre, 2008. "The effects of brand credibility on customer loyalty," Journal of Retailing and Consumer Services, Elsevier, vol. 15(3), pages 179-193.
    22. Sierzchula, William & Bakker, Sjoerd & Maat, Kees & van Wee, Bert, 2014. "The influence of financial incentives and other socio-economic factors on electric vehicle adoption," Energy Policy, Elsevier, vol. 68(C), pages 183-194.
    23. Shimp, Terence A & Bearden, William O, 1982. "Warranty and Other Extrinsic Cue Effects on Consumers' Risk Perceptions," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 9(1), pages 38-46, June.
    24. Ali Tarhini & Nalin Asanka Gamagedara Arachchilage & Ra'ed Masa'deh & Muhammad Sharif Abbasi, 2015. "A Critical Review of Theories and Models of Technology Adoption and Acceptance in Information System Research," International Journal of Technology Diffusion (IJTD), IGI Global, vol. 6(4), pages 58-77, October.
    25. Troy R. Hawkins & Bhawna Singh & Guillaume Majeau‐Bettez & Anders Hammer Strømman, 2013. "Comparative Environmental Life Cycle Assessment of Conventional and Electric Vehicles," Journal of Industrial Ecology, Yale University, vol. 17(1), pages 53-64, February.
    26. Holbrook, Morris B & Hirschman, Elizabeth C, 1982. "The Experiential Aspects of Consumption: Consumer Fantasies, Feelings, and Fun," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 9(2), pages 132-140, September.
    27. Slovic, Paul & Finucane, Melissa L. & Peters, Ellen & MacGregor, Donald G., 2007. "The affect heuristic," European Journal of Operational Research, Elsevier, vol. 177(3), pages 1333-1352, March.
    28. LAURENT, Gilles & CHANDON, Pierre & WANSINK, Brian, 2000. "A benefit congruency framework of sales promotion effectiveness," HEC Research Papers Series 698, HEC Paris.
    29. Cho, Jinsook & Lee, Jinkook, 2006. "An integrated model of risk and risk-reducing strategies," Journal of Business Research, Elsevier, vol. 59(1), pages 112-120, January.
    30. Ali Siddiq Alhakami & Paul Slovic, 1994. "A Psychological Study of the Inverse Relationship Between Perceived Risk and Perceived Benefit," Risk Analysis, John Wiley & Sons, vol. 14(6), pages 1085-1096, December.
    31. Schuitema, Geertje & Anable, Jillian & Skippon, Stephen & Kinnear, Neale, 2013. "The role of instrumental, hedonic and symbolic attributes in the intention to adopt electric vehicles," Transportation Research Part A: Policy and Practice, Elsevier, vol. 48(C), pages 39-49.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Adnan, Nadia & Md Nordin, Shahrina & Hadi Amini, M. & Langove, Naseebullah, 2018. "What make consumer sign up to PHEVs? Predicting Malaysian consumer behavior in adoption of PHEVs," Transportation Research Part A: Policy and Practice, Elsevier, vol. 113(C), pages 259-278.
    2. Goel, Pooja & Kumar, Aalok & Parayitam, Satyanarayana & Luthra, Sunil, 2023. "Understanding transport users' preferences for adopting electric vehicle based mobility for sustainable city: A moderated moderated-mediation model," Journal of Transport Geography, Elsevier, vol. 106(C).
    3. Adnan, Nadia & Nordin, Shahrina Md & Rahman, Imran & Rasli, Amran Md, 2017. "A new era of sustainable transport: An experimental examination on forecasting adoption behavior of EVs among Malaysian consumer," Transportation Research Part A: Policy and Practice, Elsevier, vol. 103(C), pages 279-295.
    4. Jingnan Zhang & Shichun Xu & Zhengxia He & Chengze Li & Xiaona Meng, 2022. "Factors Influencing Adoption Intention for Electric Vehicles under a Subsidy Deduction: From Different City-Level Perspectives," Sustainability, MDPI, vol. 14(10), pages 1-24, May.
    5. Hye Jung Jung & HaeJung Kim & Kyung Wha Oh, 2016. "Green Leather for Ethical Consumers in China and Korea: Facilitating Ethical Consumption with Value–Belief–Attitude Logic," Journal of Business Ethics, Springer, vol. 135(3), pages 483-502, May.
    6. Yang, Shu & Cheng, Peng & Li, Jun & Wang, Shanyong, 2019. "Which group should policies target? Effects of incentive policies and product cognitions for electric vehicle adoption among Chinese consumers," Energy Policy, Elsevier, vol. 135(C).
    7. Han, Liu & Wang, Shanyong & Zhao, Dingtao & Li, Jun, 2017. "The intention to adopt electric vehicles: Driven by functional and non-functional values," Transportation Research Part A: Policy and Practice, Elsevier, vol. 103(C), pages 185-197.
    8. Alisa Frik & Luigi Mittone, 2016. "Factors Influencing the Perceived Websites' Privacy Trustworthiness and Users' Purchase Intentions," CEEL Working Papers 1609, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
    9. Kumar Shalender & Naman Sharma, 2021. "Using extended theory of planned behaviour (TPB) to predict adoption intention of electric vehicles in India," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(1), pages 665-681, January.
    10. Brückmann, Gracia, 2022. "The effects of policies providing information and trialling on the knowledge about and the intention to adopt new energy technologies," Energy Policy, Elsevier, vol. 167(C).
    11. Hasan, Saiful & Simsekoglu, Özlem, 2020. "The role of psychological factors on vehicle kilometer travelled (VKT) for battery electric vehicle (BEV) users," Research in Transportation Economics, Elsevier, vol. 82(C).
    12. Mohamed, Moataz & Higgins, Christopher D. & Ferguson, Mark & Réquia, Weeberb J., 2018. "The influence of vehicle body type in shaping behavioural intention to acquire electric vehicles: A multi-group structural equation approach," Transportation Research Part A: Policy and Practice, Elsevier, vol. 116(C), pages 54-72.
    13. Wang, Xiao-Wu & Cao, Yu-Mei & Zhang, Ning, 2021. "The influences of incentive policy perceptions and consumer social attributes on battery electric vehicle purchase intentions," Energy Policy, Elsevier, vol. 151(C).
    14. Adnan, Nadia & Nordin, Shahrina Md & Rahman, Imran, 2017. "Adoption of PHEV/EV in Malaysia: A critical review on predicting consumer behaviour," Renewable and Sustainable Energy Reviews, Elsevier, vol. 72(C), pages 849-862.
    15. Kim, Moon-Koo & Oh, Jeesun & Park, Jong-Hyun & Joo, Changlim, 2018. "Perceived value and adoption intention for electric vehicles in Korea: Moderating effects of environmental traits and government supports," Energy, Elsevier, vol. 159(C), pages 799-809.
    16. Peng Cheng & Zhe Ouyang & Yang Liu, 0. "The effect of information overload on the intention of consumers to adopt electric vehicles," Transportation, Springer, vol. 0, pages 1-20.
    17. Suwelack, Thomas & Hogreve, Jens & Hoyer, Wayne D., 2011. "Understanding Money-Back Guarantees: Cognitive, Affective, and Behavioral Outcomes," Journal of Retailing, Elsevier, vol. 87(4), pages 462-478.
    18. Yu Wang & Shanyong Wang & Jing Wang & Jiuchang Wei & Chenglin Wang, 2020. "An empirical study of consumers’ intention to use ride-sharing services: using an extended technology acceptance model," Transportation, Springer, vol. 47(1), pages 397-415, February.
    19. Zhang, Wenqing & Liu, Liangliang, 2022. "Exploring non-users' intention to adopt ride-sharing services: Taking into account increased risks due to the COVID-19 pandemic among other factors," Transportation Research Part A: Policy and Practice, Elsevier, vol. 158(C), pages 180-195.
    20. Bireswar Dutta & Hsin-Ginn Hwang, 2021. "Consumers Purchase Intentions of Green Electric Vehicles: The Influence of Consumers Technological and Environmental Considerations," Sustainability, MDPI, vol. 13(21), pages 1-23, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:169:y:2021:i:c:s0040162521002791. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.