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Purchasing Decisions with Reference Points and Prospect Theory in the Metaverse

Author

Listed:
  • Theodore Tarnanidis

    (Department of Organisation Management, Marketing and Tourism, International Hellenic University, Sindos Campus, 57400 Thessaloniki, Greece)

  • Nana Owusu-Frimpong

    (Office of Doctoral Programs, University of Professional Studies (UPSA), Accra LG 149, Ghana)

  • Bruno Barbosa Sousa

    (School of Hospitality and Tourism (ESHT), IPCA-Polytechnic University of Cávado and Ave, 4750-810 Barcelos, Portugal
    UNIAG—Applied Management Research Unit, 4900-347 Viana do Castelo, Portugal
    CiTUR—Centro de Investigação, Desenvolvimento e Inovação em Turismo, 4750-810 Barcelos, Portugal)

  • Vijaya Kittu Manda

    (PBMEIT, Visakhapatnam 530009, India)

  • Maro Vlachopoulou

    (Department of Applied Informatics, University of Macedonia, 54006 Thessaloniki, Greece)

Abstract

The aim of this study is to analyze the factors that influence consumer referents or reference points and their interaction during the decision-making process, along with the principles of prospect theory in the metaverse with market and retail examples. We conducted an integrative literature review. Consumers’ preference for reference points is determined and structured during the buying process, which can be affected by potential signals and biased decisions. To guide consumers’ shopping experiences and purchasing behavior in the most effective way, marketers and organizations must investigate the factors that influence consumer reference points beyond physical or tangible attributes. Businesses must be adaptable and adapt their strategies to changing consumer preferences based on reference points. Our findings can advance discussions about how reference points are being used in the market by using consumer decision-making claims in the discursive construction of the metaverse. By comprehending this, developers can create better experiences and assist users in navigating virtual risks. Our research aids us in better comprehending the influence of referents on consumer purchasing decisions in the marketing communications field. Numerous opportunities for academic research into consumer reference points have arisen, in which individuals as digital consumers are influenced by the same biases and heuristics that guide their behavior in reality.

Suggested Citation

  • Theodore Tarnanidis & Nana Owusu-Frimpong & Bruno Barbosa Sousa & Vijaya Kittu Manda & Maro Vlachopoulou, 2025. "Purchasing Decisions with Reference Points and Prospect Theory in the Metaverse," Administrative Sciences, MDPI, vol. 15(8), pages 1-20, July.
    • Handle: RePEc:gam:jadmsc:v:15:y:2025:i:8:p:287-:d:1707865
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    References listed on IDEAS

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    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    2. Bell, David R & Bucklin, Randolph E, 1999. "The Role of Internal Reference Points in the Category Purchase Decision," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 26(2), pages 128-143, September.
    3. Theodore Tarnanidis, 2023. "Understanding reference points to make purchase decisions: overview, phases, and time-features," Marketing Science & Inspirations, Comenius University in Bratislava, Faculty of Management, vol. 18(4), pages 2-13.
    4. Zakaria Babutsidze, 2012. "How Do Consumers Make Choices? A Survey Of Evidence," Journal of Economic Surveys, Wiley Blackwell, vol. 26(4), pages 752-762, September.
    5. Jianguo Wang & Tongsan Wang & Yuna Shi & Diwei Xu & Yutian Chen & Jie Wu & Siew Ann Cheong, 2022. "Metaverse, SED Model, and New Theory of Value," Complexity, Hindawi, vol. 2022, pages 1-26, May.
    6. Bettman, James R & Zins, Michel A, 1977. "Constructive Processes in Consumer Choice," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 4(2), pages 75-85, Se.
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