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Cost-Benefit Models for Explaining Consumer Choice and Information Seeking Behavior

Author

Listed:
  • Brian T. Ratchford

    (State University of New York at Buffalo)

Abstract

While it provides excellent descriptions of behavior, existing consumer research on information seeking and processing largely fails to explain why consumers engage in various types of activities. This paper presents an economic framework for measuring costs/benefits of search behavior which can help to resolve these questions. This work shows how such a framework can lead to testable hypotheses about information seeking, and discusses how operational measures of economic incentives to search can be developed and employed.

Suggested Citation

  • Brian T. Ratchford, 1982. "Cost-Benefit Models for Explaining Consumer Choice and Information Seeking Behavior," Management Science, INFORMS, vol. 28(2), pages 197-212, February.
  • Handle: RePEc:inm:ormnsc:v:28:y:1982:i:2:p:197-212
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    File URL: http://dx.doi.org/10.1287/mnsc.28.2.197
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    3. Yuxin Chen & Chakravarthi Narasimhan & Z. John Zhang, 2001. "Consumer Heterogeneity and Competitive Price-Matching Guarantees," Marketing Science, INFORMS, vol. 20(3), pages 300-314, June.
    4. Antonides, G. & Verhoef, P.C., 2000. "Consumer Perception and Evaluation of Waiting Time," ERIM Report Series Research in Management ERS-2000-35-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    5. repec:eee:jbrese:v:82:y:2018:i:c:p:381-390 is not listed on IDEAS
    6. repec:eee:jouret:v:86:y:2010:i:4:p:336-354 is not listed on IDEAS
    7. repec:eee:joreco:v:21:y:2014:i:4:p:601-609 is not listed on IDEAS
    8. repec:eee:jouret:v:88:y:2012:i:3:p:437-444 is not listed on IDEAS
    9. repec:eee:joreco:v:19:y:2012:i:3:p:343-352 is not listed on IDEAS
    10. Assar Lindbeck & Solveig Wikström, 2003. "E-exchange and the Boundary between Households and Organizations," Kyklos, Wiley Blackwell, vol. 56(3), pages 315-340, August.
    11. Hauser, John R. & Urban, Glen L. & Weinberg, Bruce D., 1992. "Time flies when you're having fun : how consumers allocate their time when evaluating products," Working papers 3439-92., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    12. Elizabeth Howlett & Cassandra Davis & Scot Burton, 2016. "From Food Desert to Food Oasis: The Potential Influence of Food Retailers on Childhood Obesity Rates," Journal of Business Ethics, Springer, vol. 139(2), pages 215-224, December.
    13. Xin Wang & Alan Montgomery & Kannan Srinivasan, 2008. "When auction meets fixed price: a theoretical and empirical examination of buy-it-now auctions," Quantitative Marketing and Economics (QME), Springer, vol. 6(4), pages 339-370, December.
    14. DeSarbo, Wayne S. & Choi, Jungwhan, 1998. "A latent structure double hurdle regression model for exploring heterogeneity in consumer search patterns," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 423-455, November.
    15. Scott Neslin & Kinshuk Jerath & Anand Bodapati & Eric Bradlow & John Deighton & Sonja Gensler & Leonard Lee & Elisa Montaguti & Rahul Telang & Raj Venkatesan & Peter Verhoef & Z. Zhang, 2014. "The interrelationships between brand and channel choice," Marketing Letters, Springer, vol. 25(3), pages 319-330, September.
    16. repec:eee:jouret:v:89:y:2013:i:1:p:1-14 is not listed on IDEAS
    17. repec:eee:joreco:v:21:y:2014:i:6:p:1047-1058 is not listed on IDEAS
    18. Smith, Gerald E. & Venkatraman, Meera P. & Dholakia, Ruby Roy, 1999. "Diagnosing the search cost effect: Waiting time and the moderating impact of prior category knowledge," Journal of Economic Psychology, Elsevier, vol. 20(3), pages 285-314, June.
    19. Nitin Mehta & Surendra Rajiv & Kannan Srinivasan, 2003. "Price Uncertainty and Consumer Search: A Structural Model of Consideration Set Formation," Marketing Science, INFORMS, vol. 22(1), pages 58-84, June.
    20. Job M. T. Krijnen & Marcel Zeelenberg & Seger M. Breugelmans, 2015. "Decision importance as a cue for deferral," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(5), pages 407-415, September.
    21. Lemieux, James & Peterson, Robert A., 2011. "Purchase deadline as a moderator of the effects of price uncertainty on search duration," Journal of Economic Psychology, Elsevier, vol. 32(1), pages 33-44, February.
    22. Casper G. Chorus & Harry J.P. Timmermans, 2011. "Personal Intelligent Travel Assistants," Chapters,in: A Handbook of Transport Economics, chapter 25 Edward Elgar Publishing.
    23. repec:eee:jouret:v:84:y:2008:i:4:p:477-486 is not listed on IDEAS
    24. Frank J. van Rijnsoever & Carolina Castaldi, 2008. "Knowledge base, information search and intention to adopt innovation," Innovation Studies Utrecht (ISU) working paper series 08-02, Utrecht University, Department of Innovation Studies, revised Feb 2008.
    25. repec:eee:joinma:v:39:y:2017:i:c:p:69-88 is not listed on IDEAS

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