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The Economics of Consumer Knowledge

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  • Ratchford, Brian T

Abstract

While approaches to measuring the state of a consumer's knowledge are well developed, much less is known about the relationship between knowledge and consumer choice and information search. The purpose of this article is to explore these relationships by treating consumer knowledge as human capital, which affects the full price of consumption and search activities. Using this framework, models are presented to explain life cycle consumption patterns, lifestyles, brand loyalty, choice of features, and search behavior. This economic perspective is compared and contrasted to other consumer research on these topics, including recent qualitative research that examines consumption behavior. Copyright 2001 by the University of Chicago.

Suggested Citation

  • Ratchford, Brian T, 2001. " The Economics of Consumer Knowledge," Journal of Consumer Research, Oxford University Press, vol. 27(4), pages 397-411, March.
  • Handle: RePEc:oup:jconrs:v:27:y:2001:i:4:p:397-411
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    File URL: http://dx.doi.org/10.1086/319617
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    Cited by:

    1. 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.
    2. Pradeep K. Chintagunta & Harikesh S. Nair, 2011. "Structural Workshop Paper --Discrete-Choice Models of Consumer Demand in Marketing," Marketing Science, INFORMS, vol. 30(6), pages 977-996, November.
    3. Papatla, Purushottam & Liu, Feng (Oliver), 2009. "Google or BizRate? How search engines and comparison sites affect unplanned choices of online retailers," Journal of Business Research, Elsevier, vol. 62(11), pages 1039-1045, November.
    4. Dellaert, B.G.C., 2018. "The Consumer Production Journey: Marketing to Consumers as Co-Producers in the Sharing Economy," ERIM Report Series Research in Management ERS-2018-001-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:85:y:2018:i:c:p:127-141 is not listed on IDEAS
    6. Huang, Yufeng, 2015. "Empirical analysis of consumer behavior," Other publications TiSEM 9cc96a79-43d7-436d-87d3-3, Tilburg University, School of Economics and Management.
    7. Niladri Syam & Partha Krishnamurthy & James D. Hess, 2008. "What I Thought I Wanted? Miswanting and Regret for a Standard Good in a Mass-Customized World," Marketing Science, INFORMS, vol. 27(3), pages 379-397, 05-06.
    8. repec:eee:joreco:v:20:y:2013:i:2:p:182-188 is not listed on IDEAS
    9. Il-Horn Hann & Kai-Lung Hui & Tom S. Lee & I.P.L. Png, 2003. "The Value of Online Information Privacy: An Empirical Investigation," Industrial Organization 0304001, EconWPA, revised 01 Apr 2003.
    10. repec:eee:ijrema:v:25:y:2008:i:4:p:310-318 is not listed on IDEAS
    11. Cheema, Amar & Papatla, Purushottam, 2010. "Relative importance of online versus offline information for Internet purchases: Product category and Internet experience effects," Journal of Business Research, Elsevier, vol. 63(9-10), pages 979-985, September.
    12. repec:eee:touman:v:57:y:2016:i:c:p:397-410 is not listed on IDEAS
    13. repec:eee:joreco:v:38:y:2017:i:c:p:71-80 is not listed on IDEAS
    14. Caterina Tantalo & Richard L. Priem, 2016. "Value creation through stakeholder synergy," Strategic Management Journal, Wiley Blackwell, vol. 37(2), pages 314-329, February.

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