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From utilities to mental models: A critical survey on decision rules and cognition in consumer choice

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  • Maria Giovanna Devetag

Abstract

This work critically discusses a selected body of (mainly experimental) studies on consumer behavior in the light of two general questions. First, can one identify within the vast literature from psychology, marketing, etc., a few stylized facts which might be the grounds of a behavioral theory of consumption parsimonious enough to be useful to economic theorizing, and, at the same time, not in open violation of the evidence on how consumers actually behave? Second, to what extent should such theories be nested into an explicit account of the cognitive processes leading to particular consumption acts? Copyright 1999 by Oxford University Press.
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Suggested Citation

  • Maria Giovanna Devetag, 1999. "From utilities to mental models: A critical survey on decision rules and cognition in consumer choice," CEEL Working Papers 9902, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
    • Handle: RePEc:trn:utwpce:9902
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    Cited by:

    1. Jessica Birkholz & Jarina Kühn, 2021. "Entrepreneurship Perception during the first COVID-19 Shock: Mental Representations of Entrepreneurship and Preferences of Business Models during the Pandemic," Bremen Papers on Economics & Innovation 2105, University of Bremen, Faculty of Business Studies and Economics.
    2. van Rijnsoever, Frank J. & van Mossel, Allard & Broecks, Kevin P.F., 2015. "Public acceptance of energy technologies: The effects of labeling, time, and heterogeneity in a discrete choice experiment," Renewable and Sustainable Energy Reviews, Elsevier, vol. 45(C), pages 817-829.
    3. Tarnanidis, Theodore & Owusu-Frimpong, Nana & Nwankwo, Sonny & Omar, Maktoba, 2015. "Why we buy? Modeling consumer selection of referents," Journal of Retailing and Consumer Services, Elsevier, vol. 22(C), pages 24-36.
    4. Ljubica Nedelkoska, 2010. "Occupations at risk: The task content and job stability," Jena Economics Research Papers 2010-024, Friedrich-Schiller-University Jena.
    5. S. Bhaduri & H. Worch, 2008. "Past Experience, Cognitive Frames, and Entrepreneurship: Some Econometric Evidence from the Indian Pharmaceutical Industry," Papers on Economics and Evolution 2008-04, Philipps University Marburg, Department of Geography.
    6. Olga C. Damman & Peter Spreeuwenberg & Jany Rademakers & Michelle Hendriks, 2012. "Creating Compact Comparative Health Care Information," Medical Decision Making, , vol. 32(2), pages 287-300, March.
    7. van Rijnsoever, Frank J. & Hessels, Laurens K. & Vandeberg, Rens L.J., 2008. "A resource-based view on the interactions of university researchers," Research Policy, Elsevier, vol. 37(8), pages 1255-1266, September.
    8. Zhang, Tao & Zhang, David, 2007. "Agent-based simulation of consumer purchase decision-making and the decoy effect," Journal of Business Research, Elsevier, vol. 60(8), pages 912-922, August.
    9. Frank J. van Rijnsoever & Laurens K. Hessels & Rens L.J. Vandeberg, 2008. "A resource-based view on the interactions of university researchers," Innovation Studies Utrecht (ISU) working paper series 08-14, Utrecht University, Department of Innovation Studies, revised Apr 2008.
    10. Tarnanidis, Theodore & Owusu-Frimpong, Nana & Nwankwo, Sonny & Omar, Maktoba, 2015. "A confirmatory factor analysis of consumer styles inventory: Evidence from Greece," Journal of Retailing and Consumer Services, Elsevier, vol. 22(C), pages 164-177.
    11. Marco Valente, 2009. "Markets fo Heterogeneous Products: a Boundedly Rational Consumer Model," LEM Papers Series 2009/11, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    12. Ruslan Rakhmatullin & Louis Brennan, 2014. "Motivation Behind Researchers’ Participation in Formal Networking Research Projects Funded by the European Union," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(2), pages 305-329, June.
    13. Marco Valente, 2012. "Evolutionary demand: a model for boundedly rational consumers," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 1029-1080, November.
    14. Malerba, Franco, 2002. "Sectoral systems of innovation and production," Research Policy, Elsevier, vol. 31(2), pages 247-264, February.
    15. 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.
    16. Franco Malerba, 2006. "Innovation, Industrial Dynamics and Industry Evolution: Progress and the Research Agendas," Revue de l'OFCE, Presses de Sciences-Po, vol. 97(5), pages 21-46.
    17. Bonsall, Peter & Shires, Jeremy & Maule, John & Matthews, Bryan & Beale, Jo, 2007. "Responses to complex pricing signals: Theory, evidence and implications for road pricing," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(7), pages 672-683, August.

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    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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