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

  • Maria Giovanna Devetag

    ()

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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Paper provided by Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia in its series CEEL Working Papers with number 9902.

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Date of creation: 1999
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Handle: RePEc:trn:utwpce:9902
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  1. Heath, Timothy B & Chatterjee, Subimal & France, Karen Russo, 1995. " Mental Accounting and Changes in Price: The Frame Dependence of Reference Dependence," Journal of Consumer Research, Oxford University Press, vol. 22(1), pages 90-97, June.
  2. Heath, Timothy B & Chatterjee, Subimal, 1995. " Asymmetric Decoy Effects on Lower-Quality versus Higher-Quality Brands: Meta-analytic and Experimental Evidence," Journal of Consumer Research, Oxford University Press, vol. 22(3), pages 268-84, December.
  3. Cripps, John D & Meyer, Robert J, 1994. " Heuristics and Biases in Timing the Replacement of Durable Products," Journal of Consumer Research, Oxford University Press, vol. 21(2), pages 304-18, September.
  4. Timothy B. Heath & Subimal Chatterjee & Karen R. France, 1995. "Mental Accounting and Changes in Price: The Frame Dependence of Reference Dependence," Post-Print hal-00670476, HAL.
  5. Daniel Kahneman & Jack L. Knetsch & Richard H. Thaler, 1991. "Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 193-206, Winter.
  6. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 69(1), pages 99-118.
  7. Marengo, Luigi & Tordjman, Helene, 1996. "Speculation, Heterogeneity and Learning: A Simulation Model of Exchange Rates Dynamics," Kyklos, Wiley Blackwell, vol. 49(3), pages 407-38.
  8. Kardes, Frank R, et al, 1993. " Brand Retrieval, Consideration Set Composition, Consumer Choice, and the Pioneering Advantage," Journal of Consumer Research, Oxford University Press, vol. 20(1), pages 62-75, June.
  9. Johnson, Michael D, 1989. " The Differential Processing of Product Category and Noncomparable Choice Alternatives," Journal of Consumer Research, Oxford University Press, vol. 16(3), pages 300-309, December.
  10. Wernerfelt, Birger, 1995. " A Rational Reconstruction of the Compromise Effect: Using Market Data to Infer Utilities," Journal of Consumer Research, Oxford University Press, vol. 21(4), pages 627-33, March.
  11. Timothy B. Heath & Subimal Chatterjee, 1995. "Asymmetric Decoy Effects on Lower-Quality Versus Higher-Quality Brands: Meta-Analytic and Experimental Evidence," Post-Print hal-00670480, HAL.
  12. Cohen, Joel B & Basu, Kunal, 1987. " Alternative Models of Categorization: Toward a Contingent Processing Framework," Journal of Consumer Research, Oxford University Press, vol. 13(4), pages 455-72, March.
  13. Sujan, Mita, 1985. " Consumer Knowledge: Effects on Evaluation Strategies Mediating Consumer Judgments," Journal of Consumer Research, Oxford University Press, vol. 12(1), pages 31-46, June.
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