How Do Consumers Make Choices? A Summary of Evidence from Marketing and Psychology
In this paper I review the evidence from marketing and psychology literature about the purchase behavior of consumers. I concentrate on the characteristics of the choice process, choice of the external information source and nature of the information obtained from these sources. The impact of important systematic differences among consumers and products on choice behavior is also discussed.
|Date of creation:||2007|
|Date of revision:|
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"Prospect Theory: An Analysis of Decision under Risk,"
Levine's Working Paper Archive
7656, David K. Levine.
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- Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279.
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- Beatty, Sharon E & Smith, Scott M, 1987. " External Search Effort: An Investigation across Several Product Categories," Journal of Consumer Research, Oxford University Press, vol. 14(1), pages 83-95, June.
- Bettman, James R & Park, C Whan, 1980. " Effects of Prior Knowledge and Experience and Phase of the Choice Process on Consumer Decision Processes: A Protocol Analysis," Journal of Consumer Research, Oxford University Press, vol. 7(3), pages 234-48, December.
- Samuelson, William & Zeckhauser, Richard, 1988. "Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
- Heath, Timothy B & McCarthy, Michael S & Mothersbaugh, David L, 1994. " Spokesperson Fame and Vividness Effects in the Context of Issue-Relevant Thinking: The Moderating Role of Competitive Setting," Journal of Consumer Research, Oxford University Press, vol. 20(4), pages 520-34, March.
- Biehal, Gabriel & Chakravarti, Dipankar, 1986. " Consumers' Use of Memory and External Information in Choice: Macro and Micro Perspectives," Journal of Consumer Research, Oxford University Press, vol. 12(4), pages 382-405, March.
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