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How Do Consumers Make Choices? A Summary of Evidence from Marketing and Psychology

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  • Babutsidze, Zakaria

    () (UNU-MERIT)

Abstract

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.

Suggested Citation

  • Babutsidze, Zakaria, 2007. "How Do Consumers Make Choices? A Summary of Evidence from Marketing and Psychology," MERIT Working Papers 005, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  • Handle: RePEc:unm:unumer:2007005
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    File URL: https://www.merit.unu.edu/publications/wppdf/2007/wp2007-005.pdf
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    References listed on IDEAS

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    1. Russo, J Edward & Leclerc, France, 1994. " An Eye-Fixation Analysis of Choice Processes for Consumer Nondurables," Journal of Consumer Research, Oxford University Press, vol. 21(2), pages 274-290, September.
    2. Gershoff, Andrew D & Broniarczyk, Susan M & West, Patricia M, 2001. " Recommendation or Evaluation? Task Sensitivity in Information," Journal of Consumer Research, Oxford University Press, vol. 28(3), pages 418-438, December.
    3. Holt, Douglas B, 1995. " How Consumers Consume: A Typology of Consumption Practices," Journal of Consumer Research, Oxford University Press, vol. 22(1), pages 1-16, June.
    4. 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.
    5. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    6. Samuelson, William & Zeckhauser, Richard, 1988. "Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
    7. 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 268-284, December.
    8. 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.
    9. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
    10. 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 520-534, March.
    11. Muthukrishnan, A V, 1995. " Decision Ambiguity and Incumbent Brand Advantage," Journal of Consumer Research, Oxford University Press, vol. 22(1), pages 98-109, June.
    12. 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 234-248, December.
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    Cited by:

    1. repec:eee:joreco:v:22:y:2015:i:c:p:24-36 is not listed on IDEAS
    2. Tommaso Ciarli & André Lorentz & Maria Savona & Marco Valente, 2010. "The Effect Of Consumption And Production Structure On Growth And Distribution. A Micro To Macro Model," Metroeconomica, Wiley Blackwell, vol. 61(1), pages 180-218, February.
    3. Tommaso Ciarli & Andre' Lorentz & Maria Savona & Marco Valente, 2012. "The role of technology, organisation, and demand in growth and income distribution," LEM Papers Series 2012/06, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

    More about this item

    Keywords

    Consumer Choice; Information; Decision-making; Marketing;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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