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

  • Babutsidze, Zakaria

    ()

    (UNU-MERIT)

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.

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File URL: http://www.merit.unu.edu/publications/wppdf/2007/wp2007-005.pdf
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Paper provided by United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT) in its series MERIT Working Papers with number 005.

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Date of creation: 2007
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Handle: RePEc:unm:unumer:2007005
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  1. Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
  2. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  3. Andrew D. Gershoff & Gita Venkataramani Johar, 2006. "Do You Know Me? Consumer Calibration of Friends' Knowledge," Journal of Consumer Research, University of Chicago Press, vol. 32(4), pages 496-503, 03.
  4. 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, University of Chicago Press, vol. 22(3), pages 268-84, December.
  5. Biehal, Gabriel & Chakravarti, Dipankar, 1986. " Consumers' Use of Memory and External Information in Choice: Macro and Micro Perspectives," Journal of Consumer Research, University of Chicago Press, vol. 12(4), pages 382-405, March.
  6. Coupey, Eloise, 1994. " Restructuring: Constructive Processing of Information Displays in Consumer Choice," Journal of Consumer Research, University of Chicago Press, vol. 21(1), pages 83-99, June.
  7. Bettman, James R & Zins, Michel A, 1977. " Constructive Processes in Consumer Choice," Journal of Consumer Research, University of Chicago Press, vol. 4(2), pages 75-85, Se.
  8. Muthukrishnan, A V, 1995. " Decision Ambiguity and Incumbent Brand Advantage," Journal of Consumer Research, University of Chicago Press, vol. 22(1), pages 98-109, June.
  9. Lussier, Denis A & Olshavsky, Richard W, 1979. " Task Complexity and Contingent Processing in Brand Choice," Journal of Consumer Research, University of Chicago Press, vol. 6(2), pages 154-65, Se.
  10. Beatty, Sharon E & Smith, Scott M, 1987. " External Search Effort: An Investigation across Several Product Categories," Journal of Consumer Research, University of Chicago Press, vol. 14(1), pages 83-95, June.
  11. Holt, Douglas B, 1995. " How Consumers Consume: A Typology of Consumption Practices," Journal of Consumer Research, University of Chicago Press, vol. 22(1), pages 1-16, June.
  12. Simonson, Itamar, 1989. " Choice Based on Reasons: The Case of Attraction and Compromise Effects," Journal of Consumer Research, University of Chicago Press, vol. 16(2), pages 158-74, September.
  13. Russo, J Edward & Leclerc, France, 1994. " An Eye-Fixation Analysis of Choice Processes for Consumer Nondurables," Journal of Consumer Research, University of Chicago Press, vol. 21(2), pages 274-90, September.
  14. 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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