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

  • Maria Giovanna Devetag

    (Università di Trento, Ceel)

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 EconWPA in its series Experimental with number 0109001.

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Length: 78 pages
Date of creation: 17 Sep 2001
Date of revision:
Handle: RePEc:wpa:wuwpex:0109001
Note: Type of Document - Word/pdf; prepared on none; to print on none; pages: 78; figures: included
Contact details of provider: Web page: http://econwpa.repec.org

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  1. 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.
  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. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 69(1), pages 99-118.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  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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