An Evaluation Cost Model of Consideration Sets

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ID: 298092
1990
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Abstract
Abstract If utility (net of price) varies by consumption occasion, the consideration set of a rational consumer will represent trade-offs between decision costs and the incremental benefits of choosing from a larger set of brands. If evaluating a brand decreases biases and uncertainty in perceived utility, the decision to evaluate a brand for inclusion in a consideration set is different from the decision to consider an evaluated brand. The decision to consume is, in turn, different from the decision to consider. This article provides analytical expressions for these decision criteria and presents four aggregate implications of the model: (1 ) distributions of consideration set sizes, (2) order-of-entry penalties, (3) dynamic advertising response, and (4) competitive promotion intensity.
Reference Key
openalex_W2093507294 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors John R. Hauser, Birger Wernerfelt
Journal journal of consumer research
Year 1990
DOI
10.1086/209225
URL
https://doi.org/10.1086/209225
Keywords Keywords not found

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