A Normative Model of Consumer Information Processing

A model of information search is proposed which assumes that a consumer chooses the next piece of information so as to maximize his expected value of sample information. The cost of processing, the perceived correlation between attributes, and the perceived importance of attributes would all affect information choice. Three sets of propositions are derived. The model is also estimated and tested for subjects performing an information display board task.

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Year of publication:	1984
Authors:	Hagerty, Michael R. ; Aaker, David A.
Published in:	Marketing Science. - Institute for Operations Research and the Management Sciences - INFORMS, ISSN 0732-2399. - Vol. 3.1984, 3, p. 227-246
Publisher:	Institute for Operations Research and the Management Sciences - INFORMS
Subject:	search models \| information search \| decision making under uncertainty

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Extent:	application/pdf
Type of publication:	Article
Other identifiers:	10.1287/mksc.3.3.227 [DOI]
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008788020