Noteshells14 - More Consumer Judgment and Choice 1 Outline A few more considerations that impact choices Ease of evaluation Self-gifts Decision

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1 1 More Consumer Judgment and Choice 2 Outline A few more considerations that impact choices Ease of evaluation Self-gifts Decision rules Managerial (and consumer) judgment Overconfidence Planning fallacy Regression to the mean A final thought on choice 3 “Evaluability” Dictionaries: One group sees dictionary A: 20,000 entries, torn cover One group sees dictionary B: 10,000 entries, new cover One group sees both dictionaries.
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2 4 “Evaluability:” Joint evaluation vs. Separate evaluation Evaluability: how easy is it to tell whether an object performs well on a certain attribute? Certain attributes are easier to assess when objects are evaluated together (jointly) than when each object is evaluated on its own. Often these attributes represent things like quantity, frequency. Those attributes will only have an effect under joint evaluation. Even if those attributes are seen as more important overall. 5 Self-gifts: Another cause of preference reversals Self gifts Can serve many purposes. Generally premeditated and indulgent Some paradoxical patterns People will pre-commit to luxuries (and constrain their options) to ensure self gifts. $200 in cash vs. $200 dinner for two In future In present 6 Decision Rules Non-compensatory: “One strike and you’re out.” Lexicographic Rule : Determine the most important attribute and select the brand that does best on it. Elimination by Aspects Rule : Determine the most important attribute. Eliminate any brands not meeting a minimum level on that attribute. Conjunctive Rule: Go brand-by-brand. Assess whether each brand meets the minimum cutoff on all relevant attributes.
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3 7 Decision Rules Dell : 750GB hard drive, 2.6 GHz processor, 21” monitor, $699 HP : 650GB hard drive, 2.7 GHz processor, 19” monitor, $650 Gateway: 700GB hard drive, 2.8 GHz processor, 19” monitor, $699 Lexicographic Rule : “Most important attribute is price.” Choose HP. Elimination by Aspects Rule
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This note was uploaded on 06/05/2011 for the course MAR 3503 taught by Professor Cohen during the Fall '08 term at University of Florida.

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Noteshells14 - More Consumer Judgment and Choice 1 Outline A few more considerations that impact choices Ease of evaluation Self-gifts Decision

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