Consumer Behavior Recent Developments in Behavioral Science

Consumer Behavior Recent Developments in Behavioral Science...

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1 Consumer Behavior MAR 3503 Xin He BA-II 308N 407-823-1329 xhe@bus.ucf.edu
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2 Recent Development in Behavioral Science Context effects Normative vs. descriptive principles Asymmetric dominance Compromise effect Joint vs. separate evaluations Loss aversion Prospect Theory Improvement to strength vs. improvement to weakness
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3 Introduction to Context Effects Normative vs. descriptive principles Normative principles Descriptive principles Rational choice
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4 Introduction to Context Effects (cont.) Two normative principles of rational choice Regularity: You want to buy a digital camera and choose between Canon (60%) and Sony (40%). Now, a new ePix camera becomes available on the market. You have three brands to choose from: Canon, Sony, ePix. Will the addition of ePix camera increase the probability of choosing Canon or Sony? Independence of irrelevant alternative (IIA): Again, you start with Canon (60%) and Sony (40%). A new ePix camera becomes available. However, you are sure that you will not choose this brand. Will the addition of ePix camera affect your choice between Canon and Sony?
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5 Introduction to Context Effects (cont.) Two normative principles of rational choice Regularity: Independence of irrelevant alternative (IIA): Any exceptions?
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6 Asymmetric Dominance Dominance: First demonstrated by Huber, Payne, and Puto (1982)
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7 Asymmetric Dominance (cont.) Example 1: Original choice set: Camera A and B. Now, add Camera X to the choice set.
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Consumer Behavior Recent Developments in Behavioral Science...

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