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How Consumers Allocate Their Time When Searching for Information
John R. Hauser, Glen L. Urban and Bruce D. Weinberg
Journal of Marketing Research
Vol. 30, No. 4 (Nov., 1993), pp. 452-466
Published by: American Marketing Association
Stable URL: http://www.jstor.org/stable/3172690
Page Count: 15
You can always find the topics here!Topics: Information economics, Information search, Heuristics, Automobiles, Marketing, Time management, Consumer research, Information resources, Brands, Personal computers
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The authors assume consumers maximize value subject to a constraint on their time. The value of positive information is the increase in the expected utility of the consideration set; the value of negative information is the utility of choosing on the basis of the information versus the utility of a potentially erroneous decision without information. They examine four rules consumers use to select the order in which to visit sources. They use a multimedia computer laboratory, which allows consumers free choice among showroom visits, word-of-mouth interviews, magazine articles, and advertising for a new automobile. They estimate source value, compare predictions of time allocations to actual allocations, examine the impact of time constraints on the use of negative information, and calculate the relative performance of the source-order decision rules. They close with suggestions for experiments.
Journal of Marketing Research © 1993 American Marketing Association