Some Relationships between Personality and Consumer Decision Making

Data are reported supporting the hypothesis that the personality variables anxiety and self-confidence are related to consumer choice behavior. Post hoc analyses construct six personality factors which are systematically and plausibly related to consumers’ choice behavior in a simulated shopping environment.

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A scarcity mindset alters neural processing underlying consumer decision making

Proceedings of the National Academy of Sciences ◽

10.1073/pnas.1818572116 ◽

2019 ◽

pp. 201818572 ◽

Cited By ~ 1

Author(s):

Inge Huijsmans ◽

Ili Ma ◽

Leticia Micheli ◽

Claudia Civai ◽

Mirre Stallen ◽

...

Keyword(s):

Decision Making ◽

Consumer Choice ◽

Brain Activity ◽

Experimental Manipulation ◽

Neural Mechanisms ◽

Consumer Decision Making ◽

Consumer Decision ◽

Dorsolateral Prefrontal ◽

The Cost ◽

Consumer Choice Behavior

Not having enough of what one needs has long been shown to have detrimental consequences for decision making. Recent work suggests that the experience of insufficient resources can create a “scarcity” mindset; increasing attention toward the scarce resource itself, but at the cost of attention for unrelated aspects. To investigate the effects of a scarcity mindset on consumer choice behavior, as well as its underlying neural mechanisms, we used an experimental manipulation to induce both a scarcity and an abundance mindset within participants and examined the effects of both mindsets on participants’ willingness to pay for familiar food items while being scanned using fMRI. Results demonstrated that a scarcity mindset affects neural mechanisms related to consumer decision making. When in a scarcity mindset compared with an abundance mindset, participants had increased activity in the orbitofrontal cortex, a region often implicated in valuation processes. Moreover, again compared with abundance, a scarcity mindset decreased activity in dorsolateral prefrontal cortex, an area well known for its role in goal-directed choice. This effect was predominant in the group of participants who experienced scarcity following abundance, suggesting that the effects of scarcity are largest when they are compared with previous situations when resources were plentiful. More broadly, these data suggest a potential neural locus for a scarcity mindset and demonstrate how these changes in brain activity might underlie goal-directed decision making.

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Exclusive books: applying a behavioural economics perspective

Emerald Emerging Markets Case Studies ◽

10.1108/eemcs-04-2020-0132 ◽

2020 ◽

Vol 10 (3) ◽

pp. 1-30

Author(s):

Thiroshnee Naidoo ◽

Charlene Lew

Keyword(s):

Decision Making ◽

Learning Outcomes ◽

Consumer Choice ◽

Behavioural Economics ◽

Choice Overload ◽

Consumer Decision Making ◽

Consumer Decision ◽

Content Type ◽

The Impact

Learning outcomes The learning outcomes are as follows: understanding of the principles of choice overload and the impact of consumer choice overload on company sustainability and growth prospects; understanding of how several heuristics inform consumer decision-making; applying nudge theory to interpret and clarify the impact and consequences of nudges on consumer decision-making; and considering the challenge of a newly appointed CEO to influence consumer choice. Case overview/synopsis The case study and teaching note offers insights into the use of behavioural economics principles in consumer choice. The case study methodology was used to design, analyse and interpret the real-life application of behavioural economics in the retail sector. The case demonstrates how choice overload, dual process theory, decision heuristics and nudge theory play a role in consumer decision-making. The case offers insights into the application of behavioural economics to support the sustainability of a company in an emerging market context. Managers can use the findings to consider how to use behavioural economics principles to drive consumer choice. The application of behavioural economics to an industry facing challenges of sustainability offers new insights into how to design spaces and cues for consumer choice. Complexity academic level The case study is suitable for course in business administration, specifically at postgraduate level. Supplementary materials Teaching notes are available for educators only. Subject code CSS 8: Marketing

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Introduction to the special edition on consumer decision making and choice behavior

Marketing Letters ◽

10.1007/bf00554124 ◽

1991 ◽

Vol 2 (3) ◽

pp. 179-179

Author(s):

Don Lehmann ◽

Jordan Louviere

Keyword(s):

Decision Making ◽

Choice Behavior ◽

Consumer Decision Making ◽

Special Edition ◽

Consumer Decision

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Shopping for Privacy Online: Consumer Decision-making Strategies and the Emerging Market for Information Privacy

10.31228/osf.io/3mjh6 ◽

2017 ◽

Author(s):

James Nehf

Keyword(s):

Decision Making ◽

Consumer Choice ◽

Personal Information ◽

Emerging Market ◽

Information Privacy ◽

Consumer Information ◽

Consumer Decision Making ◽

Consumer Decision ◽

Database Privacy ◽

Online Consumer

James P. Nehf, Shopping for Privacy Online: Consumer Decision-making Strategies and the Emerging Market for Information Privacy, 2005 Ill. J. L. Tech. & Pol'y 1Studies show that individuals are concerned about database privacy, yet they seldom make privacy a salient attribute when deciding among competing alternatives. Although privacy policies are present on many websites, web users rarely bother to read them. This paper explores why this is so. The author identifies rational reasons why web users do not shop for privacy and discusses the implications for the expanding market for consumer information. He concludes that unless privacy becomes a salient attribute influencing consumer choice, website operators will continue to obtain and use more personal information than web users would choose to provide in a more transparent exchange.

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The Effect of Consumer Decision Making Style on Retail Format ChoiceBehavior: A Study from Sukkur, Pakistan.

INTERNATIONAL JOURNAL OF COMPUTERS & TECHNOLOGY ◽

10.24297/ijct.v13i5.2542 ◽

2014 ◽

Vol 13 (5) ◽

pp. 4510-4517

Author(s):

Muhammad Saleh Memon ◽

Ahmed Ali Mangrio ◽

Amjad Ali Jatoi

Keyword(s):

Decision Making ◽

Choice Behavior ◽

Demographic Factors ◽

Consumer Decision Making ◽

Consumer Decision ◽

Decision Making Styles ◽

Multiple Regression Technique ◽

Retail Format ◽

The City

Research on exploring effects of Consumer Decision Making Style on Retail Format Choice Behavior and to study the effect of demographic factors on each factor of decision making style was conducted. The usable data of 116 respondentsâ€™ was taken from the city of Sukkur in Pakistan. The multiple regression technique was used to explain the role of afore mentioned factors. Results conclude that only 7.9% is explained by Decision Making Styles on Retail Format Choice. And maximum of 18.7% is explained by four demographic factors on a Consumer Decision Making Style.

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