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Two essays on information acquisitio...

Diehl, Kristin,

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Two essays on information acquisition and consideration set formation: Effects of lower search costs on consumer welfare /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Two essays on information acquisition and consideration set formation: Effects of lower search costs on consumer welfare // Kristin Diehl.
Author:	Diehl, Kristin,
Description:	1 electronic resource (115 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 65-01, Section: A.
Contained By:	Dissertations Abstracts International65-01A.
Subject:	Internet. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3082793
ISBN:	9780496306046

Two essays on information acquisition and consideration set formation: Effects of lower search costs on consumer welfare /
Diehl, Kristin,

Two essays on information acquisition and consideration set formation: Effects of lower search costs on consumer welfare /Kristin Diehl. - 1 electronic resource (115 pages)

Source: Dissertations Abstracts International, Volume: 65-01, Section: A.

The emergence of the Internet has introduced consumers to many products and services that previously were either unknown to them or unattainable due to prohibitively high search costs. Dealing with this vast number of alternatives intensifies the need for smart tools that can screen options on behalf of the consumer, recommending only the most fitting options. This dissertation explores how quality screening tools affect consumers' consideration sets and choices from ordered environments. Essay 1 shows how quality screening tools affect consumers' price sensitivity. Recent consumer research suggests that lowering search costs for quality information reduces consumer price sensitivity by creating greater perceived differentiation among brands (e.g., Kaul and Wittink 1995; Lynch and Ariely 2000). However, this dissertation argues that lowering quality search costs by using smart agents can have the opposite effect on differentiation and price sensitivity. Smart agents screen through a universe of alternatives, recommending only a handful well-matched to the customer's quality preferences. Experiments 1 and 2 show that in markets in which price and quality are uncorrelated, screening agents decrease differentiation and prices paid compared to searching from an unordered list of options. Also, increasing the size of the store's underlying assortment decreases differentiation and prices paid when options have been screened on quality. Essay 2 focuses on consumers' search and selection process from ordered lists. A good ordering tool decreases the benefits of additional search, since finding better options by searching lower ranked options is unlikely. Therefore, factors that increase search do not yield any benefits in terms of finding better options, but rather dilute the effectiveness of ordering tools by lowering the quality of the consideration set. Several factors that may trigger search behavior are investigated, such as low search cost, number of recommendations made and consumers' desire to be accurate. Findings from three experiments show that increased search from ordered lists decreases consideration set quality and ultimately leads to worse choices. Results demonstrate that for tools to undo these negative effects it is crucial to decrease consumers' search from ordered lists and to enhance the quality of the consideration set.

English

ISBN: 9780496306046Subjects--Topical Terms:

527226
Internet.
Subjects--Index Terms:

Consideration set

Two essays on information acquisition and consideration set formation: Effects of lower search costs on consumer welfare /
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500 $a Advisors: Bettman, James R.; Lynch, John G.
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520 $a The emergence of the Internet has introduced consumers to many products and services that previously were either unknown to them or unattainable due to prohibitively high search costs. Dealing with this vast number of alternatives intensifies the need for smart tools that can screen options on behalf of the consumer, recommending only the most fitting options. This dissertation explores how quality screening tools affect consumers' consideration sets and choices from ordered environments. Essay 1 shows how quality screening tools affect consumers' price sensitivity. Recent consumer research suggests that lowering search costs for quality information reduces consumer price sensitivity by creating greater perceived differentiation among brands (e.g., Kaul and Wittink 1995; Lynch and Ariely 2000). However, this dissertation argues that lowering quality search costs by using smart agents can have the opposite effect on differentiation and price sensitivity. Smart agents screen through a universe of alternatives, recommending only a handful well-matched to the customer's quality preferences. Experiments 1 and 2 show that in markets in which price and quality are uncorrelated, screening agents decrease differentiation and prices paid compared to searching from an unordered list of options. Also, increasing the size of the store's underlying assortment decreases differentiation and prices paid when options have been screened on quality. Essay 2 focuses on consumers' search and selection process from ordered lists. A good ordering tool decreases the benefits of additional search, since finding better options by searching lower ranked options is unlikely. Therefore, factors that increase search do not yield any benefits in terms of finding better options, but rather dilute the effectiveness of ordering tools by lowering the quality of the consideration set. Several factors that may trigger search behavior are investigated, such as low search cost, number of recommendations made and consumers' desire to be accurate. Findings from three experiments show that increased search from ordered lists decreases consideration set quality and ultimately leads to worse choices. Results demonstrate that for tools to undo these negative effects it is crucial to decrease consumers' search from ordered lists and to enhance the quality of the consideration set.
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650 4 $a Studies. $3 3433795
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650 4 $a Birthdays. $3 800430
650 4 $a Taste. $3 629875
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650 4 $a Decision making. $3 517204
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650 4 $a Essays. $3 642973
650 4 $a Ratings & rankings. $3 3562221
650 4 $a Expected values. $3 3563993
650 4 $a Greeting cards. $3 523646
650 4 $a Females. $3 1629802
653 $a Consideration set
653 $a Consumer welfare
653 $a Information acquisition
653 $a Search costs
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710 2 $a Duke University. $e degree granting institution. $3 3765904
720 1 $a Bettman, James R. $e degree supervisor.
720 1 $a Lynch, John G. $e degree supervisor.
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