Lin, Lihui (2021) Does the procedure matter? Journal of Behavioral and Experimental Economics, Volume 90. 101618. ISSN 2214-8043
Abstract
When searching for which products to buy, consumers are typically bombarded with options. Some suppliers try and simplify the issue of decision-making for their potential buyers in some way. One typical procedure used to ease the decision-making process for potential customers is to present the products in sequential pages and request shoppers to select an item from each page, entering them into a wish list from which the final choice will be made. This study experimentally investigates how the final decision is affected by the number of items on each page and, hence, by the number of items in a wish list. The parameters of a stochastic model are estimated to ‘explain’ the data, in particular, examining the noisiness of the choices at each stage. The results show that procedure matters and that the trade-off between an increased number of options per page and an increased number of pages is indeed influential.
Metadata
Item Type: | Article |
---|---|
Authors/Creators: |
|
Copyright, Publisher and Additional Information: | © 2020 Elsevier Inc. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. |
Keywords: | Sequential Decision-Making, Online Behaviour, Choice Overload, Experiment, Stochastic Risk Aversion |
Dates: |
|
Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Economics and Related Studies (York) |
Funding Information: | Funder Grant number Risk, Evidence and Decision Making Priming Fund UNSPECIFIED |
Depositing User: | Ms. Lihui Lin |
Date Deposited: | 10 Dec 2020 09:23 |
Last Modified: | 28 Sep 2022 00:15 |
Published Version: | https://www.sciencedirect.com/science/article/pii/... |
Status: | Published online |
Refereed: | Yes |
Identification Number: | 10.1016/j.socec.2020.101618 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:168906 |