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Reason-based judgments : using reasons to decouple perceived price-quality correlation

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Vlaev, Ivo, Chater, Nick, Lewis, Rich and Davies, Greg (2009) Reason-based judgments : using reasons to decouple perceived price-quality correlation. Journal of Economic Psychology, Vol.30 (No.5). pp. 721-731. doi:10.1016/j.joep.2009.06.003 ISSN 0167-4870.

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Official URL: http://dx.doi.org/10.1016/j.joep.2009.06.003

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Abstract

Many models of consumer behaviour assume that people evaluate price and quality independently. However, evidence shows that consumers perceive price and quality as positively related even when they are weakly correlated in the real markets. This paper explores whether this perceived relationship can be cognitively de-coupled by providing explicit reasons why low price and high quality may be compatible. The participants were asked to rate existing stores and fictitious stores in a two-dimensional price-quality space. When the participants were given plausible reasons why the seemingly high quality fictitious stores could have lower than average prices, their judgement of the price-quality relationship was significantly less correlated than when these stores were judged without such reasons. Therefore, the demonstrated phenomenon of reason-based judgments can be used to attenuate the typical price-quality overestimation, or heuristic, which has important implications for decision making research and marketing practice. (C) 2009 Elsevier B.V. All rights reserved.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
B Philosophy. Psychology. Religion > BF Psychology
Divisions: Faculty of Social Sciences > Warwick Business School > Behavioural Science
Faculty of Science, Engineering and Medicine > Science > Psychology
Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Journal of Economic Psychology
Publisher: Elsevier BV
ISSN: 0167-4870
Official Date: October 2009
Dates:
DateEvent
October 2009Published
Volume: Vol.30
Number: No.5
Number of Pages: 11
Page Range: pp. 721-731
DOI: 10.1016/j.joep.2009.06.003
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

Data sourced from Thomson Reuters' Web of Knowledge

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