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Taste uncertainty and status quo effects in consumer choice
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Loomes, Graham, Orr, Shepley and Sugden, Robert (2009) Taste uncertainty and status quo effects in consumer choice. Journal of Risk and Uncertainty, 39 (2). pp. 113-135. doi:10.1007/s11166-009-9076-y ISSN 0895-5646.
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Official URL: http://dx.doi.org/10.1007/s11166-009-9076-y
Abstract
We use reference-dependent expected utility theory to develop a model of status quo effects in consumer choice. We hypothesise that, when making their decisions, individuals are uncertain about the utility that will be yielded by their consumption experiences in different ‘taste states’ of the world. If individuals have asymmetric attitudes to gains and losses of utility, the model entails acyclic reference-dependent preferences over consumption bundles. The model explains why status quo effects may vary substantially from one decision context to another and why some such effects may decay as individuals gain market experience.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HF Commerce | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Journal or Publication Title: | Journal of Risk and Uncertainty | ||||
| Publisher: | Springer New York LLC | ||||
| ISSN: | 0895-5646 | ||||
| Official Date: | October 2009 | ||||
| Dates: |
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| Volume: | 39 | ||||
| Number: | 2 | ||||
| Number of Pages: | 23 | ||||
| Page Range: | pp. 113-135 | ||||
| DOI: | 10.1007/s11166-009-9076-y | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access | ||||
| Funder: | Economic and Social Research Council (ESRC) | ||||
| Grant number: | M535255117, RES051270146 |
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