search query: @indexterm PRICE LEVEL / total: 354
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| Author: | Grewal, D. Marmorstein, H. |
| Title: | Market price variation, perceived price variation, and consumers' price search decisions for durable goods |
| Journal: | Journal of Consumer Research
1994 : DEC, VOL. 21:3, p. 453-460 |
| Index terms: | PRICE LEVEL PRICE LEVEL CONSUMER DURABLES |
| Language: | eng |
| Abstract: | Previous studies have consistently found that consumers undertake relatively little prepurchase search for durable goods and do even less price-comparison shopping despite the reported importance of price to consumers' purchase decisions. This article proposes and tests two possible explanations for why consumers' willingness to engage in price search does not increase concomitantly with the price variation of durable goods. The first potential explanation that consumers simply underestimate the market price variation , was not supported. The second possible explanation, which builds upon Weber's law of psychophysics and Thaler's transaction utility theory, was supported. |
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