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Consumer choice and information: New experimental evidence

Grether, David M. and Wilde, Louis L. (1983) Consumer choice and information: New experimental evidence. Information Economics and Policy, 1 (2). pp. 115-144. ISSN 0167-6245. doi:10.1016/0167-6245(83)90023-9.

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Many laws and regulations aimed at safeguarding consumers deal with the amount and kind of product information that consumers receive. Implicit in these regulations is the belief that consumers can make use of the appropriate information, provided only that it is made available. Recently a number of authors have argued that consumer decisionmaking is subject to consistent biases, suggesting poor purchase decisions may result even with access to the relevant information. Indeed some critics have argued that consumers may be subject to information overload so that they may make worse decisions with extra information than without it. The experimental results presented in this paper address some of these issues. The results suggest that untrained people can use simplifying strategies in quite complicated decision problems. Also, while information overload clearly can occur, the subjects in our experiments appeared able to ignore unnecessary or unwanted information.

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Additional Information:© 1983 Elsevier. This paper was originally written for and presented at the CAPE conference on Issues in Consumer Regulation: Information, Markets and Rationality, held at Cornell University in May 1982. The research was supported by NSF Grant no. SES80-03863. We would like to thank the editors of this journal for helpful comments. Formerly SSWP 459.
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Subject Keywords:Consumer choice; information overload; satisficing; conjunctive choice models; dominance
Issue or Number:2
Record Number:CaltechAUTHORS:20171115-155334020
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:83242
Deposited By: Jacquelyn Bussone
Deposited On:16 Nov 2017 00:17
Last Modified:15 Nov 2021 19:56

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