التفاصيل البيبلوغرافية
| العنوان: |
The Bright Side of Lower Quality: Evidence from Restaurant Exploration. |
| المؤلفون: |
Carrera, Clara1 clara.carrera@insead.edu, Martínez-de-Albéniz, Víctor2 valbeniz@iese.edu, Sosa, Manuel1 manuel.sosa@insead.edu |
| المصدر: |
INSEAD Working Papers Collection. 2023, Issue 44, p1-52. 53p. |
| مصطلحات موضوعية: |
*HEDONIC damages, *RESTAURANTS, *CONSUMERS, *CONSUMER attitudes, LIFE satisfaction, QUALITY of life |
| مستخلص: |
The value derived from hedonic goods is affected by reference effects at the time of consumption, usually in the form of quality standards. Consumption typically involves two steps: first, the consumer chooses a given good, among a pool of available choices; then, the consumer experiences the good and derives a satisfaction from it. We investigate the role of references in these two phases, taking into account potential selection bias in the satisfaction outcome. We develop a flexible framework for quality references, that can include one's own past experiences, as well as that of others, and can give salience to more recent or more distant experiences. Using novel longitudinal data from restaurant reviews, we find evidence of quality loss aversion in the choice decision, in accordance with prospect theory. Surprisingly, for those choices of lower quality, satisfaction is not negatively affected as much as one would expect. This is consistent with consumers adjusting their expectations downward and suggests that expectation adjustment protects consumers when they experience a lower-than-reference quality. Our results imply that it may be better to visit restaurants in a zigzag that alternates between high- and low-quality choices, compared to in crescendo or U-shaped ordering. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Business Source Index |
