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Opportunity cost in consumer behavior: Definitions, operationalizations, and ambiguities
International Journal of Consumer Studies ( IF 8.6 ) Pub Date : 2022-06-16 , DOI: 10.1111/ijcs.12842
Babak Haghpour 1 , Easa Sahabeh 1 , Hallgeir Halvari 2
Affiliation  

Human beings have countless desires but bounded resources, and this limitation makes them choose between alternatives. Consumers are encouraged to be aware of the best alternative use of a resource (e.g., money and time), which is known as the opportunity cost of their choice. The current systematic review addresses existing debates and ambiguities surrounding opportunity cost consideration by consumers. We review the origins, different definitions, antecedents, associated decisions, and outcomes of opportunity costs consideration through a detailed examination of the relevant literature from multiple disciplines such as marketing, psychology, and economics. The SPAR-4-SLR protocol is used to conduct the review and the ADO (Antecedents, Decisions, Outcomes) framework is used to organize our findings. We highlight and reconcile two different perspectives on the conceptualization of opportunity cost as the forgone value (by considering willingness to pay) versus the physical market value of the second-best alternative. Different antecedents of opportunity cost consideration are categorized into three categories: individual differences, situational variables, and information processing method. We discuss when and why consumers tend to neglect the opportunity cost, in which situations they are more likely to overestimate the opportunity cost, and what is the difference between consideration of opportunity cost of time and money. Results show that despite what the economics literature suggests, opportunity cost consideration does not always lead to positive outcomes. Based on the literature of regret theory, and differences between maximizers and satisficers, we discuss how opportunity cost considerations might lead to choice discomfort, regret, and dissatisfaction.

中文翻译:

消费者行为中的机会成本:定义、操作化和模糊性

人类有无数的欲望,但资源有限,这种限制使他们在选择之间做出选择。鼓励消费者了解资源(例如金钱和时间)的最佳替代使用,这被称为他们选择的机会成本。当前的系统评价解决了围绕消费者机会成本考虑的现有辩论和歧义。我们通过对营销、心理学和经济学等多个学科的相关文献的详细研究,回顾了机会成本考虑的起源、不同定义、前因、相关决策和结果。SPAR-4-SLR 协议用于进行审查,ADO(前因、决策、结果)框架用于组织我们的发现。我们强调并调和了机会成本概念化的两种不同观点,即放弃价值(通过考虑支付意愿)与次优选择的实际市场价值。机会成本考虑的不同前因分为三类:个体差异、情境变量和信息处理方法。我们讨论了消费者何时以及为何倾向于忽略机会成本,在哪些情况下他们更容易高估机会成本,以及考虑时间和金钱的机会成本之间的区别。结果表明,尽管经济学文献表明,机会成本的考虑并不总能带来积极的结果。基于遗憾理论的文献,
更新日期:2022-06-16
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