Prospect theory and perceptions of quality: non-linear effects of quality comparisons on price in the used car market.(MANUSCRIPTS)

Academy of Marketing Studies Journal | January 1, 2003| | Copyright

ABSTRACT

Quality is a key decision criterion often included in consumer decisions. In this paper we explore the relationship between quality and price in the used car market. Prospect theory (Kahneman & Tversky, 1979) suggests that when evaluating alternatives, consumers compare decision criteria (such as quality) against a reference point. In this paper we acknowledge that there are several bases that consumers might use for establishing reference quality levels for used cars. Prospect theory also posits that consumers are risk-averse for gains (above reference ...

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