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Context-Dependent Utility.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Context-Dependent Utility./
Author:	Li, Xilin.
Description:	1 online resource (161 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-02, Section: B.
Contained By:	Dissertations Abstracts International84-02B.
Subject:	Behavioral sciences. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29256052click for full text (PQDT)
ISBN:	9798841791218

Context-Dependent Utility.
Li, Xilin.

Context-Dependent Utility. - 1 online resource (161 pages)

Source: Dissertations Abstracts International, Volume: 84-02, Section: B.

Thesis (Ph.D.)--The University of Chicago, 2022.

Includes bibliographical references

How much utility an item delivers depends not only on the item per se, but also its context. In this dissertation, I propose the concept of context-dependent utility to understand how the utility of a target item is influenced by its context, and more importantly, explore how laypeople's understanding of the context-dependent nature of utility influences their acquisition decisions. Specifically, I focus on two elements of a context which highly influence the utility of a target item-current endowment of the target item and the fit between the target item and the context in which it will be consumed (used, experienced, etc.), and examine whether laypeople fully take each of the two elements into consideration when making acquisition decisions. Chapter 1 and Chapter 2 focus on the current endowment, and Chapter 3 focuses on the fit between the target item and its context. In Chapter 1 (published in Journal of Consumer Research), I examine whether people are sensitive to their current level of wealth when deciding how much effort to expend to pursue additional monetary resources. I demonstrate marginal-utility neglect-that they are rather insensitive to their current wealth when deciding how much effort to expend to acquire a monetary reward. Moreover, I propose and find that a marginal-utility-prompting manipulation, which prompts people to consider their current wealth and their need for the reward given their current wealth, produces a significant sensitization effect-making financially richer (vs. less rich) individuals less (vs. more) willing to seek the reward. In Chapter 2, I examine people's willingness to acquire an additional quantity of a product they already own, and compare how two normatively equivalent frames-the addition frame (which focuses on the additional quantity) and the total frame (which focuses on the change in total quantity)-lead to different acquisition decisions. I find that people are less willing to acquire the additional quantity under the total frame than under the addition frame. I also find that the framing effect attenuates (a) when one's current quantity of possession is low (vs. high), and (b) when the marginal utility of the product does not diminish (vs. diminishes). In Chapter 3, I examine the fit of a product with its context, and I distinguish between two types of fits: decision-context fit (i.e., the fit of the item with the context in which people decide whether to acquire the item) and consumption-context fit (i.e., the fit of the item with the context in which people consume the item). Normatively, the consumption utility of an item depends on its fit with the consumption context. However, I posit that when deciding whether to acquire an item, consumers underweight the item's fit with its consumption context and overweight its fit with its decision context. I find that prompting consumers to check the item's fit with its consumption context can align their willingness to acquire the item with the expected consumption utility of the item and improve their subsequent consumption experience.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2023

Mode of access: World Wide Web

ISBN: 9798841791218Subjects--Topical Terms:

529833
Behavioral sciences.
Subjects--Index Terms:

ConsumptionIndex Terms--Genre/Form:

542853
Electronic books.

Context-Dependent Utility.
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500 $a Source: Dissertations Abstracts International, Volume: 84-02, Section: B.
500 $a Advisor: Hsee, Chris.
502 $a Thesis (Ph.D.)--The University of Chicago, 2022.
504 $a Includes bibliographical references
520 $a How much utility an item delivers depends not only on the item per se, but also its context. In this dissertation, I propose the concept of context-dependent utility to understand how the utility of a target item is influenced by its context, and more importantly, explore how laypeople's understanding of the context-dependent nature of utility influences their acquisition decisions. Specifically, I focus on two elements of a context which highly influence the utility of a target item-current endowment of the target item and the fit between the target item and the context in which it will be consumed (used, experienced, etc.), and examine whether laypeople fully take each of the two elements into consideration when making acquisition decisions. Chapter 1 and Chapter 2 focus on the current endowment, and Chapter 3 focuses on the fit between the target item and its context. In Chapter 1 (published in Journal of Consumer Research), I examine whether people are sensitive to their current level of wealth when deciding how much effort to expend to pursue additional monetary resources. I demonstrate marginal-utility neglect-that they are rather insensitive to their current wealth when deciding how much effort to expend to acquire a monetary reward. Moreover, I propose and find that a marginal-utility-prompting manipulation, which prompts people to consider their current wealth and their need for the reward given their current wealth, produces a significant sensitization effect-making financially richer (vs. less rich) individuals less (vs. more) willing to seek the reward. In Chapter 2, I examine people's willingness to acquire an additional quantity of a product they already own, and compare how two normatively equivalent frames-the addition frame (which focuses on the additional quantity) and the total frame (which focuses on the change in total quantity)-lead to different acquisition decisions. I find that people are less willing to acquire the additional quantity under the total frame than under the addition frame. I also find that the framing effect attenuates (a) when one's current quantity of possession is low (vs. high), and (b) when the marginal utility of the product does not diminish (vs. diminishes). In Chapter 3, I examine the fit of a product with its context, and I distinguish between two types of fits: decision-context fit (i.e., the fit of the item with the context in which people decide whether to acquire the item) and consumption-context fit (i.e., the fit of the item with the context in which people consume the item). Normatively, the consumption utility of an item depends on its fit with the consumption context. However, I posit that when deciding whether to acquire an item, consumers underweight the item's fit with its consumption context and overweight its fit with its decision context. I find that prompting consumers to check the item's fit with its consumption context can align their willingness to acquire the item with the expected consumption utility of the item and improve their subsequent consumption experience.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2023
538 $a Mode of access: World Wide Web
650 4 $a Behavioral sciences. $3 529833
653 $a Consumption
653 $a Context
653 $a Decision bias
653 $a Decision making
653 $a Insensitivity
653 $a Marginal utility
655 7 $a Electronic books. $2 lcsh $3 542853
690 $a 0602
710 2 $a ProQuest Information and Learning Co. $3 783688
710 2 $a The University of Chicago. $b Business. $3 1671506
773 0 $t Dissertations Abstracts International $g 84-02B.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29256052 $z click for full text (PQDT)