Abstract Thinking is accompanied by metacognitive experiences of ease or difficulty. People draw on these experiences as a source of information that can complement or challenge the implications of declarative information. We conceptualize the operation of metacognitive experiences within the framework of feelings‐as‐information theory and review their implications for judgments relevant to consumer behavior, including popularity, trust, risk, truth, and beauty.
Metacognitive experiences as information: Processing fluency in consumer judgment and decision making
Abstract Thinking is accompanied by metacognitive experiences of ease or difficulty. People draw on these experiences as a source of information that can complement or challenge the implications of declarative information. We conceptualize the operation of metacognitive experiences within the framework of feelings‐as‐information theory and review their implications for judgments relevant to consumer behavior, including popularity, trust, risk, truth, and beauty.
Metacognitive Myopia: A Major Obstacle on the Way to Rationality
The notion of metacognitive myopia refers to a conspicuous weakness of the quality control of memory and reasoning processes. Although people are often remarkably sensitive even to complex samples of information when making evaluative judgments and decisions, their uncritical and naive tendency to take the validity of sampled information for granted constitutes a major obstacle to rational behavior. After illustrating this phenomenon with reference to prominent biases (base-rate neglect, misattribution, perseverance), we decompose metacognitive myopia into two distinct but intertwined functions, monitoring and control. We offer explanations for why effectively monitoring the biases resulting from information sampling in an uncertain world is so difficult and why the control function is severely restricted by the lack of volitional control over mental actions. Because of these and other difficulties, metacognitive myopia constitutes a major obstacle to rational judgment and decision making.
Mindful Judgment and Decision Making
A full range of psychological processes has been put into play to explain judgment and choice phenomena. Complementing work on attention, information integration, and learning, decision research over the past 10 years has also examined the effects of goals, mental representation, and memory processes. In addition to deliberative processes, automatic processes have gotten closer attention, and the emotions revolution has put affective processes on a footing equal to cognitive ones. Psychological process models provide natural predictions about individual differences and lifespan changes and integrate across judgment and decision making (JDM) phenomena. “Mindful” JDM research leverages our knowledge about psychological processes into causal explanations for important judgment and choice regularities, emphasizing the adaptive use of an abundance of processing alternatives. Such explanations supplement and support existing mathematical descriptions of phenomena such as loss aversion or hyperbolic discounting. Unlike such descriptions, they also provide entry points for interventions designed to help people overcome judgments or choices considered undesirable.
The Realization Effect: Risk-Taking after Realized versus Paper Losses
Understanding how prior outcomes affect risk attitudes is critical for the study of choice under uncertainty. A large literature documents the significant influence of prior losses on risk attitudes. The findings appear contradictory: some studies find greater risk-taking after a loss, whereas others show the opposite—that people take on less risk. I reconcile these seemingly inconsistent findings by distinguishing between realized versus paper losses. Using new and existing data, I replicate prior findings and demonstrate that following a realized loss, individuals avoid risk; if the same loss is not realized, a paper loss, individuals take on greater risk.
Measuring the Hedonic and Utilitarian Dimensions of Consumer Attitude
This article reports the development and validation of a parsimonious, generalizable scale that measures the hedonic and utilitarian dimensions of consumer attitudes toward product categories and different brands within categories. The hedonic/utilitarian (HED/UT) scale includes ten semantic differential response items, five of which refer to the hedonic dimension and five of which refer to the utilitarian dimension of consumer attitudes. The authors conducted six studies to establish the unidimensionality, reliability, and validity of the two HED/UT subscales. In reaching the final scale, the authors also develop and implement a unique process of paring down a psychometrically sound but otherwise too large set of items. Nomological validity is established by replacing a typical, one-dimensional attitude toward the brand measure with the hedonic and utilitarian dimensions in a central route processing model. Results suggest that the hedonic and utilitarian constructs are two distinct dimensions of brand attitude and are reliably and validly measured by the HED/UT scale.
The pain of payment: A review and research agenda
Abstract Pain of payment is the negative psychological affect consumers experience when they become cognizant that they have lost a certain amount of their financial resources (immediate pain) or when they become aware that they will or may lose a certain amount of their financial resources in the future (anticipated pain). Pain of payment plays a significant role in consumer decision making and has attracted substantial scholarly interest in recent years. In this article, we conduct a systematic literature review of the existing work on pain of payment. We advance theory in the field by proposing a new organizing framework that summarizes the antecedents, moderators, and consequences of pain of payment. Furthermore, we provide a formal definition of pain of payment that encompasses all facets of this construct. Subsequently, we identify knowledge gaps and outline research questions that could be explored to improve our understanding of this construct and advance consumer psychology.
Conscious and Nonconscious Components of Superstitious Beliefs in Judgment and Decision Making
Abstract. Despite the large impact that superstitious beliefs have on the marketplace, we currently know very little about their implications for consumer
Practicing Information Sensibility: How Gen Z Engages with Online Information
Assessing the trustworthiness of information online is complicated. Literacy-based paradigms are both widely used to help and widely critiqued. We conducted a study with 35 Gen Zers from across the U.S. to understand how they assess information online. We found that they tended to encounter -- rather than search for -- information, and that those encounters were shaped more by social motivations than by truth-seeking queries. For them, information processing is fundamentally a social practice. Gen Zers interpreted online information together, as aspirational members of social groups. Our participants sought information sensibility: a socially-informed awareness of the value of information encountered online. We outline key challenges they faced and practices they used to make sense of information. Our findings suggest that like their information sensibility practices, solutions and strategies to address misinformation should be embedded in social contexts online.
Taste
On subjectivity, gatekeeping, and the risk of leaving design industry terms like taste undefined.
Do Payment Mechanisms Change the Way Consumers Perceive Products?
Abstract. Do payment mechanisms change the way consumers perceive products? We argue that consumers for whom credit cards (cash) have been primed focus mor
A sampling model of social judgment.
The Dynamics of Distortion: How Successive Summarization Alters the Retelling of News
This work advances and tests a theory of how news information evolves as it is successively retold by consumers. Drawing on data from over 11,000 participants across ten experiments, the authors offer evidence that when news is repeatedly retold, it undergoes a stylistic transformation termed “disagreeable personalization,” wherein original facts are increasingly supplanted by opinions and interpretations with a slant toward negativity. The central thesis is that when retellers believe they are more (vs. less) knowledgeable than their recipient about the information they are relaying, they feel more compelled to provide guidance on its meaning and to do so in a persuasive manner. This enhanced motivation to guide persuasively, in turn, leads retellers to not only select the subset of facts they deem most essential but, critically, to provide their interpretations and opinions on those facts, with negativity being used as a means of grabbing their audience’s attention. Implications of this work for research on retelling and consumer information diffusion are explored.
The Dynamics of Distortion: How Successive Summarization Alters the Retelling of News
This work advances and tests a theory of how news information evolves as it is successively retold by consumers. Drawing on data from over 11,000 participants across ten experiments, the authors offer evidence that when news is repeatedly retold, it undergoes a stylistic transformation termed “disagreeable personalization,” wherein original facts are increasingly supplanted by opinions and interpretations with a slant toward negativity. The central thesis is that when retellers believe they are more (vs. less) knowledgeable than their recipient about the information they are relaying, they feel more compelled to provide guidance on its meaning and to do so in a persuasive manner. This enhanced motivation to guide persuasively, in turn, leads retellers to not only select the subset of facts they deem most essential but, critically, to provide their interpretations and opinions on those facts, with negativity being used as a means of grabbing their audience’s attention. Implications of this work for research on retelling and consumer information diffusion are explored.
How To Think Real Good | Meta-rationality
Practical epistemology: heuristics for how to think about difficult things, particularly using formal methods.
Choosing Less‐Preferred Experiences For the Sake of Variety
Abstract. Data from several experiments show that, contrary to traditional models of variety seeking, individuals choose to switch to less-preferred option
