Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

The grass isn't greener

09.08.2007
How quests for improvement can cause us to lose sight of the value of current choices

There are many consumer decisions that we have to make over and over again, such as selecting a restaurant to eat at in our neighborhood or deciding which store to shop at for groceries. The repetitive nature of these decisions provides us with the opportunity to learn from past choices and improve our future choices. However, new research from the August issue of the Journal of Consumer Research shows that our quest for improvement may result in a failure to appreciate the value of our current choice.

In a series of eight experiments, Tom Meyvis (New York University) and Alan Cooke (University of Florida) find that when consumers expect to make similar choices in the future, they selectively pay attention to information that suggests that an alternative would be better. These consumers also tend to disregard information that indicates their current choice is the best possible choice.

“Our findings suggest that consumers who are focused on the future are so preoccupied with finding ways to improve their situation that they become overly sensitive to information that points to such opportunities — and lose sight of the relative advantages of their current choice,” the authors explain.

For example, Meyvis and Cooke asked study participants to choose among three stores on a series of simulated shopping trips. After each trip, they were shown the price charged for a product at their chosen store and the prices charged at each of the other two stores.

After going on a series of shopping trips, participants were then asked to indicate which store was the cheapest and whether they would want to switch to another store for a second set of shopping trips.

Notably, the investigators found that when participants were told in advance that they would make a second set of shopping trips, they were less likely to prefer the store they initially chose and more likely to switch to another store after the first set of trips. In addition, they also thought the store they chose was the most expensive fifty percent more of the time. This phenomenon was replicated in later studies even when the chosen store was less expensive than the other two stores.

In contrast, participants who did not expect to have to make a second choice accurately recalled an equal number of trips on which the chosen store was cheaper or more expensive.

“Ironically, participants who were preparing for future decisions, and should therefore be more motivated to learn from their past choices, were less likely to realize that they had selected the cheapest store and were more likely to switch to other, more expensive stores,” the authors write.

Additional evidence suggests that consumers who anticipate future choices selectively search for ways to improve their current situation and disproportionately pay attention to better prices at other stores.

As the authors explain, “As a result, forward looking consumers overestimate how green the grass is on the other side of the fence, leading them to abandon their chosen store for an often objectively inferior alternative.”

Suzanne Wu | EurekAlert!
Further information:
http://www.uchicago.edu

More articles from Studies and Analyses:

nachricht Real-time feedback helps save energy and water
08.02.2017 | Otto-Friedrich-Universität Bamberg

nachricht The Great Unknown: Risk-Taking Behavior in Adolescents
19.01.2017 | Max-Planck-Institut für Bildungsforschung

All articles from Studies and Analyses >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Safe glide at total engine failure with ELA-inside

On January 15, 2009, Chesley B. Sullenberger was celebrated world-wide: after the two engines had failed due to bird strike, he and his flight crew succeeded after a glide flight with an Airbus A320 in ditching on the Hudson River. All 155 people on board were saved.

On January 15, 2009, Chesley B. Sullenberger was celebrated world-wide: after the two engines had failed due to bird strike, he and his flight crew succeeded...

Im Focus: Breakthrough with a chain of gold atoms

In the field of nanoscience, an international team of physicists with participants from Konstanz has achieved a breakthrough in understanding heat transport

In the field of nanoscience, an international team of physicists with participants from Konstanz has achieved a breakthrough in understanding heat transport

Im Focus: DNA repair: a new letter in the cell alphabet

Results reveal how discoveries may be hidden in scientific “blind spots”

Cells need to repair damaged DNA in our genes to prevent the development of cancer and other diseases. Our cells therefore activate and send “repair-proteins”...

Im Focus: Dresdner scientists print tomorrow’s world

The Fraunhofer IWS Dresden and Technische Universität Dresden inaugurated their jointly operated Center for Additive Manufacturing Dresden (AMCD) with a festive ceremony on February 7, 2017. Scientists from various disciplines perform research on materials, additive manufacturing processes and innovative technologies, which build up components in a layer by layer process. This technology opens up new horizons for component design and combinations of functions. For example during fabrication, electrical conductors and sensors are already able to be additively manufactured into components. They provide information about stress conditions of a product during operation.

The 3D-printing technology, or additive manufacturing as it is often called, has long made the step out of scientific research laboratories into industrial...

Im Focus: Mimicking nature's cellular architectures via 3-D printing

Research offers new level of control over the structure of 3-D printed materials

Nature does amazing things with limited design materials. Grass, for example, can support its own weight, resist strong wind loads, and recover after being...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Booth and panel discussion – The Lindau Nobel Laureate Meetings at the AAAS 2017 Annual Meeting

13.02.2017 | Event News

Complex Loading versus Hidden Reserves

10.02.2017 | Event News

International Conference on Crystal Growth in Freiburg

09.02.2017 | Event News

 
Latest News

New pop-up strategy inspired by cuts, not folds

27.02.2017 | Materials Sciences

Sandia uses confined nanoparticles to improve hydrogen storage materials performance

27.02.2017 | Interdisciplinary Research

Decoding the genome's cryptic language

27.02.2017 | Life Sciences

VideoLinks
B2B-VideoLinks
More VideoLinks >>>