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 New study: How does Europe become a leading player for software and IT services?
03.04.2017 | Fraunhofer-Institut für System- und Innovationsforschung (ISI)

nachricht Reusable carbon nanotubes could be the water filter of the future, says RIT study
30.03.2017 | Rochester Institute of Technology

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: Can the immune system be boosted against Staphylococcus aureus by delivery of messenger RNA?

Staphylococcus aureus is a feared pathogen (MRSA, multi-resistant S. aureus) due to frequent resistances against many antibiotics, especially in hospital infections. Researchers at the Paul-Ehrlich-Institut have identified immunological processes that prevent a successful immune response directed against the pathogenic agent. The delivery of bacterial proteins with RNA adjuvant or messenger RNA (mRNA) into immune cells allows the re-direction of the immune response towards an active defense against S. aureus. This could be of significant importance for the development of an effective vaccine. PLOS Pathogens has published these research results online on 25 May 2017.

Staphylococcus aureus (S. aureus) is a bacterium that colonizes by far more than half of the skin and the mucosa of adults, usually without causing infections....

Im Focus: A quantum walk of photons

Physicists from the University of Würzburg are capable of generating identical looking single light particles at the push of a button. Two new studies now demonstrate the potential this method holds.

The quantum computer has fuelled the imagination of scientists for decades: It is based on fundamentally different phenomena than a conventional computer....

Im Focus: Turmoil in sluggish electrons’ existence

An international team of physicists has monitored the scattering behaviour of electrons in a non-conducting material in real-time. Their insights could be beneficial for radiotherapy.

We can refer to electrons in non-conducting materials as ‘sluggish’. Typically, they remain fixed in a location, deep inside an atomic composite. It is hence...

Im Focus: Wafer-thin Magnetic Materials Developed for Future Quantum Technologies

Two-dimensional magnetic structures are regarded as a promising material for new types of data storage, since the magnetic properties of individual molecular building blocks can be investigated and modified. For the first time, researchers have now produced a wafer-thin ferrimagnet, in which molecules with different magnetic centers arrange themselves on a gold surface to form a checkerboard pattern. Scientists at the Swiss Nanoscience Institute at the University of Basel and the Paul Scherrer Institute published their findings in the journal Nature Communications.

Ferrimagnets are composed of two centers which are magnetized at different strengths and point in opposing directions. Two-dimensional, quasi-flat ferrimagnets...

Im Focus: World's thinnest hologram paves path to new 3-D world

Nano-hologram paves way for integration of 3-D holography into everyday electronics

An Australian-Chinese research team has created the world's thinnest hologram, paving the way towards the integration of 3D holography into everyday...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Marine Conservation: IASS Contributes to UN Ocean Conference in New York on 5-9 June

24.05.2017 | Event News

AWK Aachen Machine Tool Colloquium 2017: Internet of Production for Agile Enterprises

23.05.2017 | Event News

Dortmund MST Conference presents Individualized Healthcare Solutions with micro and nanotechnology

22.05.2017 | Event News

 
Latest News

How herpesviruses win the footrace against the immune system

26.05.2017 | Life Sciences

Water forms 'spine of hydration' around DNA, group finds

26.05.2017 | Life Sciences

First Juno science results supported by University of Leicester's Jupiter 'forecast'

26.05.2017 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>