Consideration Sets and Competitive Marketing

Kfir Eliaz · Ran Spiegler Y

238 citations0/0 files storedThe Review of Economic Studies

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Consumer Market Behavior and Pricing Consumer Behavior and Marketing Influence Merger and Competition Analysis

Abstract

We study a market model in which competing firms use costly marketing devices to influence the set of alternatives which consumers perceive as relevant. Consumers in our model are boundedly rational in the sense that they have an imperfect perception of what is relevant to their decision problem. They apply well-defined preferences to a “consideration set”, which is a function of the marketing devices employed by the firms. We examine the implications of this behavioural model in the context of a competitive market model, particularly on industry profits, vertical product differentiation, the use of marketing devices, and consumers' conversion rates.

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References

1993The structure of phenotypic personality traits.1969Broadening the Concept of Marketing 2006Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets 1977Equilibrium Distributions of Sales and Advertising Prices 1990Recall and Consumer Consideration Sets: Influencing Choice without Altering Brand Evaluations 1984An Examination of Consumer Decision Making for a Common Repeat Purchase Product 2004Contract Design and Self-Control: Theory and Evidence 2010What's Advertising Content Worth? Evidence from a Consumer Credit Marketing Field Experiment*

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