2016 Green Award: A Bounded Rationality Model of Information Search and Choice Preference Measurement

Matt Weingarden, Curator
Academic
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A Bounded Rationality Model of Information Search and Choice in Preference Measurement​
Key Takeaways

​​What? Eye tracking data has become increasingly available to market researchers.

So What? The authors explored ways to leverage eye tracking data to better understand and quantify consumer preferences.

Now What? Marketing Managers may use these findings to extract more and better information from preference measurement surveys.

 

2015 Paul E. Green Award ​​

A Bounded Rationality Model of Information Search and Choice in Preference Measurement​ ​
Liu (Cathy) Yang, Olivier Toubia, and Martijn G. De Jong
Journal of Marketing Research: April 2015, Vol. 52, No. 2, pp. 166-183​

What motivated you to research this particular area?

Eye tracking data has become increasingly available to market researchers. We were interested in exploring ways to leverage these data to better understand and quantify consumer preferences. 

Describe any challenges related to research and writing of your article?  

We had challenges collecting and cleaning our data. One of the eye tracking machines we used reached the end of its life during our project, which created a few complications.

How might marketing managers apply your findings in the field? 

Marketing managers may use our findings to extract more and better information from preference measurement surveys.This will enable them to measure preferences more accurately and/or to use shorter and more efficient questionnaires.

Were there any interesting questions stemming from your article that you hope will be explored in future research? 

One robust finding is that consumers do not process all the relevant information presented to them in preference measurement surveys (e.g., they do not look at the characteristics of all available options in a choice-based conjoint question). In a follow up project, we are exploring whether this phenomenon is also observed when consumers make real-life choices.

Questions for the Classroom 

  1. How can the efficiency of Conjoint Analysis be improved?

  2. How can physiological measures such as eye tracking data be leveraged in marketing research?​

Read ​the full list of 2016 Summer AMA Award Luncheon Winners​​


Author Bio:

 
Matt Weingarden, Curator
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