Behavioral biases in marketing

Katharina Dowling, Daniel Guhl, Daniel Klapper, Martin Spann, Lucas Stich and Narine Yegoryan
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Katharina Dowling: Ludwig-Maximilians-Universität (LMU) Munich
Daniel Guhl: Humboldt-University Berlin
Daniel Klapper: Humboldt-University Berlin
Lucas Stich: Ludwig-Maximilians-Universität (LMU) Munich
Narine Yegoryan: Humboldt-University Berlin

Journal of the Academy of Marketing Science, 2020, vol. 48, issue 3, No 6, 449-477

Abstract: Abstract Psychology and economics (together known as behavioral economics) are two prominent disciplines underlying many theories in marketing. The extensive marketing literature documents consumers’ nonrational behavior even though behavioral biases might not always be consistently termed or formally described. In this review, we identify and synthesize empirical research on behavioral biases in marketing. We document the key findings according to three classes of deviations (i.e., nonstandard preferences, nonstandard beliefs, and nonstandard decision making) and the four phases of consumer purchase decision making (i.e., need recognition, pre-purchase, purchase, and post-purchase). Our organizing framework allows us to (1) synthesize instructive marketing papers in a concise and meaningful manner and (2) identify connections and differences within and across categories in both dimensions. In our review, we discuss specific implications for management and avenues for future research.

Keywords: Marketing; Consumer purchase decision making; Behavioral economics; Behavioral biases; Review (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (17)

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Working Paper: Behavioral Biases in Marketing (2017)
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DOI: 10.1007/s11747-019-00699-x

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