Age-induced decision shrinkage, another avenue to repeat purchase: the example of new automobiles

Gilles Laurent and Raphaelle Lambert-Pandraud
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Raphaelle Lambert-Pandraud: Negocia, Paris

No 748, HEC Research Papers Series from HEC Paris

Abstract: The literature from psychology and gerontology suggests that older persons have reduced cognitive abilities, and an increased risk aversion. On this basis, we predict that their decision process will be shrunk, in three manners: a smaller consideration set, a focus on the previous brand (leading to repeat purchases), a privileged status given to other ancient brands. In a survey approach, we test these predictions on a large sample of recent buyers of new automobiles. The results confirm the prediction: A shrinkage of the decision process appears after sixty, and is markedly stronger after seventy-five, two limits suggested by the literature.

Keywords: age; consumer behavior; purchase process; brand loyalty; cautiousness (search for similar items in EconPapers)
JEL-codes: D11 D12 L62 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2002-02-01
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Persistent link: https://EconPapers.repec.org/RePEc:ebg:heccah:0748

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