A purchase decision support model considering consumer personalization about aspirations and risk attitudes

Yongming Song, Guangxu Li, Tie Li and Yanhong Li

Journal of Retailing and Consumer Services, 2021, vol. 63, issue C

Abstract: Ranking alternative products to help consumers make better purchase choices is a valuable research topic. Most previous decision support models cannot be well applied to heterogeneous consumers. This paper focuses on establishing a personalized interactive model to assist consumers make better buying decisions with less effort. For the alternative products provided by consumers, we collect online reviews and parameter configurations of alternative products and then obtain the fusing evaluative information. As consumers are dominated by bounded rationality, they only provide partially key attribute weights, based on which, we construct an optimizing model to obtain the optimal attribute weights of customers for products. Then, a satisfaction function is proposed by uniting aspiration levels and risk attitudes of consumers and a compensatory decision rules is established to rank and recommend the brands to consumers. Finally, practicability of this study is illustrated with a real car purchase case. Through the case study, it can be seen that the proposed decision support model generates a personalized list of alternatives based on consumer's own utility function about risk attitudes, aspiration levels, and preferences for product attributes, which further confirms that the proposed model can capture the personalized needs of consumers. Theoretical and managerial implications of this model as well as advantages are further illustrated.

Keywords: Purchase decision; Multi-attribute utility theory; Online reviews; Parameter configuration; Preference heterogeneity; Incomplete criteria weights (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joreco:v:63:y:2021:i:c:s0969698921002940

DOI: 10.1016/j.jretconser.2021.102728

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