Consumer Satisfaction in Experimental Setting

Nickolay Georgiev and George Mengov ()
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Nickolay Georgiev: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski
George Mengov: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2013, vol. 11, issue 1, 97-111

Abstract: We conducted an experiment in economic psychology investigating the role of consumer satisfaction in the choice of future supplier of a fictitious good. By adopting a statistical approach with an econometric slant, we obtained a regression model achieving Radj2 of almost 0.80, a figure which was confirmed with an additional test sample. Further, a multinomial logit model predicted correctly which supplier among four competitors would be chosen in 37.87% of all 272 cases, a substantial increase above the 25% prior probability. Yet, certain methodological issues have emerged that cannot be easily dealt with within the traditional statistical approach.

Keywords: Consumer satisfaction; economic experiment; econometrics; multinomial logit modeling. (search for similar items in EconPapers)
Date: 2013
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