Description
TitleWorry or peace of mind: consumer decision-making under risk in loss domain
Date Created2020
Other Date2020-10 (degree)
Extent1 online resource (xii, 140 pages) : illustrations
DescriptionMy dissertation, “Worry or Peace of Mind: Consumer Decision-Making under Risk in Loss Domain,” studies how individuals perceive risky situations, and thereafter how they make choices.
The decisions are not decided by a single trait but vary as a function of which the decision domain (gain domain versus loss domain), what the decision is about, who is a subject facing a risky event, the situational difference (for example, the level of risk probability or risky event type, respectively, or their interaction), the extent of loss/damage, the decision is emotionally applied or not, etc. Understanding this mechanism behind decision-making under risk is particularly important how to prevent loss (enjoy peace of mind) and induce precautionary behavior in advance.
Unlike economic models and marketing studies related to hedonic vs. utilitarian, people having low-probability risk with hedonic-event showed the strongest risk-averse attitude. In gain domain, hedonic-benefit seeks for risk-taking attitudes, however, in loss domain, people perceive risk as an emotion, they want to sustain their emotion (especially, positive emotion activated from hedonic-benefit), increase their attention to low-risk probability risky situation, and actively engage in precautionary behavior (risk-averse attitude). The test results also revealed that people rely on the sound from their heart (System 1) or the logical thinking from the head (System 2) at the moment of exposure to risk rather than their usual personality or propensity. Next, under small-loss condition, people follow relatively rational judgement (System 2) to avoid risk, whereas, under big-loss status, they listen relatively emotional judgement (System 1) to avoid risk. Finally, this study found out interesting results that people trigger negative emotion to avoid risk in the case of big-loss condition, where as they active positive emotions to avoid risk in the case of small-loss scenario. These findings will present effective risk communication methods.
NotePh.D.
NoteIncludes bibliographical references
Genretheses, ETD doctoral
LanguageEnglish
CollectionGraduate School - Newark Electronic Theses and Dissertations
Organization NameRutgers, The State University of New Jersey
RightsThe author owns the copyright to this work.
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