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Judgement and DM (Prospect Theory: model of DM describing how consumers…

- - - - Processing by brand:
        
        Uses multi-attribute model (eg TORA) where attributes weighted heavier that are closer to goal
      - Processing by attribute
        
        Additive Difference Model: compensatory model where brands are compensated by attributes, 2 brands at a time
        
        Consumers evaluate difference between 2 brands on each attribute and then combines hem into an overall preference --> trade-offs positive difference in one attribute offsets another -ve one
      - Weighed in terms of important attributes
    - - Cut-off level: the point at a brand is rejected for each attribute
      - Processing by brand
        
        Conjunctive: non-comp. model setting min. cutoffs to reject bad options
        
        Disjunctive: sets acceptive cut-offs to find options that are good
      - Processing by attribute
        
        Lexicographic: non-comp. model that compares brand by attributes one at a time in order of importance
        
        If first option tie --> second most important option to choose which one is better, if tie --> third most important etc...
        
        Elimination by aspects model: similar to lexicographic but ads notion of acceptable cut offs.
- - - - examples pg 231
      - Mood & bias DOUBLE CHECK BOOK
        
        serves as initial anchor for judgement
        
        reduces search frond attention to negative info
        
        can make consumers overconfident about judgements
      - Prior brand eval: exposure to favourable brand name blocks learning about quality attribute
      - prior expericence
      - difficulty of judging good/bad: easier to think --> increase liking
- - - - Consumers ignore this --> bias