Skip to main content
SpringerLink
Log in

Wertfunktion der Prospect-Theorie, Produktpräferenzen und Folgerungen für das Marketing

  • Prospect-Theorie
  • Published:
Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung Aims and scope Submit manuscript

Summary

Prospect theory has become an important theory in marketing research. Recently, this theory has been used for explaining consumer preferences. In this article the authors analyze possibilities to manipulate preferences by setting an adequate reference point. Therefore several possible approaches concerning the measurement of reference points are discussed and individual value functions are estimated. It can be shown, that consumer involvement is influencing the shape of the value function as well as the position of the reference point itself. Shifting the reference point without changing the shape of the value function seems to be possible only for certain circumstances. Marketing stimuli that provide insights in more sophisticated products without getting the consumer used to a higher aspiration level are examined.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

Literaturverzeichnis

  • Bateman, Ian/ Munro, Alistair/ Rhodes, Bruce/ Starmer, Chris/ Sugden, Robert (1997), A test of reference-dependent preferences, in: Quarterly Journal of Economics, Vol. 112, S. 479–505.

    Article  Google Scholar 

  • Biswas, Abhijit/ Blair, Edward A. (1991), Contextual effects of reference prices in retail advertisement, in: Journal of Marketing, Vol. 55, July, S. 1–12.

    Article  Google Scholar 

  • Block, Lauren G./ Keller, Punan A. (1995), When to accentuate the negative: The effects of perceived efficacy and message framing on intentions to perform health-related behavior, in: Journal of Marketing Research, Vol. 32, S. 192–203.

    Article  Google Scholar 

  • Brookshire, David S./ Coursey, Don L. (1987), Measuring the value of a public good: An empirical comparison of elicitation procedures, in: The American Economic Review, Vol. 77, S. 554–567.

    Google Scholar 

  • Bottom, William P. (1989), A theory of adaptive reference points in decision-making and negotiation, Diss., University of Illinois at Urban-Champaign.

  • Casey, Jeff T. (1995), Predicting buyer-seller pricing disparities, in: Management Science, Vol. 41, S. 979–999.

    Article  Google Scholar 

  • Dhar, Ravi/ Simonson, Itamar (1992), The effect of the focus of comparison on consumer preferences, in: Journal of Marketing Research, Vol. 29, S. 430–440.

    Article  Google Scholar 

  • Ganzach, Yoav/ Karsahi, Nili (1995), Message framing and buying behavior: A field experiment, in: Journal of Business Research, Vol. 32, S. 11–17.

    Article  Google Scholar 

  • Gebhardt, Peter (1986), Der Markt gebrauchter Güter: Theoretische Fundierung und empirische Analyse.

  • Grasmann, Peter (1983), Anspruchsniveaus im Verbraucherverhalten: Eine mikroökonomische Untersuchung.

  • Gregory, Robin/ Lichtenstein, Sarah/ MacGregor, Donald (1993), The role of past states in determing reference points for policy decisions, in: Organizational Behavior and Human Decision Processes, Vol. 55, July, S. 195–206.

    Article  Google Scholar 

  • Gupta, Anil V. (1997), Heterogeneity in reference incidence and its impact on brand choice, Diss., University of Wisconsin.

  • Hardie, Bruce G. S./ Johnson, Eric J./ Fader, Peter S. (1993), Modeling loss aversion and reference dependence effects on brand choice, in: Marketing Science, Vol. 12, S. 378–394.

    Article  Google Scholar 

  • Hartman, Raymond S./ Doane, Michael J./ Woo, Chi-Keung (1991), Consumer rationality and the status quo, in: Quarterly Journal of Economics, Vol. 106, S. 141–162.

    Article  Google Scholar 

  • Hauschildt, Jürgen (1977), Entscheidungsziele — Zielbildung in innovativen Entscheidungsprozessen: Theoretische Ansätze und empirische Prüfung.

  • Heine, Christian (1968), Die psychische Veralterung von Gütern: Wesen, Ursachen, absatzwirtschaftliche Konsequenzen.

  • Herrmann, Andreas (1998), Produktmanagement.

  • Herrmann, Andreas/ Bauer, Hans H. (1996), Ein Ansatz zur Preisbündelung auf der Basis der „prospect“-Theorie, in: zfbf, 48. Jg., S. 675–694.

    Google Scholar 

  • Herrmann, Andreas/ Bauer, Hans H./ Huber, Frank. (1997), Wenn Käufer auch verkaufen: Preispolitische Implikationen der „prospect“-Theorie, in: Marketing — Zeitschrift für Forschung und Praxis, 19. Jg., S. 5–14.

    Google Scholar 

  • Herrmann, Andreas/ von Nitzsch, Rüdiger/ Huber, Frank (1998), Referenzpunktbezogenheit, Verlustaversion und abnehmende Sensitivität bei Kundenzufriedenheitsurteilen, in: Zeitschrift für Betriebswirtschaft, 68. Jg., S. 1225–1244.

    Google Scholar 

  • Hoppe, Ferdinand (1970), Das Anspruchsniveau, in: Thomae, H. (Hrsg.), Die Motivation menschlichen Handelns, 6. Aufl., S. 217–230.

  • Kahneman, Daniel/ Knetsch, Jack L./ Thaler, Richard H. (1991), The endowment effect, loss aversion and status quo bias, in: Journal of Economic Perspectives, Vol. 5, S. 193–206.

    Article  Google Scholar 

  • Kahneman, Daniel/ Tversky, Amos (1979), Prospect theory: An analysis of decision under risk, in: Econometrica, Vol. 47, No. 2, S. 263–291.

    Article  Google Scholar 

  • Klein, Noreen M./ Oglethorpe, Janet E. (1987), Cognitive reference points in consumer decision making, in: Wallendorf, Melanie/ Anderson, Paul F. (eds.), Advances in Consumer Research, Vol. 14, Provo UT: Association for Consumer Research, S. 183–187.

    Google Scholar 

  • Klophaus, Richard (1997), Prospect-Theorie, in: Wirtschaftswissenschaftliches Studium, 26. Jg., S. 195–198.

    Google Scholar 

  • Kopalle, Parveen K./ Lehmann, Donald R. (1995), The effects of advertised and observed quality on expectations about new product quality, in: Journal of Marketing Research, Vol. 32, S. 280–290.

    Article  Google Scholar 

  • Lant, Theresa K. (1992), Aspiration level adaptation: An empirical exploration, In: Management Science, Vol. 38, S. 623–644.

    Article  Google Scholar 

  • Laurent, Gilles/ Kapferer, Jean-Noel (1985), Measuring consumer involvement profiles, In: Journal of Marketing Research, Vol. 22, S. 41–53.

    Article  Google Scholar 

  • Lehner, Johannes M. (1996), Entscheidungsparadoxien und deren betriebliche Auswirkungen, in: Journal für Betriebswirtschaft, 46. Jg., S. 142–154.

    Google Scholar 

  • Lim, Rodney G. (1995), A range-frequency explanation of shifting reference points in risky decision making, in: Organizational Behavior and Human Decision Processes, Vol. 63, July, S. 6–20.

    Article  Google Scholar 

  • Lichtenstein, Donald R./ Bearden, William O. (1989), Contextual influences on perceptions of merchant supplied reference prices, in: Journal of Consumer Research, Vol. 16, June, S. 55–66.

    Article  Google Scholar 

  • Loewenstein, George F. (1988), Frames of mind in intertemporal choice, In: Management Science, Vol. 34, S. 200–214.

    Article  Google Scholar 

  • Lord, Frederic M. (1963), Elementary models for measuring change, in: Harris Chester W. (ed.), Problems in Measuring Change, S. 21–38.

  • Marell, Agneta/ Davidsson, Per/ Gärling, Tommy (1995), Environmentally friendly replacement of automobiles, In: Journal of Economic Psychology, Vol. 16, S. 513–529.

    Article  Google Scholar 

  • Mittal, Banwari/ Lee, Myung-Soo (1989), A causal model of consumer involvement, In: Journal of Economic Psychology, Vol. 10, S. 363–389.

    Article  Google Scholar 

  • Mittal, Vikas/ Ross, William T. jr./ Baldasare, Patrick M. (1998), The asymmetric impact on negative and positive attribute-level performance on overall satisfaction and repurchase intention, in: Journal of Marketing, Vol. 62, January, S. 33–47.

    Article  Google Scholar 

  • Nunnally, Juam C. (1978), Psychometric Theory, 2nd Ed.

  • Peter, J. Paul/ Churchill, Gilbert A. jr./ Brown, Tom J. (1993), Caution in the use of difference scores in consumer research, In: Journal of Consumer Research, Vol. 19, S. 655–662.

    Article  Google Scholar 

  • Purohit, Devavrat (1995), Playing the role of buyer and seller, In: Marketing Letters, Vol. 6, S. 101–110.

    Article  Google Scholar 

  • Puto, Christopher P. (1987), The framing of buying decisions, In: Journal of Consumer Research, Vol. 14, S. 301–315.

    Article  Google Scholar 

  • Rajendran, Raj K. N./ Tellis, Gerard J. (1994), Contextual and temporal components of reference price, in: Journal of Marketing, Vol. 58, January, S. 22–34.

    Article  Google Scholar 

  • Ritov, Ilana/ Baron, Jonathan (1992), Status-quo and omission biases, In: Journal of Risk and Uncertainty, Vol. 5, S. 49–61.

    Article  Google Scholar 

  • Samuelson, William/ Zeckhauser, Richard (1988), Status quo bias in decision making, In: Journal of Risk and Uncertainty, Vol. 1, S. 7–59.

    Article  Google Scholar 

  • Schneider, Sandra L. (1992), Framing and conflict: Aspiration level contingency, the status quo, and current theories of risky choice, In: Journal of Experimental Psychology: Learning, Memory, and Cognition, Vol. 18, S. 1040–1057.

    Google Scholar 

  • Sen, Sankar (1993), Reference dependence and loss aversion on consumer choice processes, Diss., University of Pennsylvania.

  • Smith, Gerald E. (1996), Framing in advertising and the moderating impact of consumer education, in: Journal of Advertising Research, Vol. 36, September/October, S. 49–64.

    Google Scholar 

  • Staw, Barry N. (1976), Knee-deep in the big muddy: A study of escalating commitment to chosen course of action, in: Organizational Behavior and Human Performance, Vol. 16, June, S. 27–44.

    Article  Google Scholar 

  • Sullivan, Kathryn/ Kida, Thomas (1995), The effect of multiple reference points and prior gains and losses on managers’ risky decision making, in: Organizational Behavior and Human Decision Processes, Vol. 64, October, S. 76–83.

    Article  Google Scholar 

  • Thaler, Richard (1985), Mental accounting and consumer choice, in: Marketing Science, Vol. 4, No. 3, Summer, S. 199–214.

    Article  Google Scholar 

  • Trommsdorff, Volker (1993), Konsumentenverhalten, 2. Aufl.

  • Tversky, Amos/ Kahneman, Daniel (1981), The framing decisions and the psychology of choice, in: Science, Vol. 211, January, S. 453–458.

    Article  Google Scholar 

  • Tversky, Amos/ Kahneman, Daniel (1991), Loss aversion in riskless choice: A reference-dependent model, In: Quarterly Journal of Economics, Vol. 106, S. 1039–1061.

    Article  Google Scholar 

  • von Nitzsch, Rüdiger (1998), Prospect Theory und Käuferverhalten, in: Die Betriebswirtschaft, 58. Jg., S. 622–634.

    Google Scholar 

  • von Nitzsch, Rüdiger/Friedrich, Christian (1999), Entscheidungen in Finanzmärkten.

  • Weinberg, Peter (1981), Das Entscheidungsverhalten der Konsumenten.

  • West, Patricia M./ Broniarczyk, Susan M. (1998), Integrating multiple opinions: The role of aspiration level on consumer response to critic consensus, in: Journal of Consumer Research, Vol. 25, S. 38–51.

    Article  Google Scholar 

  • Whyte, Glenn/ Levi, Ariel S. (1994), The origins and functions of the reference point in risky group decision making: The case of the cuban missile crisis, in: Journal of Behavioral Decision Making, Vol. 7, S. 243–260.

    Article  Google Scholar 

  • Wiswede, Günter (1995), Einführung in die Wirtschaftspsychologie, 2. Aufl.

  • Zalles-Reiber, Manuel (1996), Produktveralterung und Industriedesign.

  • Zeelenberg, Marcel/ van Dijk, Eric (1997), A reverse sunk cost effect in risky decision making: Sometimes we have too much invested to gamble, in: Journal of Economic Psychology, Vol. 18, S. 677–691.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Lehrstuhl für Betriebswirtschaftslehre mit dem Schwerpunkt Marketing, Universität Augsburg, Augsburg, Deutschland

    Heribert Gierl

  2. Unilever-Stiftungslehrstuhl für Allgemeine Betriebswirtschaftslehre, insbesondere Absatzwirtschaft, Marketing und Handel, Friedrich-Schiller-Universität Jena, Jena, Deutschland

    Roland Helm

  3. NFO Infratest Automotive (Germany), München, Deutschland

    Stefan Stumpp

Authors
  1. Heribert Gierl
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Roland Helm
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Stefan Stumpp
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Gierl, H., Helm, R. & Stumpp, S. Wertfunktion der Prospect-Theorie, Produktpräferenzen und Folgerungen für das Marketing. Schmalenbachs Z betriebswirtsch Forsch 53, 559–588 (2001). https://doi.org/10.1007/BF03372659

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/BF03372659

JEL-Classification

Search

Navigation