Effects of information format and similarity among alternatives on consumer choice processes

This study explores how similarity among alternatives and a new information format, branching, affect consumer choice processes. A branching format organizes real, physically present objects by attribute levels. Thirty-six female consumers made six choices from sets of products in a laboratory setting and provided concurrent verbal protocols. Compared to a brand format, a branching format elicited fewer comparisons, had no effect on cognitive effort other than comparisons, and had no effect on intention to choose the best. Compared to the similar set, the dissimilar set elicited more comparisons, lower levels of other measures of cognitive effort, and less intention to choose the best. These effects of similarity and information format were consistent across the two product classes tested. However, the effects of information format and similarity on comparisons differed from their effects on other measures of cognitive effort. She received her Ph.D. from Columbia University. Her research on consumer choice processes has been published in Advances in Consumer Research and Psychology and Marketing.     

Aviation Policy: Past and Present

Airline deregulation has been a symbol of the trend toward less expansive government over the past quarter century. The move from economic regulation to deregulation has delivered on its efficiency promises. There have been significant benefits to consumers in terms of lower prices and more convenient schedules. However, airline competition, particularly at hub airports, remains imperfect. The nature of these imperfections is explained better by models of oligopolistic behavior than by the contestability theory. Paradoxically for this industry, the terrorist attack of September 11, 2001, has ushered in an expanded role of government in aviation policy. This expanded role does not reinstate government intervention in airline economic decisions. Rather, it provides financial stabilization (bailout and loan guarantees) of the industry in the short run and long-term structural change in aviation security.     

A COMPARISON OF LEGISLATIVE ASPECTS OF AGRICULTURAL MARKET REGULATION IN CANADA AND THE U.S.

There are many common characteristics between publicly sanctioned market regulation in U.S. and Canada, but there are also important differences. The growth of this form of organized intervention in Canadian agriculture in recent years and the apparent continued growth through national marketing boards create a need for a great deal more information than is presently available. This paper summarizes existing legislative sources of producer marketing agencies in Canada and the U.S. as one step toward reducing this information gap.
Les régulations sur la mise en marché sanctionées publiquement aux Etats-Unis et au Canada ont beaucoup de traits communs mais il y a aussi ďimportantes différences. La croissance de cette forme ďintervention organisée dans ľagriculture canadienne au cours des derniéres années ainsi que la croissance apparente engenderée par le Conseil de la mise en marché ont crée un besoin pour beaucoup plus ďinformation qui ne sont actuellement pas disponibles. Cet article réume les sources législatives qui existent présentement dans les agences de mise en marché des produits agricoles au Canada et aux Etats-Unis, comme un pas en avant afin de réduire ce manque ďinformation.     

TAKEOVER RIGHTS AND THE VALUE OF RESTRICTED SHARES

The premium paid for superior voting shares relative to restricted shares in dual-class equity firms is well documented but not fully explained. In this paper, evidence that the premium reflects the expectation of higher cash flows in takeovers for superior shares is found by examining regulatory actions that changed the right of restricted shares to participate in takeovers. The extension of takeover rights to restricted shares resulted in a significant decline in the premium for superior shares, and the retraction of takeover rights had the reverse effect. This supports the hypothesis that the market expected the restricted shares to be treated less favorably in takeovers.