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The Economics of Consumer Knowledge

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  • Ratchford, Brian T

Abstract

While approaches to measuring the state of a consumer's knowledge are well developed, much less is known about the relationship between knowledge and consumer choice and information search. The purpose of this article is to explore these relationships by treating consumer knowledge as human capital, which affects the full price of consumption and search activities. Using this framework, models are presented to explain life cycle consumption patterns, lifestyles, brand loyalty, choice of features, and search behavior. This economic perspective is compared and contrasted to other consumer research on these topics, including recent qualitative research that examines consumption behavior. Copyright 2001 by the University of Chicago.

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  • Ratchford, Brian T, 2001. "The Economics of Consumer Knowledge," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 27(4), pages 397-411, March.
    • Handle: RePEc:oup:jconrs:v:27:y:2001:i:4:p:397-411
    DOI: 10.1086/319617
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