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Life cycle cost: an individual consumer's perspective

Author

Listed:
  • Yehoshua Liebermann

    (School of Business Administration, Bar-Ilan University, Israel)

  • Meyer Ungar

    (School of Business Administration, Bar-Ilan University, Israel)

Abstract

Pricing of certain items (mainly durables) involves two components: purchase cost and maintenance cost. The interaction between both cost components is commonly referred to by the term Life Cycle Cost (LCC). Previous studies indicate that potential buyers are not always aware of the adverse financial outcomes that may stem from certain selections where alternative LCC items are considered. Nevertheless, all these indications are rather indirect. The present study examines directly both the awareness of potential buyers to LCC considerations as well as their capability of handling 'properly' LCC decisions. In this regard hypotheses are formulated and tested against experimental data that simulate both durable and non-durable purchase situations. © 1997 John Wiley & Sons, Ltd.

Suggested Citation

  • Yehoshua Liebermann & Meyer Ungar, 1997. "Life cycle cost: an individual consumer's perspective," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 18(3), pages 227-234.
    • Handle: RePEc:wly:mgtdec:v:18:y:1997:i:3:p:227-234
    DOI: 10.1002/(SICI)1099-1468(199705)18:3<227::AID-MDE807>3.0.CO;2-5
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    Cited by:

    1. Bruderer Enzler, Heidi & Diekmann, Andreas & Meyer, Reto, 2014. "Subjective discount rates in the general population and their predictive power for energy saving behavior," Energy Policy, Elsevier, vol. 65(C), pages 524-540.
    2. Liebermann, Yehoshua & Ungar, Meyer, 2002. "Efficiency of consumer intertemporal choice under life cycle cost conditions," Journal of Economic Psychology, Elsevier, vol. 23(6), pages 729-748, December.

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