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Age-induced Decision Shrinkage, Another Avenue to Repeat Purchase: the Example of New Automobiles

Author

Listed:
  • Raphaelle Lambert-Pandraud

    (ESCP-EAP - ESCP-EAP - Ecole Supérieure de Commerce de Paris)

  • Gilles Laurent

    (HEC Paris - Recherche - Hors Laboratoire - HEC Paris - Ecole des Hautes Etudes Commerciales)

Abstract

The literature from psychology and gerontology suggests that older persons have reduced cognitive abilities, and an increased risk aversion. On this basis, we predict that their decision process will be shrunk, in three manners: a smaller consideration set, a focus on the previous brand (leading to repeat purchases), a privileged status given to other ancient brands. In a survey approach, we test these predictions on a large sample of recent buyers of new automobiles. The results confirm the prediction: A shrinkage of the decision process appears after sixty, and is markedly stronger after seventy-five, two limits suggested by the literature.

Suggested Citation

  • Raphaelle Lambert-Pandraud & Gilles Laurent, 2011. "Age-induced Decision Shrinkage, Another Avenue to Repeat Purchase: the Example of New Automobiles," Working Papers hal-00593868, HAL.
    • Handle: RePEc:hal:wpaper:hal-00593868
    as

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