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By comparing the individual phases and classes of behavioral biases, we identify nonobvious connections and derive additional insights. In this section, we discuss the connections and differences across phases and classes of biases. We also present insights into the interdependencies among the multiple phases, repeat purchases, marketing instruments and product type, and discuss potential moderators.

2.3.5.1

Connections and Differences Across Phases and Classes of

Biases

Notably, a rich literature covers behavioral biases during the pre-purchase and purchase phases, whereas marketing literature dedicated to behavioral biases during the need recognition and post-purchase phases is rather scarce. Moreover, the three classes of behavioral biases appear to be documented to different extents across the phases. For example, nonstandard decision-making is widely relevant across phases, whereas nonstandard preferences and nonstandard beliefs are particularly prominent during the pre-purchase and purchase phases, as shown in Figure 2.1.

Because the four phases comprise different key consumer activities (as outlined in section 2.2), it is evident that the three classes of behavioral biases have different levels of importance across the phases. For example, nonstandard preferences are particularly important during the pre-purchase and purchase phases since consumers’ preferences are relevant for the activities performed during these two phases. During both evaluation of and search for alternatives and the quantity and timing of the actual purchase, consumers are heavily influenced by time-inconsistent preferences (e.g., due to the time lag between the purchase and consumption), preferences for other people (e.g., fairness concerns), and various reference points (e.g., reference prices).

Nonstandard beliefs play a role when consumers must make predictions about their future behavior, which usually involves uncertainty, which again mostly concerns activities performed during the pre-purchase and purchase phases. During the pre-purchase phase, consumers often form expectations about their future usage of a product (e.g., frequency or extent of feature usage). During the purchase phase, consumers form expectations about additional aspects of the purchase that are only realized after the purchase has been made (e.g., uncertain promotions). However, we argue that relative to the other phases, most activities in the pre-purchase phase require consumers to make predictions and are therefore especially prone to belief-based biases. However, belief-based biases can also influence activities during the need recognition and post-purchase phases. For example, during the need recognition phase, consumers may overgeneralize advertising claims. During

2.3. BIASES IN CONSUMER PURCHASE DECISION-MAKING 35 the post-purchase phase, consumers may be overconfident about the impact on the seller of writing a product review.

Nonstandard decision-making plays an important role in all phases of consumer purchase decision-making. Framing and choice architecture appear to be especially prominent during the pre-purchase and purchase phases, during which consumers evaluate and choose from multiple alternatives. How alternatives are described and presented can influence consumers’ WTP, search behavior, and eventually, product choice. Nonstandard decision-making also influences consumers during the need recognition phase. It may seem odd to encounter the term “decision-making” during the need recognition phase. However, a consumer’s social environment also often plays an essential role in influencing and determining perceived needs. The class of nonstandard decision-making includes biases involving external cues that influence consumers, such as persuasion or social pressure. For example, persuasion through advertising can play an important role in triggering a need during the need recognition phase. The aforementioned prevalent biases in the class of nonstandard decision-making, such as framing, are seemingly less relevant in the post-purchase phase. However, emotions can be of relevance in this phase. Dissatisfied customers often experience negative emotions after a purchase, such as disappointment and regret, that influence their post-purchase activities, such as word-of-mouth or return behavior.

Another explanation for why the three classes of behavioral biases appear to be documented to different extents across the phases involves measurement and issues related to identification. Especially during the need recognition phase, biases seem more difficult to detect. This is related to the fact that needs are “intangible” and often difficult to articulate. Moreover, identifying biases can be methodologically challenging. For example, to elicit subjective beliefs, researchers may rely on unincentivized questionnaires. The resulting problem is that such unincentivized belief measures may be biased due to socially desirable and self-serving answering behavior (Grewening et al. 2019).

2.3.5.2

Interdependencies Among Multiple Phases and Repeat Pur-

chases

First, we observe that some biases span multiple phases. For example, behavioral biases may originate during the pre-purchase phase but also have an effect on behavior during the purchase and post-purchase phases. For example, Goodman and Irmak (2013) show that consumers prefer many-feature products and pay a higher price for such products because they overestimate their feature usage rate or fail to estimate their usage altogether (during the pre-purchase and purchase phases). This also has an effect on the post-purchase phase, as estimating the usage

prior to purchase induces greater product satisfaction and a greater likelihood of recommending the product.

Second, consumers are assumed to transition through the four phases multiple times in the case of repeat purchases (e.g., consumables), allowing behavioral biases to play different roles as consumers gain experience. For example, consumers switch telephone plans by adopting the optimal plan as they gain experience (Miravete 2003). Similarly, credit card users pay fewer fees as they gain more experience with their card (Agarwal et al. 2013). However, experience does not always attenuate biases. For example, cognitive dissonance theory explains why overconfident beliefs may persist over time. Because consumers aim to avoid the stress caused by information that challenges their beliefs, they may attempt to avoid such belief-changing information (Malmendier and Taylor 2015).

2.3.5.3

Marketing Instruments and Product Type

Whereas behavioral biases pertaining to product are well documented across all phases, behavioral biases concerning place are rather scarce. Notably, most studies focusing on price document behavioral biases related to nonstandard preferences during the pre-purchase and purchase phases, which is sensible as prices constitute numerical information that frequently serves as an important reference point during the pre-purchase and purchase phases. For example, even irrelevant price information can influence consumers through anchoring and adjustment (Adaval and Wyer 2011). The marketing instrument promotion occurs in all phases and classes of biases. Persuasion and framing in advertisements seem to be particularly common research topics in this regard.

Depending on the product type (e.g., consumables or durables), the individual phases may see different weights in purchase decision-making. For example, con- sumers might be more likely to skip phases and jump directly to the purchase (i.e., impulse buying) in the case of consumables. In the context of durable goods purchases, it is likely that the evaluation phase will be relatively more extensive and thus will lead to consumers’ engagement in greater amounts of search and deliberation.

2.3.5.4

Moderators

The moderators of behavioral biases have been widely neglected in the marketing literature. However, our review reveals at least the following two important mod- erators: technology and time. We present several examples in which technology moderates the effects of biases. First, Brasel and Gips (2014) show that touch- screens (versus mice) create stronger psychological ownership, which increases the endowment effect. Second, Hui et al. (2013) find that mobile coupons can alter consumers’ in-store travel paths, which can lead to increased unplanned spending.