Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/185721
Authors: 
Guhl, Daniel
Klapper, Daniel
Massner, Katharina
Spann, Martin
Stich, Lucas
Yegoryan, Narine
Year of Publication: 
2017
Series/Report no.: 
Discussion Paper No. 51
Abstract: 
Psychology and economics (the mixture of which is known as behavioral economics) are two fundamental disciplines underlying marketing. Various marketing studies document the non-rational behavior of consumers, even though behavioral biases might not always be consistently termed or formally described. In this review, we identify empirical research that studies behavioral biases in marketing. We summarize the key findings according to three classes of deviations (i.e., non-standard preferences, non-standard beliefs, and non-standard decision-making) and the marketing mix instruments (i.e., product, price, place, and promotion). We thereby introduce marketing researchers to the theoretical foundation of and terminology used in behavioral economics. For scholars from behavioral economics, we provide ready access to the rich empirical, applied marketing literature. We conclude with important managerial implications resulting from the behavioral biases of consumers, and we present avenues for future research.
Subjects: 
marketing
behavioral economics
behavioral biases
review
Document Type: 
Working Paper

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