A formal model of market-level expectations is developed and used to identify testable hypotheses. The empirical findings indicate that market-level expectations are more adaptive in nature than previously thought. The study also provides the first systematic investigation of cross-industry...

Consumers' choices tend to display greater variety when made for future versus immediate consumption. Previous accounts of such diversification differences suggested that they are driven primarily by (deterministic) shifts in underlying preference. Through a series of simulation studies, we...

Contrary to the lay theory that predicts duration knowledge of affective episodes to ameliorate negative experiences and weaken positive ones, we demonstrate that duration knowledge increases the extremity of affective experience. In experiments 1 and 2, participants either know the exact...

How much time do consumers predict they will spend on using a product or service when they have control over the usage time? We propose that their predicted consumption time is systematically influenced by the valence and the representation of the target event. In three studies, we show that...

Construal level theory indicates that consumers tend to prefer products high in desirability (greater functionality) for distant-future decisions but switch their preferences toward products high in feasibility (greater usage convenience) for near-future decisions. The current research...

Conventional wisdom suggests that more concrete and detailed information is helpful in evaluating new products. The current research, however, demonstrates that when consumers use visualization to evaluate new products, the value of concrete versus abstract visualization is dependent on the...