Consumer JDM Research in Search of Direction: What’s Next for Consumer JDM-BDT Researchers? (My Take)

A primary goal of “Behavioral Decision Theory” (BDT), including the significant part of BDT research published in marketing journals, has been to introduce an alternative to economic, normative decision theory. More precisely, while not offering a comprehensive alternative decision theory, much of BDT has been devoted to showing that key assumptions underlying economic theory are violated and are inconsistent with the way decisions are actually made. BDT research consisted largely of “effects,” many of which involved demonstrations of preference reversals. BDT research tended to have certain unique characteristics, including (a) avoiding “grand theories,” such as those characterized by boxes and arrows; instead, BDT research led to some general conclusions such as the notion of the construction of preferences; (b) minimal, as required use of mediation analyses; (c) a preference for choice and behavior as dependent measures as opposed to ratings; (d) the introduction of various distinct effects, which are then appropriately named. Researchers have also tried to understand what underlies these effects and their moderators/boundaries. The consumer BDT community has been particularly diverse in terms of the educational background of researchers, many of whom have also been important contributors to the broader Judgment and Decision Making (JDM) field. Consumers’ BDT researchers have made important contributions to the consumer behavior literature and the broader JDM field. Although I have not conducted a systematic analysis, compared to other consumer research topics, it appears that BDT research published in marketing journals has had large impact on research in non marketing fields as well as on quantitative researchers in marketing.