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- P-ISSN1738-3110
- E-ISSN2093-7717
- SCOPUS, ESCI
ISSN : 1738-3110
Analysis of the Heuristic Theory and the Prospect Theory for Smartphones: Focusing on Framing, Endowment Effect and Regulatory Focus Theory
Abstract
Purpose - In the present study, it has become the most important necessity in our daily lives that consumers' psychological factors affect the use of smartphones, and it has been analyzed through behavioral economic approaches. In this respect, the present study is intended to apply the heuristic theory and the prospect theory among behavioral economics theories to examine how psychological factors affect consumers' product selection. Research design, data, and methodology - In the present study, using smartphone repurchase as a dependent variable, whether regulatory focus effects have interaction effects on behavioral economic theories and behavioral economic effects such as possession (ownership) effects, framing effects, and brand recollection. As an analysis method, questionnaire surveys conducted with university students in Incheon were examined through Two-Way ANOVAs using the SPSS23 package. Results - The analysis from the results are as follows. Using smartphone repurchase as a dependent variable, the main effects and interaction effects on two variables; satisfaction difference with product functions and positive framing variable were statistically significant. Using repurchase as a dependent variable was statistically significant, there was no interaction effect between the two variables; satisfaction difference with product functions and the difference of brands in possession. Using smartphone repurchase as a dependent variable, interaction effects on two variables; satisfaction difference with product functions and the lengths of product possession periods were not statistically significant. The results from the analyses of interaction effects of brand recollection and brands type were statistically significant in possession using repurchase as a dependent variable. The results from the analyses of the main effect of the brands type were statistically significant in possession using repurchase as a dependent variable. Conclusions - The implication of the present study is that it suggests the factors that became important for customers' smartphone purchase following the change in the meaning of smartphones from practical products in the past to hedonic products. Limitations of the present study are first, the study subjects are limited to students and the number of copies in questionnaires is only approximately 130, which is insufficient, so that the present study is not sufficient as a study for entire smartphone users.
- keywords
- Behavioral Economics, Heuristic, Prospect, Framing, Brand Recollection
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