Abstract
Most existing mathematical models of consumer choice behaviour assume that individuals’ preferences remain invariant overtime. Although the assumption of invariant preference functions may be reasonable in some choice contexts, consumer preferences are largely influenced by variety-seeking effects. This paper presents three models on consumer choice behaviour, shopping performance and marketplace advantage in buying decisions involving several cognitive and economic determinants affecting consumer behaviour. These models are based on sequential structural equations using interrelated variables and can be applied in research on consumer shopping channel choices based on cognitive characteristics and consumer risk profiles. The framework for measuring the consumer behaviour discussed in this paper provides analytical dimensions for delineating the prediction of intangible variables affecting consumer preferences to optimise the purchase decisions in a given marketplace.
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