Information integration in price-quality tradeoffs: the effect of missing information.

Abstract

Support for averaging processes in information integration has relied on experimental designs in which the amount of information to be integrated was varied. The usual interpretation is that subjects balance the values of the various stimuli presented on a given trial. An alternative interpretation is that subjects may use their perceptions of the relationship between stimulus dimensions to infer the value of missing information. In the present study, subjects were asked to rate their expected satisfaction with purchases of ground beef on the basis of quality and/or price information. The responses of some subjects appeared to be based on the inference that high prices imply high quality and low prices imply low quality when no quality information is given. Other subjects appeared to assign a constant value to missing information. An averaging model that incorporates inferred as well as presented stimulus values is proposed.