The Effects of Individuals’ Economic and Time Resource on their Information Seeking Behavior: An Inter-Individual Analysis of Information Seeking

Abstract

Objectives: This study investigates the effects of cost and time resources on information seeking trends of individual for a buying decision and observes the effects on inter-individual-level variation of behavioural pattern. Methods/ Statistical Analysis: We derive cost and time related dimensions from the data of the responses and estimate its effect on individuals information seeking. An in-depth questionnaire was administered to 307 respondents. Factor analysis, cluster analysis, multiple regression and Bayesian regression were used to identify cost and time related dimensions, finding segments of information seekers, estimating their effect on individual information seekers actions and compare between the individual level and aggregate level effect. Findings: It was found that there is a significant difference on individual’s propensity to perceived cost and incurs time and the user behavior under certain circumstances provides better results than aggregate level analysis. Previous researches on aggregate level or on individual differences use factor analysis or multiple regressions to show the personal differences but there population was always grouped according to their demographic variables, i.e. age, sex, educational level, subject specialization, working place, occupation etc. which characteristics may not act similarly at the time of searching information. In this research people are grouped according to their behavioural likeness and unlikeness. The Bayesian approach following a continuous model of heterogeneity is used in this research which evolves very rich and exemplary findings. It suggests that perceived cost has negative effect on frequency of visiting library and information center. It means that those who visit less to the library and information center tend to incur higher cost to procure information. The pricing strategy of the information may be designed accordingly. Applications/Improvements: Findings are very useful in designing information centers. If the regular information seekers can be grouped according to their behavioural characteristics, they can be served in a better way.