A Model of Multiattribute Judgments under Attribute Uncertainty and Informational Constraint

Abstract

A multiattribute judgment model is advanced which is purported to characterize how consumers form evaluations of products when information about products’ attributes is limited and variability or unreliability is present within attributes. The model is based on the hypothesis that the subjective value consumers associate with a product attribute can be represented in terms of a weighted average of the value of the information they have received about that attribute and the perceived mean value of that attribute within the product class. This average is integrated with the consumer's perception of the amount of variability both within and between other alternatives on that attribute—a measure of uncertainty. A series of laboratory experiments testing aspects of the model are described. Results support both the model's predictions and aspects of its structure.