Price Knowledge and Search Behavior for Habitual, Low Involvement Food Purchases

Abstract

Existing models of price search presume a direct link between knowledge and search behavior. We argue that these models are not well suited to more habitual, low involvement purchase situations where search behavior and price knowledge are more independent. An alternative, adaptive rationality model is proposed in which these constructs are only indirectly related. An empirical study of Finnish consumers' purchases of fresh produce and meat products is reported which supports the adaptive rationality model.