The Bold – Timid Divide in Consumer Choice

We propose that many seemingly different choice problems consumers make involve fundamentally similar options. Specifically, we argue that across a wide range of problems some options represent more " timid " choices (e.g., compromise, safe, and standard options) whereas other options represent more " bold " choices (e.g., extreme, risky, and unique options). The tendency to select a more timid or bold option is affected by situational cues which trigger a more timid or bold mindset. Several studies demonstrate this distinction between options and the correspondence between mindsets and choice behavior. 3 In consumer decision making research and decision research more generally, the focus tends to be on studying individual phenomena, such as identifying conditions that affect preference for compromise options (e. 1990), or unique options. However, a closer examination suggests that there are some basic similarities in the options consumers face in seemingly unrelated choice problems. For example, in some respects, choosing an extreme option can be seen as related to choosing a risky gamble, a unique option, and a hedonic option. Similarly, compromise options, safe options, standard, and utilitarian options have common features and reflect related choice tendencies. In this research we try to identify such cross-problem similarities, which might allow us to offer more parsimonious explanations and identify factors that moderate choice behavior across seemingly unrelated problem types. In particular, we propose that some options represent more 'timid' choices, and some represent more 'bold' choices. Choosing compromise, safe, utilitarian, and standard options represent 'timid' choice behavior. Options of this type represent conventional behavior, a desire to fit in, and avoidance of risks. On the other hand, choosing options such as extremes, risky gambles, hedonic options, and unique options represent 'bold' choice behavior. These 'bold' options can be seen as involving more unconventional selections, standing for one's beliefs, and taking risks. Moreover, choosing this type of options may serve to better express one's desires and tastes. 4 Furthermore, consumers' tendency to select a more timid or bold option across problem types may be systematically affected by (1) situational factors which trigger certain mindsets and (2) individual differences. For example, situational cues that trigger self expression or create a unique environment may create a 'bold' mindset which in turn leads consumers to choose more 'bold' options. Moreover, consumers may have a basic tendency to make more bold or timid actions, regardless of the situation. Our conceptual distinction between timid …