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Expectancy–value theory has been developed in many different fields including education, health, communications, marketing and economics. Although the model differs in its meaning and implications for each field, the general idea is that there are expectations as well as values or beliefs that affect subsequent behavior.
Value in marketing, also known as customer-perceived value, is the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others. Value may also be expressed as a straightforward relationship between perceived benefits and perceived costs: Value = Benefits - Cost .
The concept of outcome expectancy originated in the expectancy-value model. Outcome expectancy can be a belief, attitude, opinion, or expectation. According to the theory of planned behavior, an individual's positive evaluation of his or her performance of a particular behavior is similar to the concept of perceived benefits.
Value theory is the interdisciplinary study of values.Also called axiology, it examines the nature, sources, and types of values.Primarily a branch of philosophy, it is an interdisciplinary field closely associated with social sciences like economics, sociology, anthropology, and psychology.
The reasoned action approach (RAA) is an integrative framework for the prediction (and change) of human social behavior.The reasoned action approach states that attitudes towards the behavior, perceived norms, and perceived behavioral control determine people's intentions, while people's intentions predict their behaviors.
There are two types of value-based pricing, which are: Good Value Pricing; Value-Added Pricing; Good value pricing describes that the product or service is priced in relation to its quality. While value-added pricing refers to the price given to a product or service in relation to the perceived value it adds for the consumer. [9]
In 1979, Daniel Kahneman and his associate Amos Tversky originally coined the term "loss aversion" in their initial proposal of prospect theory as an alternative descriptive model of decision making under risk. [5] "The response to losses is stronger than the response to corresponding gains" is Kahneman's definition of loss aversion.
In value theory, individual values may align with, or conflict against one another, often visualised in a circular diagram where opposing poles indicate values that are in conflict. An expanded framework of 19 distinct values was presented from Schwartz and colleagues in a 2012 publication, creating on the theory of basic values.