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Abstract
This dissertation argues that durability (i.e., ability to withstand wear, pressure or damage regardless of any changes in the environment) is a quality that needs to be prioritized in consumer decision making. A synthesis of the consumer and decision sciences literatures to put the consumer as decision maker at the center can help frame decision making as a collection of decisions that constitute an ongoing process. By leveraging a combination of the strength model of self-control and the socioecological model, this dissertation examines decision-making factors that draw a decision maker closer to or further away from achieving well-being. Findings from three studies suggest that the current resources need to be reallocated and reprioritized to different decision resources.The first study, titled “On a need-to-know basis: Exploring the relative importance of foundational and domain-specific literacy,” examines the role of different types of literacy from the individual consumers’ perspective. It argues that a more foundational type of literacy may play a more important role in achieving well-being and is more durable than domain-specific literacy.
The second study, titled “Professional financial help-seeking as a preventive coping mechanism,” investigates help-seeking in financial decision making. It argues that professional financial help-seeking as a preventive coping strategy can be durable because it can prevent acute financial problems and produce more durable decision makers.
The third study, titled “The importance of decision fatigue in financial decision making,” examines decision fatigue (i.e., impaired ability to make decisions that results from repeated decision making), a phenomenon that should be experienced less by durable decision makers. It shows that decision fatigue is a complex and consequential phenomenon that is difficult to avoid even for seemingly ideal decision makers and presents financial decision-making ability as a durable decision resource against it.
Overall, this dissertation adopts a consumer-centric perspective by shifting the focus from the single-decision context to the individual consumer’s eyes to consider the entire decision-making process. The insights from these studies can inform public policy, marketing, and consumer education in promoting durable decision-making and creating a safer decision environment by considering the longevity and dynamicity of the decision-making process.