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Chinese Journal of Management Science ›› 2019, Vol. 27 ›› Issue (11): 176-188.doi: 10.16381/j.cnki.issn1003-207x.2019.11.018

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The Herding Effect of Consumption Decision of Experience Products and Mechanism Explanation -An Empirical Interpretation of Consumer Behavior in Film Industry

HAO Xiao-ling1,2, CHEN Xiao-meng3   

  1. 1. School of information management and engineering, Shanghai University of Finance and Economics, Shanghai 200433, China;
    2. Shanghai Key Laboratory of financial information technology, Shanghai 200433, China;
    3. SC Johnson College of Business, Cornell University, U.S.A
  • Received:2018-03-11 Revised:2018-06-19 Online:2019-11-20 Published:2019-11-28

Abstract: Consumers shopping experiential products in the Internet environment rely more on online information. It is of practical significance to understand consumer's decision-making psychology under the influence of social media so as to study consumer decision making behavior of experiential products. In this paper, the film industry is taken as an example to explore the experience of the herding effect of the product and to explain its internal mechanism.
Aiming at two kinds of phenomena——the movie industry's box office deviation and the consumer follow the trends, the herding effect of the experience products is explored, and its intrinsic mechanism is explained. In this paper, the film's box office data are gotten from Entgroup.com and basic information as well as review data are gotten from Douban.com, and consumer herd behavior and its impact on the film box office are analyzed. First, by examining the impact of the first week's average box office on the box office after the first week of the film, the existence of the herding effect is tested. Then the generation mechanism of herding effect, and differentiates between rational and non-rational herding are studied, and the moderating effect of film characteristics on herding effect is tested. Finally, the mechanism of rational herding and the influence of the surprises on the film box office decline are explained, which shows the process of rational herding realized by adjusting the surprise.
It is found that:under the control of endogeneity such as quality, herding consumers still exist; the product quality characteristics plays a role of regulating the herding effect, forming a rational follow; the process that consumer achieve the rational process can be interpreted with surprise model. The research conclusion has practical significance for the macro policy formulation of the film industry and reasonable marketing promotion of experience products.

Key words: experience products, herding behavior, rational herding, film box office, surprise theory

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