Measurements Collection

Measurements collection
Category Measurement Notes

Confidence - Accuracy Decision accuracy-correctness of the decision choices as judged by the panel
Confidence in
decision making - ‘How confident are you in the accuracy of your estimation'
(7-point scale anchored on 1 "not at all confident" and 7 "very confident"?’ A similar scale was employed in the studies by Friedlander and
Stockman (1983), Friedlander and Phillips (1984), and Richards and Wierzbicki (1990).
- 'I am confident in deciding what type of bathing to offer to a patient'
- Participants were asked which speaker they chose and their confidence in their decision on a 7-point scale (1= Not at all confident, 7 = Extremely
confident)
PhD Thesis
- Considering the situation, I am confident that I made the right decision.
A* Marketing Science
- How confident are you that the product you just purchased is really the best choice for you? (nine-point rating scale.)
1.Consumer self‐confidence: refinements in conceptualization and measurement
CONSUMER SELF-CONFIDENCE SCALE ITEMS
Factor item Factor loading
Information Acquisition (IA):
I know where to find the information I need prior to making a purchase
I know where to look to find the product information I need
I am confident in my ability to research important purchases
I know the right questions to ask when shopping
I have the skills required to obtain needed information before making important purchases
Consideration-Set Formation (CSF):
I am confident in my ability to recognize a brand worth considering
I can tell which brands meet my expectations
I trust my own judgment when deciding which brands to consider
I know which stores to shop
I can focus easily on a few good brands when making a decision
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Personal Outcomes Decision Making (PO):
I often have doubts about the purchase decisions I make .
I frequently agonize over what to buy .
I often wonder if I've made the right purchase selection .
I never seem to buy the right thing for me .
Too often the things I buy are not satisfying .
Social Outcomes Decision Making (SO):
My friends are impressed with my ability to make satisfying purchases .
I impress people with the purchases I make .
My neighbors admire my decorating ability .
I have the ability to give good presents .
I get compliments from others on my purchase decisions .
Persuasion Knowledge (PK):
I know wfien an offer is '1oo good to be true" .
I can tell when an offer has strings attached .
I have no trouble understanding the bargaining tactics used by salespersons .
I know when a marketer is pressuring me to buy
I can see through sales gimmicks used to get consumers to buy .
I can separate fact from fantasy in advertising
Marketplace Interfaces (Ml):
I am afraid to "ask to speak to the manager" .
I don't like to tell a salesperson something is wrong in the store .
I have a hard time saying no to a salesperson
I am too timid when problems arise while shopping .
I am hesitant to complain when shopping
NOTE: The factor loadings based on the six-factor correlated model from the confirmatory factor analysis of the data from study 3 are shown
to the right of each item.
2. The relationship between critical thinking and confidence in decision making
The 'Confidence in decision-making scale' measures perception of confidence in decision-making. It was pilot tested to determine its face validity which was
high. It was based on a tool used by Rhodes (1985) which had high reliability reported in Rhodes study. The statements in the tool had a Likert scale with a
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score'of 5 indicating high confidence and 0 indicating no confidence.
Example of the items on the tool are:
'I am confident in deciding what type of bathing to offer to a patient'
'I am confident in advising patients on healthy lifestyles'
'I am confident in prescribing topical pressure area sore treatment'
Confidence in price estimates was measured by asking the subjects to report their level of confidence for each price estimate (Not confident at all = 1;
Extremely confident = 7).
Subjects were then asked to ". . . indicate on the second scale the level of confidence you have in your answer to the first part."
Extremely low Confidence -------------- Extremely high Confidence
All participants completed 30 two-alternative items on general financial knowledge. In the control condition of the experiment, each participant chose an
alternative and then reported a probability in (.5,1) that his/her choice was correct. Probabilities were bounded from below at .5 because, if the judge reports a
probability less than .5, then she should have chosen the other alternative.
Self-assessed Financial Confidence

Four questions were asked of respondents regarding their own assessment of their financial skills and knowledge. Respondents were asked to agree or
disagree with a statement according to a 7-point Likert-type scale with 1 indicating “Strongly Disagree,” 4 indicating “Neither Agree nor Disagree,” and 7
indicating “Strongly Agree.” Answers of “Don’t Know” or refusals were recoded to 0 values. This occurred with less than 0.5% of respondents. The four
questions read as follows:
• “I am good at dealing with day-to-day financial matters such as checking accounts, credit and debit cards, and tracking expenses.”
• “I am pretty good at math.”
• “I regularly keep up with economic and financial news.”
• “On a scale from 1 to 7, where 1 means very low and 7 means very high, how would you assess your overall financial knowledge?”
Confidence in
knowledge Financial self-efficacy was measured using a single item (Xiao et al., 2011). Respondents were asked:
‘‘How confident do you feel about your ability to manage your own finances?’’
Responses were calibrated on a 5-point scale ranging from 1 (not sure at all) to 5 (very sure).
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Confidence in one’s knowledge can also be expressed with respect to sequences of answers or events, such as “How many of the last 50 questions
do you think you answered correctly?”
Knowledge of climate state was assessed by 8 statements. For each statement, there was one box for true and one for false to be checked by the
participants. Confidence was assessed on a six-point rating scale with verbally defined alternatives: from (1) very uncertain to (6) very certain.
Knowledge True False 1 2 3 4 5 6
statements Very uncertain _ _ _ _ _ _ _ _ __ _____ ______ Very certain
A x
B x
General knowledge
- How many of the last 50 questions do you think you answered correctly?
Moreover, it is the first theoretical framework to integrate the two most striking and stable effects that have emerged from confidence studies—the
overconfidence effect and the hard-easy effect—and to specify the conditions under which these effects can be made to appear, disappear,
and even invert. In most recent studies (including our own, reported herein), subjects are asked to choose between two alternatives for each of a series of
general-knowledge questions. Here is a typical example: “Which city has more inhabitants? (a) Hyderabad or (b) Islamabad.” Subjects choose what
they believe to be the correct answer and then are directed to specify their degree of confidence (usually on a 50%–100% scale) that their answer is
indeed correct. After the subjects answer many questions of this sort, the responses are sorted by confidence level, and the relative frequencies of correct
answers in each confidence category are calculated. The
effect occurs when the confidence judgments are larger than the relative frequencies of the correct answers; the hard-easy effect occurs when the degree of
overconfidence increases with the difficulty of the questions, where the difficulty is measured by the percentage of correct answers.
1. Earth equator is around … 000 km long 40 24 36 52 14

2. Solar system consists of ... known planets. 13 8 12 9 17
3. First Tour de France took place in year … 1898 1915 1903 1814 1938
4. Which triple of notes contains C major? A-C-B D-F-A C-D-G F-C-D C-E-G
5. Ludwig van Beethoven wrote ... symphonies 15 9 41 13 104
6. Electric frequency in central Europe is … Hz 220 110 50 66 85
7. Human cell consists of ... chromosomes. 32 58 46 38 23
8. Human body has ... sense organs. 4 5 6 7 8
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9. Sum of angles in a triangle is … degrees 360 380 60 90 180
10. „Lord of the Ring“ is based on a book by ... Tolkien Tolstoy Trotzki Thomas Trevier
Table 1: Multiple-choice general knowledge questions used in the experiment (with correct answers in bold type)
An example of the questions and choices is as follows: “What is ‘physiological zero’? (A) The minimal temperature at which an organism can stand
according to its physiological structure; (B) a neutral point in the perception of heat and cold” (the correct answer). The correct information group was then
provided with the following additional information: “Physiological zero is usually taken to be the skin’s temperature.” The misleading information group was
provided with the following additional information: “The physiological zero is usually measured under extreme temperature.” The easy and difficult
questions were presented in a random order, as was the position of the correct choices.
OVERCONFIDENCE MEASUREMENT
Question 7 Probability That My Chosen Answer is Correct (50–100%): % (yates 1997)
Bias =f-2d¯ ,
2011, fleisig
After making each choice, participants were requested to rate how certain they were of having chosen the correct answer, by indicating a percentage between
50 and 100;
Dicision making Decision quality

success Decision quality is measured using both objective and subjective indicators
Difficulty of tasks Difficul
The overconfidence effect occurs when the confidence judgments are larger than the relative frequencies of the correct answers; the hard-easy effect occurs ty of
when the degree of overconfidence increases with the difficulty of the questions, where the difficulty is measured by the percentage of correct answers. tasks
Familiarity- Brand
1. The brand gives me a feeling of goodwill.
2. I am always aware of the brand on the web.
3. The site has a good reputation.
4. Navigation at the site makes me feel comfortable.
Familiarity- Market
1. Average number of years of experience in market
Familiarity- product
The familiarity measures were elicited for cars from each of the three countries separately. The responses were in the form of bipolar adjective items
("low" to "high") on a scale from zero to ten. The specific question asked was:
In general, how much familiarity do you believe you have with: USA autos, German autos, Japanese autos? (These scales were then averaged
to obtain an overall familiarity measure)
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A pilot study was first conducted in order to select two product classes that differed in terms of product familiarity for the subjects, but which were
essentially similar in other respects. In the pilot study, 24 product classes were included. Questions were asked about subjects’ frequency of use,
overall familiarity, and knowledge of how to select the best brand. Based on the results, shampoo and floor wax were selected as being representative
of a familiar and an unfamiliar product, respectively. Seventy-two subjects participated in the main study. Thirty six subjects responded to questions on
shampoo and 36 subjects responded to questions on floor wax.
Product familiarity has been used as a representation of consumer knowledge most often, and bas been operationalized using both an objective
perspective (i.e., amount of knowledge possessed) and a subjective approach (i.e., self-reports of product knowledge) (see Park & Lessig, 1981).
To investigate the moderating effects of product familiarity on consumers’ beef quality perception process, participants were asked:
Whether they had ever purchased or consumed beefsteaks from the strip loin muscle (Bredahl, 2003; Park & Lessig, 1981).
Those who responded negatively to these conditions represented the low-familiarity consumer group, whereas participants who had bought and
consumed such steaks became the high-familiarity consumer group.
We adapted the measure of product familiarity from Coupey, Irwin, and Payne (1998). It consists of two nine point scaled questions (1: not at all familiar, 9:
very familiar):
- “Are you familiar with CD players”
- “Are you familiar with the product features of CD players”
Familiarity can be defined in terms of knowledge about which features are important in selecting a brand of the
product. There are two ways of measuring familiarity:
a) how much a person knows about the product and
b) how much a person thinks s/he knows about the product (Lessig and Park, 1981).
Familiarity was measured on 5-point Likert scales with “Very Unfamiliar" =1 and “Very Familiar" =5 by asking subjects to indicate “How familiar are
you with processed (packaged) __ (product)?"
Questions in the product familiarity section asked the participants to rate ‘how much familiarity do you believe you have with a mobile phone?’ in terms
of its
(1) function,
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(2) price,
(3) buying experience and
(4) information sources on a 1 to 7 scale. The higher the score, the higher the subject’s familiarity.
Information 1.Antecedents of customer satisfaction with online banking in China: The effects of experience
accessibility Information content (adapted from and Aladwani and Palvia (2002) and Yoon and Kim (2009) studies
 The information content of this online banking application is useful.
 This online banking application provides relevant information content.
 This online banking application provides current information content.
Knowledge 1.Factors influencing the likelihood of customer defection: The role of consumer knowledge
Objective knowledge
Consistent with Brucks (1985) and Park et al. (1994), level of objective knowledge about alternatives was measured as the number of correct responses to 13
questions asked about features in the various health plans offered for the current year.2Respondents were asked to answer “Y,” “N,” or “?” to indicate
whether each plan offered a particular feature. Please rate how well you understand the coverage provided by each of the following health plans.
Subjective knowledge
Subjective knowledge was measured by a single item that asked respondents to assess “how well do you understand the coverage provided” for each of the
health plans (1 = well, 7 = not well). Level of subjective knowledge about alternatives was operationalized as the sum of subjective knowledge scores for the
three plans to which the respondent was not a subscriber.
2.Subjective and objective knowledge as determinants of organic vegetables consumption
Subjective knowledge about organic vegetables was measured by three items:
(1) ‘‘Compared with an average person I know a lot about organic vegetables”;
(2) ‘‘I know a lot about how to evaluate the quality of organic vegetables”; and
(3) ‘‘People who know me, consider me as an expert in the field of organic vegetables”
to be answered on a 7-point Likert scale ranging from ‘‘totally disagree” (1) to ‘‘totally agree” (7) This measure is consistent with measures used in previous
studies (Brucks, 1985; Park et al., 1994; Pieniak, Verbeke, Scholderer, Brunsø, & Olsen, 2007). Following internal reliability check, the construct ‘‘subjective
knowledge” was computed as the average across the three items in the scale.
Consumer’s level of objective knowledge was measured by four statements that are either true or false. We assumed that these four statements should
be common knowledge among at least half of the population.
One of the statements was true, namely: ‘‘Organic farmers may use synthetic pesticides”.
The three other statements were false:
‘‘Organic farmers may use synthetic fertilisers”;
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‘‘Organic farmers may use genetically modified seeds” and
‘‘Organic vegetables may be irradiated to improve conservation”.
For the four statements, a ‘‘true”/‘‘false” scale was used (Park et al., 1994). We opted for not including a ‘‘don’t know” answer, which forced respondents to
think and make up their mind about the proposed statements. The final objective knowledge measure was computed as the total number of correct responses,
thus ranging from 0 to 4.
3.The impact of product knowledge on consumer product memory and evaluation in the competitive ad context: The item-specific
relational perspective
Objective knowledge, it seems, reflects stored product information and is a more influential determinant of product memory and evaluation than subjective
knowledge (Park, Mothersbaugh, & Feick, 1994). Given these theoretical arguments, consumer product knowledge was assessed by measuring the objective
knowledge in this study. For this purpose, 13 multiplechoice questions were developed
4.The relationship between product involvement and product knowledge: Moderating roles of product type and product knowledge type
Subjective Knowledge: Computers and Blue Jeans

The objective of this questionnaire is to survey your evaluation of your own knowledge of computers. Please mark a number that indicates your
best judgment regarding the following items.
1. Compared to other students, how familiar do you think you are with computers? not at all familiar 1 2 3 4 5 very familiar
2. Do you know precisely what attributes of a computer decide the function of the computer? entirely don’t know 1 2 3 4 5 know very precisely
3. Do you think you can make a satisfactory purchase of a computer based on only your own knowledge, without another person’s help? absolutely not 1 2 3
4 5 absolutely yes
Objective Knowledge—Computers
The purpose of this questionnaire is to examine your knowledge of computers objectively. Please choose the right answer. If you do not know the right
answer, please choose (e).
5.Differential effects of subjective knowledge, objective knowledge, and usage experience on decision making: An exploratory investigation
Usage Experience
Subjects rated their frequency of use of the VCR for both recording and playing tapes. Seven-point scales ranging from don't use (I) to use over 16 times per
month (7) were used. The total score for these two frequency items (range from 0 to 12) was taken as the measure of usage experience. Because both usage
experience and subjective knowledge were measured with self-report scales, it was necessary to ensure that the two measures were not representing a single
latent construct. An exploratory factor analysis was used after combining the six subjective knowledge variables with the two usage experience variables.
This analysis revealed two separate factors (using the eigenvalue greater than 1 criterion); the six subjective knowledge variables loaded on the first factor,
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and the two usage experience variables loaded on the second factor.
6.The impact of knowledge types on the consumer search process: An investigation in the context of credence services
Customers will be asked three questions
- Rated their knowledge about Chinese medicine compared to average person
- Their confidence
- Their perceived risk
Objective knowledge
- 30 items was developed that reflected important content within Chinese medicine
7. Who Is in Control? The Role of Self‐Perception, Knowledge, and Income in Explaining Consumer Financial Behavior
There are three distinct but related ways in which consumer knowledge is conceptualized and measured: objective knowledge, subjective knowledge, and
experience (Flynn and Goldsmith 1999). Here our financial knowledge construct is a multiple-item scale that measures an individual’s self-assessed ratings of
knowledge about financial matters related to borrowing and investing. Scores on this scale are a summation of the ratings on each of the five scale items. This
subjective measure of financial knowledge is significantly and positively correlated (r ¼ .3570; p , .0001), with an objective measure of financial knowledge
also collected in this questionnaire (Perry and Ards 2002).
How much do you know about the following? Nothing Very little Some amount a fair A lot
a. Interest rates, finance charges, and credit terms
b. Credit ratings and credit files.............................
c. Managing finances .............................................
d. Investing money.................................................
e. What is on your credit report.............................
8. Does Customer Knowledge Affect How Loyalty Is Formed?
The sample was divided into two groups based on knowledge. Because of concerns that participants might be reluctant to admit their ignorance on the
subjective knowledge scales, we decided to base knowledge classification on both subjective and objective knowledge (see
Park, Mothersbaugh, and Feick 1994).
Subjecti ve knowledge was measured on 5-point scales (strongly agree to strongly disagree) on the following items:
(a) Compared to the average person, my knowledge about mutual funds is very extensive;
(b) compared to the average person, I know more about how to purchase mutual funds;
(c) I have accessed different aspects of mutual fund information; and
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(d) I completely understand mutual funds.
Objective knowledge was measured as follows (choices were yes, no, don’t know):
(a) Open-end mutual funds must be traded in the stock market,
(b) mutual fund firms are the same as security investment consulting firms,
(c) closeend mutual funds have discount risk,
(d) mutual fund investors are not shareholders of mutual fund firms, and
(e)the prospectus of a mutual fund describes the investment scope and limits.
Consumer knowledge assessment
Objective Knowledge Questions 1. Fingerprint immunity indicates that7 1. The disc will not be damaged by oily finger-prints X. The laser will still be able to
read information from the disc without a deterioration in sound quality 3. All of the above 4. None of the above 5. Don't know 2. All CD players have the
random shuffle feature. 1. True X. False 3. Don't know 3. The carousel-typec hangerw as one of the firstt ypes of changers offered in a CD player. 1. True X.
False 3. Don't know 4. As the price of CD players increases, which of the following is true? 1. The quality of sound increases 2. The level of distortion at very
high and very low volumes decreases 3. Both are true X. Neither are true 5. Don't know5. CD players with a dual D/A converter have signif-icantly better
sound than CD players without the converter. 1. True X. False 3. Don't know 6. How should fingerprints be wiped off of discs? 1. In a circular fashion X.
From the center of the disc outward 3. Either is OK 4. Don't know 7. Four times oversampling results in a significant improvement in sound quality compared
to two times oversampling. 1. True X. False 3. Don't know 8. Changer models 1. Allow the user to jump from song to song 2. Allow the user to change the
order in which songs on a disc are played X. Allow for hours of uninterrupted music 4. Don't know 9. The biggest difference between different models of CD
players is 1. The internal mechanism that produces the sounds X. The number and type of options available 3. Both are true 4. Don't know 10. Changer
capacity does not vary from model to model. 1. True X. False 3. Don't know
Knowledge I. Credit cards
-Objective 1. :
The owner of a credit card that is lost or stolen is legally responsible for
a. any unauthorized charges
b. any unauthorized charges until the loss or theft is reported
c. only the first $50 of any unauthorized charges
d. no unauthorized charges
2.
Which of the following loans is likely to carry the highest interest rate?
a. A car loan
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b. A home equity loan
c. A credit card loan
d. A student loan
e. Don’t know
4.
Which of the following credit card users is likely to pay the GREATEST dollar amount in finance charges per year, if they all charge
the same amount per year on their cards?
a. Someone who always pays off their credit card bill in full shortly after it is received
b. Someone who only pays the minimum amount each month (%)
c. Someone who pays at least the minimum amount each month, and more when they have more money
d. Someone who generally pays their card of in full, but occasionally will pay the minimum when they are short on cash
e. Don’t know
5.
Please indicate the following statements are true or false. True False
The finance charge on your credit card statement is what you pay to use credit
Using extra money in a bank savings account to pay off high interest rate credit card debt is a
good idea
Your credit rating is not affected by how much you charge on your credit cards
If your credit card is stolen and someone uses it before you report it missing, you are only
responsible for $50, no matter how much they charge on it
6.
II. Bank account
1.
Suppose you had $1,000 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in
the account if you left the money to grow?
$1,100 Another amount of money
2.
If you have a savings account at a bank, you may have to pay taxes on the interest you earn
If you buy certificates of deposit, savings bonds, or Treasury bills, you can earn higher
returns than on a savings account, with little or no added risk
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With compound interest, you earn interest on your interest, as well as on your principal
3.
Let’s say you have 200 dollars in a savings account. The account earns 10 percent interest per year. How much would you have in the
account at the end of two years.
III. Mortgage
1.
15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the
loan will be less?
True Fail Don’t know
2.
Which of the following types of investment would best protect the purchasing power of a family’s savings in the event of a sudden
increase in inflation?
a. A twenty-five year corporate bond
b. A house financed with a fixed-rate mortgage
c. A 10-year bond issued by a corporation
d. A certificate of deposit at a bank
e. Don’t know
3.
When you use your home as collateral for a loan, there is no chance of losing your home
If the interest rate on an adjustable-rate mortgage loan goes up, your monthly mortgage
payments will also go up
Repeatedly refinancing your home mortgage over a short period of time results in added fees
and points that further increase your debt
IV. Superannuation
1.
Please choose Yes or No for the following statements: Yes No
Superannuation is safe because it is guaranteed
If I make voluntary contributions into my super fund, I can withdraw that money if I need it
Superannuation trustees must distribute member funds according to their will in the case of death
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Providing you can prove you have retired, you can access all of your superannuation regardless of age
(The correct answer for each of these statements is “no”)
2.
Please indicate the following statements are true or false. Tru Fals
e e
The earlier you start saving for retirement, the more money you will have because the effects of
compounding interest increase over time
Employers are responsible for providing the majority of funds that you will need for retirement
3.
Please choose Yes or No for the following statements: Yes No
Superannuation is taxed at a lower rate than other investments.
Employers are obliged to make contributions on behalf of employees.
Employees can make superannuation payments additional to any payments made by their employer
Percentage of an employee's salary an employer is required to make on behalf of an employee
Government will not make up gap from not planning for retirement
V. Car insurance
1.
Which of the following is NOT a good way to lower the costs of your automobile insurance?
a. property damage liability
b. collision coverage
c. comprehensive automobile insurance
d. uninsured motorist
2.
If you have an insurance and you are late with your payments or do not pay, the insurance does not help you when you have a problem
Yes No Don’t know
3.
If you have an insurance, you need to contact your insurer if something happens that is covered by the insurance
Yes No Don’t know
4.
Auto insurance companies determine your premium based on
a. Age of insured
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b. Record of accidents
c. Type and age of accidents
d. Completion of a driver education
e. All of the above
VI.Health insurance
1.
The main reason to purchase insurance is to
a. After buying health insurance, you are normally covered for pre-existing conditions
b. You have a better chance to choose doctors with a health maintenance organization rather than with a traditional health care insurance
company
c. Most policies contain deductible and coinsurance clauses
d. A policy purchased by the individual is cheaper than one purchased through a group
e. None of the above
2.
Assuming that you have a private health insurance, please answer the following questions: Yes No Don’t know
Would this plan cover any part of the hospital charges if someone had to go to hospital?
Would this plan cover any part of surgical expense if someone had to have an operation?
Would this plan cover any part of a doctor’s bills for office visits or home calls?
Would this plan cover any charges for prescribed medicines taken outside the hospital?
Would this plan cover any charges for dental care, outside of hospital?
3.
Which of the following best describes a Deductible?
a. An amount deducted from your pay check to pay for your insurance premium
b. The amount deducted (covered) out of your total yearly medical expenses
c. The amount you pay before your insurance company pays benefits
d. The amount you pay before your health expenses are covered in full
e. I’m not sure
4.
Your (in network) primary care doctor charges $80 for anoffice visit. How much will it cost you to visit your doctor if you are sick?
a. Nothing (free)
b. $30
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c. $40
d. $55
e. $80
f. $150
g. I’m not sure
5.
Suppose there was a new insurance product that had nodeductibles, and only fixed (copay) fees for different services. The plan still covers
preventive services for free. Assuming that in the end you paid about the same total amount for medical care, would you prefer the plan you have been
working with in this survey, or this new plan?
a. Strongly prefer existing plan
b. Prefer existing plan
c. No preference between them
d. Prefer new (copay only) plan
e. Strongly prefer new (copay only) plan
Knowledge- IV. Measurements of
Subjective 1. Capraro et al., 2003)
Please rate how well you understand the coverage provided by each of 1 2 3 4 5
the following financial services. Not well_ _ _ Very well
a. Bank accounts
b. Mortgage
c. Credit cards
d. Car insurances
e. Health insurances
f. Superannuation
g. Other (please specify)……
2. (Perry and Morris, 2005)

1 2 3 4 5
How much do you know about the following? Not well_ _ _ Very well
b. Credit ratings and credit files
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c. Managing finances
d. What is on your credit report
3.
a. Compared to the average person, my knowledge about financial services is very extensive;
b. Compared to the average person, I know more about how to use financial services
c. I have accessed different aspects of financial service information;
d. I completely understand financial services
4.
a. Among my circle of friends, I am one of the experts on financial knowledge
b. I know pretty much everything about on financial knowledge
c. I do not feel very knowledgeable about on financial knowledge
d. Compared to most other people, I know less about on financial knowledge
e. When it comes to on financial knowledge, I really don’t know a lot
5.
Subjective financial knowledge (Shim et al., 2010) was measured using a single item. Respondents were asked, ‘‘How would you rate your overall
understanding of personal-finance and money management concepts and practices?’’ Responses were based on a 5-point scale ranging from 1 (very
low) to 5 (very high).
6. Subjective Knowledge.
- "Rate your knowledge of sewing machines, as compared to the average woman."
- "Circle one of the numbers below to describe your familiarity with sewing machines." The anchors for this scale were "Not at all
familiar" and "Extremely familiar."
7. Subjective Knowledge Items (ADAPTED FROM BRUCKS 1985)
- Rate your knowledge of nutrition information compared to the average consumer.
(Seven-point scale, 1 is much less, 4 is average, and 7 is much more.)
- Rate your confidence in using nutrition information compared to the average consumer. (Same scale.)
- I feel confident about my ability to comprehend nutrition information on product labels. (Seven-point scale, 1 is disagree and 7 is agree.)
8.
Subjective Knowledge Items
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1. I know pretty much about fashion clothing.
2. I know how to judge the quality of an article of clothing.
3. I think I know enough about fashionable clothing to feel pretty
2. I do not feel very knowledgeable about fashions. (reverse scored)
3. Among my circle of friends, I’m one of the “experts” on fashion
4 Compared to most other people, I know less about fashion clothing.
5. I have heard of most of the new fashions that are around.
6. When it comes to fashion, I really don’t know a lot. (reverse scored)
7. I can tell if a fashion item is worth the price or not.
Overconfidence
Experiments 1:
120 two-choice questions that would “vary in difficulty from obvious to obscure, with most somewhere in between.” The following example was given:
“Who is older, (A) Bill Clinton or (B) Madonna?”
Thus, two-choice questions require a comparison of two items. Please feel free to use any number between 50 and 100 to indicate what you think the
chance is that your answer is right. Numbers less than 50 are not allowed, because if you think there’s LESS than a 50/50 chance your answer is
right, you ought to choose the other answer!
Experiments 2:
Procedure. This study used the same procedures as in Experiment 1, except that participants were asked single-item questions for which they were to
provide 90% confidence ranges. A total of 480 questions of this kind were prepared. The concept of a 90% range was explained as follows:
You will be asked 150 questions for which you are to make an estimate of some number, like “How old is Madonna?” However, instead of estimating an
exact number, we ask that you give a range, such that you think there is a 90% chance that the correct answer lies somewhere in the range. In other
words, give a range such that you would expect to be wrong only about one out of ten times. (Answers that hit your high or low number exactly will be
counted as correct.) . . . Type in your range by typing
NUMBER ^Enter&
indicating that you think there is a 90% chance the right answer is between one number and the other. It doesn’t matter if you give the lower number first or
the higher number. Participants were reminded of the intended criterion for the range with each question because the request for responses said “90% sure the
answer is between this .[then, on the next line, following the first response] and this ..” Participants were also told how to change their responses once entered,
but were not permitted to return to earlier questions.
Mean confidence, proportion correct, and over/underconjidence
17
Mean confidence is simply the average of the assigned probabilities across all knowledge items. Proportion correct equals the number of correct answers
divided by the total number of items, and corresponds to what we refer to as ‘accuracy.’ Over/underconfidence is equal to mean confidence minus proportion
correct, and indicates the average amount by which judges are over- or underconfident across items. Overhnderconfidence is one measure of the
‘appropriateness’ of confidence assessments.
Knowledge Items
Sources for the knowledge items were the New York Times, the Washington Post, and weekly news magazines including Newsweek, U.S. News and World
Report, and Time. From these sources, we generated 37 factual statements about DukakidBentson and 34 factual statements about Bush/Quayle. The
correctness of each statement was validated against one or more additional sources. Although most of the statements dealt with the candidates’ stances on
important issues, several items pertaining to each candidate’s experience and voting record were also included. For each of the 71 statements, a coin was
flipped to determine whether the statement would remain
true or be reworded so that it would be false (e.g., by changing the word ‘supports’ to ‘opposes’ or vice versa). Each true-false item dealt specifically with one
of the candidates or his running mate. This procedure resulted in 29 statements about Dukakis, 8 about Bentsen, 26 about Bush, and 8 about Quayle.
‘You will now answer 50 true/false items. After each item, you will be asked to indicate the probability that your answer is correct by circling one
number between .50 (a 50% chance of being correct) and 1.0 (a 100% chance of being correct). Note that you will always have at least a 50% chance
of guessing correctly because there are only two options.’ The respondents then began answering the items . An example of the item format is given in
Exhibit 1.
Bush served as US. ambassador to the United Nations.
A. This statement is: true false
B. The probability that my previous answer is correct is (circle one number):
0.5 0.6 0.7 0.8 0.9 1.00
C. The information in this item (circle one letter):
(a) is one reason I intend to vote for this candidate.
(b) is one reason I do not intend to vote for this candidate.
(c) has no effect on my voting intention.*
Expressing the Accuracy of Confidence Judgments

Confidence bias is one of several robust research findings associated with the confidence paradigm. The term refers to a systematic error of judgment made
by individuals when they assess the correctness of their responses to questions relating to intellectual or perceptual problems. One obtains a person’s self-
assessment of the accuracy of his or her response simply by asking for a rating of confidence, on a percentage scale. Typically, confidence ratings are
grouped into discrete categories; for example, 66–75% would be the 70% category, and 76–85% the 80% category, and so on
18
Hello! The next 12 questions will ask you to estimate the invoice price of different sedan-type automobiles (that is, the price the manufacturer charges the
dealer.) We have randomly selected 12 out of the 67 sedans reviewed in Consumer Reports. Though we do not tell you the makes of the sedans, we give you
some statistics about the year 2000 models, along with the low, high, and average for all 67 reviewed sedans. This information was drawn from the statistics
available on the Consumer Reports website. These may not necessarily be the most useful statistics for making your estimates. Please hit “PAGE DOWN” to
begin.
On each of the next 12 pages, an estimate in that domain was requested. Figure 2 provides an example. Gray boxes represented missing information. The cell
marked “Dictionary” provided definitions for the criterion and each of the cues and also the mean and range of the criterion value (i.e., in Figure 2, for the full
list of sedans from Consumer Reports).2 Figure 2 shows a screen from the range condition. Participants used the keyboard to enter numbers in each of the two
outlined cells in the “between and ” line. The display in the two-point condition was the same, except that instead of completing the sentence “I’m 80%
sure . . . ,” there were two response lines that said, “I’m 90% sure that the invoice price of this car is at least [box]” and “I’m 90% sure that the invoice price
of this car is at
most [box].” Participants could change their responses prior to going on to the next question but could not return to previously entered estimates. After that,
participants were presented with the next domain via the same procedure. After completing 50 questions from four domains, participants were asked,
“Out of all 50 questions you answered, for how many of the 50 questions do you think the correct answer will turn out to be within the interval you
gave?”
At the beginning of the experiment participants were told the purpose of the study was to understand their strategies to predict the outcomes of college
football games. Subsequently, instructions and stimuli were presented by computer. For each game, 30 football statistics for the paired teams were presented
in a box table that resembled the display format of football statistics on ESPN and most popular sports web sites. Participants were given a block
of six cues at a time; hence, there were five blocks per game. Information from previous blocks stayed on the screen when a new block of six cues were
presented. After the presentation of each new block of six cues, participants were asked to pick the winner and assess their confidence by indicating
the chance that their choice was correct, ranging from 50% to 100%. Then they were asked to estimate the point spread and indicate their
confidence by giving the upper and lower bound of a 90% confidence interval. They repeated this process until they received all 30 cues. After
participants had received all 30 cues and had made their final estimates, they started over with another game. They continued this process until they
completed the prediction tasks for all 16 games.
Half-range format
Does the population of Thailand exceed 25 million?
1.Yes/No
19
2.How confident are you that your answer is correct? 0.5 0.6 0.7 0.8 0.9 1.0
Guessing Certain
Full-range format
The population of Thailand exceeds 25 million.
1.What is the probability that this proposition is correct? 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0
Certainly false Certainly true
Interval production format
Give the smallest interval which you are X % certain to include the population of Thailand.
Between _____ and _____ million inhabitants.
They did this by ringing a number on an 11-point rating

scale from 0% (No confidence) to 100% (Total confidence), using 10 percent intervals (see Appendix J). The probability
test, which was based on the questions asked by Blackmore and Troscianko (1985), consisted of five probability
questions; four with multiple choice answers, and a task involving the generation of a list of 20 random numbers using the
numbers 1 to 5.
After every test item was a

scale, marked from either 20% (multiple-choice items) or 0% (open-ended items)
to 100% (both formats), in 10% intervals. Participants were told that just guessing
was indicated by 0% (for the open-ended questions) and by 20% (for the multiple-
choice items), and that a confidence rating of 100% indicated that one was
absolutely sure that the correct response had been chosen.
Retention 1.Determinants of customer satisfaction in retail banking
 If people asked me, I would strongly recommend that they deal with my bank
 Things happen at my bank that make me want to switch my accounts elsewhere
2.Factors influencing customer satisfaction in the retail banking sector in Pakistan
 If anyone asked me, I would strongly recommend him/her to deal with my Women Bank
3.Customer retention and cross-buying in the banking industry: An integration of service attributes, satisfaction and trust
Customer retention items were based on Morgan and Hunt.
 What do you think are the chances of you totally maintaining this relationship:
 Within the next six months?
 Within the next one year?
 Within the next two years?
20
4.Understanding factors affecting trust in and satisfaction with mobile banking in Korea: A modified DeLone and McLean’ model perspective
Loyalty Adapted from Algesheimer et al. (2005), Teo et al. (2003). WOM Adapted from Dolen et al. (2007), Maxham III (2001)
Loyalty
 I have the intention to continue my relationship with this website
 Based on my experience, I am very likely continue my relationship with this website in the next months
Positive WOM
 I will recommend this website to other customers
 I will point out the positive aspects of this website if anybody criticize it
5.The impact of perceived value dimension on satisfaction and behavior intention: Young-adult consumers in banking industry
Behavior intention scale consists of six items, was developed by Zeithaml (1988).Later his scales were adapted by Gill (2007) and Maxham and Netemeyer
(2002), Sirohi et al. (1998) and (2008). All the scales were developed to measure customer behavior intention in retail banking industry and considered as
relatively high reliable. All the items in both section use the 7 point Likert scale ranging from strongly disagree (1) to strongly agree (7)
Satisfaction 1.Determinants of customer satisfaction in retail banking
- Considering everything, I am extremely satisfied with my bank
- My bank always meets my expectations
- The overall quality of the services provided by my bank is excellent
2.Service quality perspectives and satisfaction in private banking
Overall customer satisfaction index
(Notes: These questions followed a nine-point Likert-type format with anchors of extremely satisfied (1) and very dissatisfied (9) and an option for not
applicable. b Items one through six in this set of questions comprise the technical-satisfaction sub-scale and items seven through nine make up the functional-
satisfaction sub-scale.)
How satisfied are you with the individual banking services provided? Please circle the appropriate number.
- Checking accounts.
- Call money accounts.
- Time deposit accounts.
- Investments advisory services.
- Credit facilities.
- Letter of credit collections.
How satisfied are you with the bank's office operations?
- Courtesy of reception staff.
21
- Courtesy of support staff.
- Courtesy of managers.
3.Customer satisfaction and retail banking: an assessment of some of the key antecedents of customer satisfaction in retail banking
Customer satisfaction in retail banking is based on multiple interactions between banks and customers . In this context, customer satisfaction could be
identified as a composite of overall attitudes that customers toward a bank. Following Levesque and McDougall , three frequently used measures of customer
satisfaction including overall service quality, meeting of expectations and satisfaction with service are used in this study:
- After considering everything, I am extremely satisfied with my ADCB ( Abu Dhabi Commercial Bank)
- My ADCB always meets my expectations
- The overall quality of service provided by my ADCB is excellent
4.Retail banking and customer behaviour: a study of self concept, satisfaction and technology usage
After reviewing the literature related to customer satisfaction and brand preference, four frequently used measures of satisfaction:
- After considering everything I am extremely satisfied with X bank.
- The overall service provided by X is excellent
- X always meets my expectations
- If anyone asked me I would strongly recommend him/her to bank with X.
To measure satisfaction, we adapted items from Verhoef et al . 7
- The bank is a good firm to do business with.
- I am satisfied with the competence of employees of the bank
- I am s satisfied with the service quality of the bank.
- I am satisfied with my relationship with the bank.
- In general, I am satisfied with the service offered by the bank.
6.Relational benefits and customer satisfaction in retail banking
With regard to customer satisfaction with the bank, a multiple item scale was developed based on customer satisfaction literature in general (i.e. Westbrook,
1981; Westbrook and Oliver, 1991; Reynolds and Beatty, 1999; Anselmsson, 2006) and the banking sector in particular (i.e. Levesque and McDougall, 1996;
Ndubisi and Wah, 2005). Although some studies had used one statement to measure customer satisfaction, most research in this field had included a multi-
item scale to reflect its real dimensionality. Therefore, retail banking satisfaction was measured with a scale containing 20 seven-point Likert-scale items
ranging from strongly disagree to strongly agree.
According to a review of the literature on this subject (e.g. Oliver, 1980; Westbrook, 1981; Levesque and McDougall, 1996; Lassar et al., 2000; Anselmsson,
2006), the three dimensions derived from the exploratory factor analysis were labeled “Frontline employee satisfaction” (FES), “Accessibility” (A), and
22
“Service policy satisfaction” (SPS).
Frontline employee satisfaction (FES)
- Friendliness and politeness of employee
- Accuracy of employee
- Number of frontline employees available
- Time dedicated to each client
- Individual attention
- Find best options for each client
- The helpfulness of bank employee
Accessibility (A)
- Location
- Not crowded
- Business hours
Service policy (SP)
- Quantity and variety of services
- Additional services
- Service prestige
7.The role of satisfaction and website usability in developing customer loyalty and positive word-of-mouth in the e
banking services
Satisfaction Adapted from Brockman (1998), Servet (2002), Janda et al. (2002), Smith and Barclay (1997)
Satisfaction
1. I think that I made the correct decision to use this website
2. The experience that I have had with this website has been satisfactory
3. In general terms, I am satisfied with the way that this website has carried out transactions
4. In general, I am satisfied with the service I have received from the website
Customer satisfaction - Anderson and Sullivan (1993) and Kohli et al. (2004)
 I strongly recommend mobile banking to others
 I think that I made the correct decision to use mobile banking
23
 I am satisfied with the way that mobile banking has carried out transactions
 I am satisfied with the service I have received from mobile banking
 Overall, I was satisfied with mobile banking
9.Internet service quality and customer satisfaction: Examining internet banking in Greece
Customer satisfaction measurement. This section included self-reported measures to rate the level of customer satisfaction. The three items for this task
measure the level of overall satisfaction, intentions for future use, and willingness to recommend. A fivepoint
Likert-scale is also used here, where the possible answers range from ‘Highly Dissatisfied (1)’ to ‘Highly Satisfied (5)’, for the overall satisfaction item, and
between ‘Very Unlikely (1)’ to ‘Very Likely (5)’ for the remaining two.
10.Antecedents of customer satisfaction with online banking in China: The effects of experience
Customer satisfaction (adapted from Rod, Ashill, Shao, & Carruthers (2009) study)
 I am satisfied with the transaction processing in the online banking application.
 I am satisfied with the services provided by this online banking application.
 On the whole I am satisfied with this online banking application.
Satisfaction scale consists of six items and these items were adapted from Churchill and Surprenant (1982), Olsen and Johnson (2003), Ndubisi (2003).
Seeking behaviour- 1.Preference for consistency: The development of a valid measure and the discovery of surprising behavioral implications
Consistency 2.Loyalty to computer terminals: is it anthropomorphism or consistency?
24
Seeking behaviour 1.When Satisfied Consumers Do Not Return: Variety Seeking's Effect on Short- and Long-Term Intentions
-variety The variety-seeking measure (a _ 0.87) consisted of six items adopted from Van Trijp, Hoyer, and Inman (1996) and Baumgartner and Steenkamp (1996).
Sample items [answered on 7-point Likert scales from“totally disagree” (1) to “totally agree” (7)] are:
“I would rather stick with a brand I usually buy than try something I am not very sure of” and
“When I go to a restaurant, I feel it is safer to order dishes I am familiar with.”
2.Why Switch? Product Category: Level Explanations for True Variety-Seeking Behavior
"I would rather stick with a brand I usually buy than try something I am not very sure of."*
"When I go to a restaurant, I feel it is safer to order dishes I am familiar with."*
"If I like a brand, I rarely switch from it just to try something different."*
"I am very cautious in trying new or different products."*
"Even though certain food products are available in a number of different flavors, I tend to buy the same flavor."*
"I enjoy taking chances in buying unfamiliar brands just to get some variety in my purchases."
Self efficacy
25
Switching cost 1.
Switching costs 1 2 3 4 5
Too much bother in terms of time and efforts
I was concerned about negative financial outcomes
I feel locked in because of the product I have in bank/insurance company
2.
- In general, it would be a hassle changing financial service
- It would take a lot of time and effort changing financial services
- For me, the cost in time, money, and effort to switch banks are high
3. Jones et al. (2000)
If you were thinking of switching what would stop you from switching
1.Why customers stay: measuring the underlying dimensions of services switching costs and managing their differential strategic outcomes Journal
of Business Research
Pre-switching search and evaluation costs
(1) It would take a lot of time and effort to locate a new hairstylist/barber.
(2) If I changed hairstylists/barbers, I would not have to search very much to find a new one.
(3) If I stopped going to my current hairstylist/barber, I would have to search a lot for a new one.
(4) It takes a great deal of time to locate a new hairstylist/barber.
26
(5) If I stopped using my current hairstylist/barber, I would have to call and look around for a new one to use.
Costs of lost performance
(1) This hairstylist/barber provides me with particular privileges I would not receive elsewhere.
(2) By continuing to use the same hairstylist/barber, I receive certain benefits that I would not receive if I switched to a new one.
(3) There are certain benefits I would not retain if I were to switch hairstylists/barbers.
(4) I would lose preferential treatment if changed hairstylists/barbers.
Uncertainty costs
(1) I am not sure what the level of service would be if I switched to a new hairstylist/barber.
(2) If I were to change hairstylists/barbers, the service I might receive at the new place could be worse than the service I now receive.
(3) The service from another hairstylist/barber could be worse that the service I now receive.
Post-switching behavioral and cognitive costs
(1) If I were to switch hairstylists/barbers, I would have to learn how things work at a new one.
(2) I would be unfamiliar with the policies of a new hairstylist/barber.
(3) If I changed hairstylists/barbers, I would have to learn how the ‘‘system works,’’ at a new one.
(4) Changing hairstylist/barbers would mean I would have learned about the policies of a new one.
Sunk costs
(1) A lot of energy, time, and effort have gone into building and maintaining the relationship with this hairstylist/barber.
(2) Overall, I have invested a lot in the relationship with this hairstylist/barber.
(3) All things considered, I have put a lot into previous dealings with this hairstylist/barber.
(4) I have spent a lot of time and money at this hairstylist/barber.
(5) I have not invested much in the relationship with this hairstylist/barber.
Setup costs
(1) If I changed hairstylists/barbers, it would take a lot of time and effort on my part to explain to the new hairstylist/barber what I like and what I want.
(2) If I changed hairstylists/barbers, I would have to explain things to my new hairstylist/barber.
(3) There is not much time and effort involved when you start using a new hairstylist/barber.
2.Measuring switching costs in IT outsourcing services
Uncertainty costs
1. After discontinuing the contract, we were not sure what the level of service would be.
2. After discontinuing the contract, the service we received was worse than the service previously received.
3. Before discontinuing the contract, we felt the service from another outsourcing vendor (in-house developers) could be worse than the service we were
27
receiving at that time.
Post-switching costs
1. I was unfamiliar with the policies of other outsourcing vendors (our in-house development group).
2. Before discontinuing the contract, we felt that switching to a new vendor (backsourcing) would require learning how to do things differently. #
3. After discontinuing the contract, we had to learn how the ‘‘system works’’ with the new vendor (in-house development group).
4. Discontinuing the outsourcing relationship meant we had to learn about the policies of a new application development vendor (our in-house development
group).
Set-up costs
1. After switching to a new vendor (backsourcing), significant time was required to explain our application needs to the new vendor (in-house development
group).
2. After discontinuing the outsourcing contract, we had to explain our processes and systems to the new outsourcing vendor (in-house development group).
3. There was not much time and effort involved in beginning to use the new outsourcing vendor (in-house development group).
Hiring and retraining costs
1. After discontinuing the contract, we found it very difficult to locate and hire a good outsourcing vendor (good IT employees).
2. After discontinuing the contract, the cost of locating, hiring, and training a new outsourcing vendor (new IT employees) was extraordinarily high.
3. After discontinuing the contract, we could not attract a vendor (the people) we considered acceptable to support our applications development and
maintenance.
4. After discontinuing the contract, it took a long time for a new vendor (internal development team) to become productive.
5. After discontinuing the contract, we hired an experienced vendor (experienced people) and had them producing results within a reasonable amount of time.
6. After discontinuing the contract, the total length of time from start to finish to find a new outsourcing vendor (establish a new application development
team) and for them to become productive was extremely long.
System upgrade costs
1. We were able to switch to another vendor (backsource) without a significant investment in resources to create a new management system.
2. Discontinuing the outsourcing contract forced us to invest a good deal in setting up a new management system
3. Switching to another vendor (Backsourcing) required radical changes in thewaywe managed
Lost benefits costs
1. The previous outsourcing vendor provided us with particular privileges we would not receive elsewhere.
2. By continuing to use the previous outsourcing vendor, certain benefits would have been received that would not have been received if the relationship were
terminated.
3. After discontinuing the contract, certain benefits were not retained.
28
4. We lost preferential treatment after we discontinued the outsourcing relationship.
Search and evaluation costs
1. After we discontinued the contract, it took a significant amount of time and effort to locate a new outsourcing vendor (new IT employees).
2. After discontinuing the contract, we had to devote significant resources to finding a new outsourcing vendor (new IT employees).
3. After we discontinued the contract, we had to conduct an extensive search to find new IT employees.
4. Locating a new outsourcing vendor (new IT employees) took a great deal of time.
5. After discontinuing the contract, we had to conduct a search for a new vendor (new IT employees).
Sunk costs
1. Significant time, energy, and effort went into building and maintaining the relationship with our previous outsourcing vendor.
2. Overall, we had a significant investment in the relationship with the previous outsourcing vendor.
3. All things considered, we have devoted significant resources into previous dealings with the previous outsourcing vendor.
4. We have spent significant time and money with the previous outsourcing vendor.
5. We have not invested significant time and money in the relationship with the previous outsourcing vendor.
3.Customer relationship dynamics: service quality and customer loyalty in the context of varying levels of customer expertise and
switching costs
Perceived Switching Costs
1. If I changed firms, it would take a lot of efforts to find a new one
2. If I changed firms, it would take a lot of time and effort on my part to explain to the new financial adviser what I like and what I want
3. If I were to switch firms, 1 would have to learn how things work at the new one
Switching barriers in consumer markets: an investigation of the financial services industry (222cited)
1. Too much bother in terms of time and efforts
2. I was concerned about negative financial outcomes
I feel locked in because of the product I have in bank/insurance company
Variables Measurements
Satisfaction 1.Determinants of customer satisfaction in retail banking
- Considering everything, I am extremely satisfied with my bank
29
- My bank always meets my expectations
- The overall quality of the services provided by my bank is excellent
2.Service quality perspectives and satisfaction in private banking
Overall customer satisfaction index
(Notes: These questions followed a nine-point Likert-type format with anchors of extremely satisfied (1) and very dissatisfied (9) and an option for not applicable. b Items
one through six in this set of questions comprise the technical-satisfaction sub-scale and items seven through nine make up the functional-satisfaction sub-scale.)
How satisfied are you with the individual banking services provided? Please circle the appropriate number.
- Checking accounts.
- Call money accounts.
- Time deposit accounts.
- Investments advisory services.
- Credit facilities.
- Letter of credit collections.
How satisfied are you with the bank's office operations?
- Courtesy of reception staff.
- Courtesy of support staff.
- Courtesy of managers.
3.Customer satisfaction and retail banking: an assessment of some of the key antecedents of customer satisfaction in retail banking
Customer satisfaction in retail banking is based on multiple interactions between banks and customers . In this context, customer satisfaction could be identified as a
composite of overall attitudes that customers toward a bank. Following Levesque and McDougall , three frequently used measures of customer satisfaction including overall
service quality, meeting of expectations and satisfaction with service are used in this study:
- After considering everything, I am extremely satisfied with my ADCB ( Abu Dhabi Commercial Bank)
- My ADCB always meets my expectations
- The overall quality of service provided by my ADCB is excellent
4.Retail banking and customer behaviour: a study of self concept, satisfaction and technology usage
After reviewing the literature related to customer satisfaction and brand preference, four frequently used measures of satisfaction:
- After considering everything I am extremely satisfied with X bank.
- The overall service provided by X is excellent
- X always meets my expectations
- If anyone asked me I would strongly recommend him/her to bank with X.
30
To measure satisfaction, we adapted items from Verhoef et al . 7
- The bank is a good firm to do business with.
- I am satisfied with the competence of employees of the bank
- I am s satisfied with the service quality of the bank.
- I am satisfied with my relationship with the bank.
- In general, I am satisfied with the service offered by the bank.
6.Relational benefits and customer satisfaction in retail banking
With regard to customer satisfaction with the bank, a multiple item scale was developed based on customer satisfaction literature in general (i.e. Westbrook, 1981;
Westbrook and Oliver, 1991; Reynolds and Beatty, 1999; Anselmsson, 2006) and the banking sector in particular (i.e. Levesque and McDougall, 1996; Ndubisi and Wah,
2005). Although some studies had used one statement to measure customer satisfaction, most research in this field had included a multi-item scale to reflect its real
dimensionality. Therefore, retail banking satisfaction was measured with a scale containing 20 seven-point Likert-scale items ranging from strongly disagree to strongly
agree.
According to a review of the literature on this subject (e.g. Oliver, 1980; Westbrook, 1981; Levesque and McDougall, 1996; Lassar et al., 2000; Anselmsson, 2006), the
three dimensions derived from the exploratory factor analysis were labeled “Frontline employee satisfaction” (FES), “Accessibility” (A), and “Service policy satisfaction”
(SPS).
Frontline employee satisfaction (FES)
- Friendliness and politeness of employee
- Accuracy of employee
- Number of frontline employees available
- Time dedicated to each client
- Individual attention
- Find best options for each client
- The helpfulness of bank employee
Accessibility (A)
- Location
- Not crowded
- Business hours
Service policy (SP)
- Quantity and variety of services
31
- Additional services
- Service prestige
7.The role of satisfaction and website usability in developing customer loyalty and positive word-of-mouth in the e
banking services
Satisfaction Adapted from Brockman (1998), Servet (2002), Janda et al. (2002), Smith and Barclay (1997)
Satisfaction
5. I think that I made the correct decision to use this website
6. The experience that I have had with this website has been satisfactory
7. In general terms, I am satisfied with the way that this website has carried out transactions
8. In general, I am satisfied with the service I have received from the website
Customer satisfaction - Anderson and Sullivan (1993) and Kohli et al. (2004)
 I strongly recommend mobile banking to others
 I think that I made the correct decision to use mobile banking
 I am satisfied with the way that mobile banking has carried out transactions
 I am satisfied with the service I have received from mobile banking
 Overall, I was satisfied with mobile banking
9.Internet service quality and customer satisfaction: Examining internet banking in Greece
Customer satisfaction measurement. This section included self-reported measures to rate the level of customer satisfaction. The three items for this task measure the level of
overall satisfaction, intentions for future use, and willingness to recommend. A fivepoint
Likert-scale is also used here, where the possible answers range from ‘Highly Dissatisfied (1)’ to ‘Highly Satisfied (5)’, for the overall satisfaction item, and between ‘Very
Unlikely (1)’ to ‘Very Likely (5)’ for the remaining two.
10.Antecedents of customer satisfaction with online banking in China: The effects of experience
Customer satisfaction (adapted from Rod, Ashill, Shao, & Carruthers (2009) study)
 I am satisfied with the transaction processing in the online banking application.
 I am satisfied with the services provided by this online banking application.
 On the whole I am satisfied with this online banking application.
Satisfaction scale consists of six items and these items were adapted from Churchill and Surprenant (1982), Olsen and Johnson (2003), Ndubisi (2003).
32
Consistency seeking 1.Preference for consistency: The development of a valid measure and the discovery of surprising behavioral implications
behaviour 2.Loyalty to computer terminals: is it anthropomorphism or consistency?
Variety seeking 1.When Satisfied Consumers Do Not Return: Variety Seeking's Effect on Short- and Long-Term Intentions
behaviour The variety-seeking measure (a _ 0.87) consisted of six items adopted from Van Trijp, Hoyer, and Inman (1996) and Baumgartner and Steenkamp (1996). Sample items
[answered on 7-point Likert scales from“totally disagree” (1) to “totally agree” (7)] are:
“I would rather stick with a brand I usually buy than try something I am not very sure of” and
“When I go to a restaurant, I feel it is safer to order dishes I am familiar with.”
2.Why Switch? Product Category: Level Explanations for True Variety-Seeking Behavior
"I would rather stick with a brand I usually buy than try something I am not very sure of."*
"When I go to a restaurant, I feel it is safer to order dishes I am familiar with."*
"If I like a brand, I rarely switch from it just to try something different."*
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"I am very cautious in trying new or different products."*
"Even though certain food products are available in a number of different flavors, I tend to buy the same flavor."*
"I enjoy taking chances in buying unfamiliar brands just to get some variety in my purchases."
Customer 1.Factors influencing the likelihood of customer defection: The role of consumer knowledge
knowledge Objective knowledge
Consistent with Brucks (1985) and Park et al. (1994), level of objective knowledge about alternatives was measured as the number of correct responses to 13 questions asked
about features in the various health plans offered for the current year.2Respondents were asked to answer “Y,” “N,” or “?” to indicate whether each plan offered a particular
feature. Please rate how well you understand the coverage provided by each of the following health plans.
Subjective knowledge was measured by a single item that asked respondents to assess “how well do you understand the coverage provided” for each of the health plans (1 =
well, 7 = not well). Level of subjective knowledge about alternatives was operationalized as the sum of subjective knowledge scores for the three plans to which the
respondent was not a subscriber.
2.Subjective and objective knowledge as determinants of organic vegetables consumption
Subjective knowledge about organic vegetables was measured by three items:
(1) ‘‘Compared with an average person I know a lot about organic vegetables”;
(2) ‘‘I know a lot about how to evaluate the quality of organic vegetables”; and
(3) ‘‘People who know me, consider me as an expert in the field of organic vegetables”
to be answered on a 7-point Likert scale ranging from ‘‘totally disagree” (1) to ‘‘totally agree” (7) This measure is consistent with measures used in previous studies
(Brucks, 1985; Park et al., 1994; Pieniak, Verbeke, Scholderer, Brunsø, & Olsen, 2007). Following internal reliability check, the construct ‘‘subjective knowledge” was
computed as the average across the three items in the scale.
Consumer’s level of objective knowledge was measured by four statements that are either true or false. We assumed that these four statements should be common
knowledge among at least half of the population.
One of the statements was true, namely: ‘‘Organic farmers may use synthetic pesticides”.
The three other statements were false:
‘‘Organic farmers may use synthetic fertilisers”;
‘‘Organic farmers may use genetically modified seeds” and
‘‘Organic vegetables may be irradiated to improve conservation”.
For the four statements, a ‘‘true”/‘‘false” scale was used (Park et al., 1994). We opted for not including a ‘‘don’t know” answer, which forced respondents to think and make
up their mind about the proposed statements. The final objective knowledge measure was computed as the total number of correct responses, thus ranging from 0 to 4.
3.The impact of product knowledge on consumer product memory and evaluation in the competitive ad context: The item-specific
relational perspective
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Objective knowledge, it seems, reflects stored product information and is a more influential determinant of product memory and evaluation than subjective knowledge
(Park, Mothersbaugh, & Feick, 1994). Given these theoretical arguments, consumer product knowledge was assessed by measuring the objective knowledge in this study.
For this purpose, 13 multiplechoice questions were developed
4.The relationship between product involvement and product knowledge: Moderating roles of product type and product knowledge type
Subjective Knowledge: Computers and Blue Jeans

The objective of this questionnaire is to survey your evaluation of your own knowledge of computers. Please mark a number that indicates your
best judgment regarding the following items.
1. Compared to other students, how familiar do you think you are with computers? not at all familiar 1 2 3 4 5 very familiar
2. Do you know precisely what attributes of a computer decide the function of the computer? entirely don’t know 1 2 3 4 5 know very precisely
3. Do you think you can make a satisfactory purchase of a computer based on only your own knowledge, without another person’s help? absolutely not 1 2 3 4 5 absolutely
yes
Objective Knowledge—Computers
The purpose of this questionnaire is to examine your knowledge of computers objectively. Please choose the right answer. If you do not know the right answer, please
choose (e).
5.Differential effects of subjective knowledge, objective knowledge, and usage experience on decision making: An exploratory investigation
Usage Experience
Subjects rated their frequency of use of the VCR for both recording and playing tapes. Seven-point scales ranging from don't use (I) to use over 16 times per month (7)
were used. The total score for these two frequency items (range from 0 to 12) was taken as the measure of usage experience. Because both usage experience and subjective
knowledge were measured with self-report scales, it was necessary to ensure that the two measures were not representing a single latent construct. An exploratory factor
analysis was used after combining the six subjective knowledge variables with the two usage experience variables. This analysis revealed two separate factors (using the
eigenvalue greater than 1 criterion); the six subjective knowledge variables loaded on the first factor, and the two usage experience variables loaded on the second factor.
6.The impact of knowledge types on the consumer search process: An investigation in the context of credence services
Customers will be asked three questions
- Rated their knowledge about Chinese medicine compared to average person
- Their confidence
- Their perceived risk
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Objective knowledge
- 30 items was developed that reflected important content within Chinese medicine
7. Who Is in Control? The Role of Self‐Perception, Knowledge, and Income in Explaining Consumer Financial Behavior
There are three distinct but related ways in which consumer knowledge is conceptualized and measured: objective knowledge, subjective knowledge, and experience (Flynn
and Goldsmith 1999). Here our financial knowledge construct is a multiple-item scale that measures an individual’s self-assessed ratings of knowledge about financial
matters related to borrowing and investing. Scores on this scale are a summation of the ratings on each of the five scale items. This subjective measure of financial
knowledge is significantly and positively correlated (r ¼ .3570; p , .0001), with an objective measure of financial knowledge also collected in this questionnaire (Perry and
Ards 2002).
How much do you know about the following? Nothing Very little Some amount a fair A lot
b. Credit ratings and credit files.............................
c. Managing finances .............................................
d. Investing money.................................................
e. What is on your credit report.............................
8. Does Customer Knowledge Affect How Loyalty Is Formed?
The sample was divided into two groups based on knowledge. Because of concerns that participants might be reluctant to admit their ignorance on the subjective knowledge
scales, we decided to base knowledge classification on both subjective and objective knowledge (see
Park, Mothersbaugh, and Feick 1994).
Subjecti ve knowledge was measured on 5-point scales (strongly agree to strongly disagree) on the following items:
(a) Compared to the average person, my knowledge about mutual funds is very extensive;
(b) compared to the average person, I know more about how to purchase mutual funds;
(c) I have accessed different aspects of mutual fund information; and
(d) I completely understand mutual funds.
Objective knowledge was measured as follows (choices were yes, no, don’t know):
(a) Open-end mutual funds must be traded in the stock market,
(b) mutual fund firms are the same as security investment consulting firms,
(c) closeend mutual funds have discount risk,
(d) mutual fund investors are not shareholders of mutual fund firms, and
(e)the prospectus of a mutual fund describes the investment scope and limits.
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Consumer knowledge assessment
Objective Knowledge Questions 1. Fingerprint immunity indicates that7 1. The disc will not be damaged by oily finger-prints X. The laser will still be able to read
information from the disc without a deterioration in sound quality 3. All of the above 4. None of the above 5. Don't know 2. All CD players have the random
shuffle feature. 1. True X. False 3. Don't know 3. The carousel-typec hangerw as one of the firstt ypes of changers offered in a CD player. 1. True X. False 3. Don't
know 4. As the price of CD players increases, which of the following is true? 1. The quality of sound increases 2. The level of distortion at very high and very low
volumes decreases 3. Both are true X. Neither are true 5. Don't know5. CD players with a dual D/A converter have signif-icantly better sound than CD players
without the converter. 1. True X. False 3. Don't know 6. How should fingerprints be wiped off of discs? 1. In a circular fashion X. From the center of the disc
outward 3. Either is OK 4. Don't know 7. Four times oversampling results in a significant improvement in sound quality compared to two times oversampling. 1.
True X. False 3. Don't know 8. Changer models 1. Allow the user to jump from song to song 2. Allow the user to change the order in which songs on a disc are
played X. Allow for hours of uninterrupted music 4. Don't know 9. The biggest difference between different models of CD players is 1. The internal mechanism
that produces the sounds X. The number and type of options available 3. Both are true 4. Don't know 10. Changer capacity does not vary from model to model. 1.
True X. False 3. Don't know
Confidence in 1.Consumer self‐confidence: refinements in conceptualization and measurement

decision making CONSUMER SELF-CONFIDENCE SCALE ITEMS
Factor item Factor loading
Information Acquisition (IA):
I know where to find the information I need prior to making a purchase
I know where to look to find the product information I need
I am confident in my ability to research important purchases
I know the right questions to ask when shopping
I have the skills required to obtain needed information before making important purchases
Consideration-Set Formation (CSF):
I am confident in my ability to recognize a brand worth considering
I can tell which brands meet my expectations
I trust my own judgment when deciding which brands to consider
I know which stores to shop
I can focus easily on a few good brands when making a decision
Personal Outcomes Decision Making (PO):
I often have doubts about the purchase decisions I make .
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I frequently agonize over what to buy .
I often wonder if I've made the right purchase selection .
I never seem to buy the right thing for me .
Too often the things I buy are not satisfying .
Social Outcomes Decision Making (SO):
My friends are impressed with my ability to make satisfying purchases .
I impress people with the purchases I make .
My neighbors admire my decorating ability .
I have the ability to give good presents .
I get compliments from others on my purchase decisions .
Persuasion Knowledge (PK):
I know wfien an offer is '1oo good to be true" .
I can tell when an offer has strings attached .
I have no trouble understanding the bargaining tactics used by salespersons .
I know when a marketer is pressuring me to buy
I can see through sales gimmicks used to get consumers to buy .
I can separate fact from fantasy in advertising
Marketplace Interfaces (Ml):
I am afraid to "ask to speak to the manager" .
I don't like to tell a salesperson something is wrong in the store .
I have a hard time saying no to a salesperson
I am too timid when problems arise while shopping .
I am hesitant to complain when shopping
NOTE _The (actor loadings based on the six-factor correlated model from the confirmatory factor analysis of the data from study 3 are shown
to the right of each item.
2.The relationship between critical thinking and confidence in decision making
The 'Confidence in decision-making scale' measures perception of confidence in decision-making. It was pilot tested to determine its face validity which was high. It was
based on a tool used by Rhodes (1985) which had high reliability reported in Rhodes study. The statements in the tool had a Likert scale with a score'of 5 indicating high
confidence and 0 indicating no confidence.
Example of the items on the tool are:
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'I am confident in deciding what type of bathing to offer to a patient'
'I am confident in advising patients on healthy lifestyles'
'I am confident in prescribing topical pressure area sore treatment'
Switching cost 1.Why customers stay: measuring the underlying dimensions of services switching costs and managing their differential strategic outcomes
Pre-switching search and evaluation costs
(1) It would take a lot of time and effort to locate a new hairstylist/barber.
(2) If I changed hairstylists/barbers, I would not have to search very much to find a new one.
(3) If I stopped going to my current hairstylist/barber, I would have to search a lot for a new one.
(4) It takes a great deal of time to locate a new hairstylist/barber.
(5) If I stopped using my current hairstylist/barber, I would have to call and look around for a new one to use.
Costs of lost performance
(1) This hairstylist/barber provides me with particular privileges I would not receive elsewhere.
(2) By continuing to use the same hairstylist/barber, I receive certain benefits that I would not receive if I switched to a new one.
(3) There are certain benefits I would not retain if I were to switch hairstylists/barbers.
(4) I would lose preferential treatment if changed hairstylists/barbers.
Uncertainty costs
(1) I am not sure what the level of service would be if I switched to a new hairstylist/barber.
(2) If I were to change hairstylists/barbers, the service I might receive at the new place could be worse than the service I now receive.
(3) The service from another hairstylist/barber could be worse that the service I now receive.
Post-switching behavioral and cognitive costs
(1) If I were to switch hairstylists/barbers, I would have to learn how things work at a new one.
(2) I would be unfamiliar with the policies of a new hairstylist/barber.
(3) If I changed hairstylists/barbers, I would have to learn how the ‘‘system works,’’ at a new one.
(4) Changing hairstylist/barbers would mean I would have learned about the policies of a new one.
Sunk costs
(1) A lot of energy, time, and effort have gone into building and maintaining the relationship with this hairstylist/barber.
(2) Overall, I have invested a lot in the relationship with this hairstylist/barber.
(3) All things considered, I have put a lot into previous dealings with this hairstylist/barber.
(4) I have spent a lot of time and money at this hairstylist/barber.
(5) I have not invested much in the relationship with this hairstylist/barber.
Setup costs
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(1) If I changed hairstylists/barbers, it would take a lot of time and effort on my part to explain to the new hairstylist/barber what I like and what I want.
(2) If I changed hairstylists/barbers, I would have to explain things to my new hairstylist/barber.
(3) There is not much time and effort involved when you start using a new hairstylist/barber.
2.Measuring switching costs in IT outsourcing services
Uncertainty costs
1. After discontinuing the contract, we were not sure what the level of service would be.
2. After discontinuing the contract, the service we received was worse than the service previously received.
3. Before discontinuing the contract, we felt the service from another outsourcing vendor (in-house developers) could be worse than the service we were receiving at that
time.
Post-switching costs
1. I was unfamiliar with the policies of other outsourcing vendors (our in-house development group).
2. Before discontinuing the contract, we felt that switching to a new vendor (backsourcing) would require learning how to do things differently. #
3. After discontinuing the contract, we had to learn how the ‘‘system works’’ with the new vendor (in-house development group).
4. Discontinuing the outsourcing relationship meant we had to learn about the policies of a new application development vendor (our in-house development group).
Set-up costs
1. After switching to a new vendor (backsourcing), significant time was required to explain our application needs to the new vendor (in-house development group).
2. After discontinuing the outsourcing contract, we had to explain our processes and systems to the new outsourcing vendor (in-house development group).
3. There was not much time and effort involved in beginning to use the new outsourcing vendor (in-house development group).
Hiring and retraining costs
1. After discontinuing the contract, we found it very difficult to locate and hire a good outsourcing vendor (good IT employees).
2. After discontinuing the contract, the cost of locating, hiring, and training a new outsourcing vendor (new IT employees) was extraordinarily high.
3. After discontinuing the contract, we could not attract a vendor (the people) we considered acceptable to support our applications development and maintenance.
4. After discontinuing the contract, it took a long time for a new vendor (internal development team) to become productive.
5. After discontinuing the contract, we hired an experienced vendor (experienced people) and had them producing results within a reasonable amount of time.
6. After discontinuing the contract, the total length of time from start to finish to find a new outsourcing vendor (establish a new application development team) and for them
to become productive was extremely long.
System upgrade costs
1. We were able to switch to another vendor (backsource) without a significant investment in resources to create a new management system.
2. Discontinuing the outsourcing contract forced us to invest a good deal in setting up a new management system
3. Switching to another vendor (Backsourcing) required radical changes in thewaywe managed
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Lost benefits costs
1. The previous outsourcing vendor provided us with particular privileges we would not receive elsewhere.
2. By continuing to use the previous outsourcing vendor, certain benefits would have been received that would not have been received if the relationship were terminated.
3. After discontinuing the contract, certain benefits were not retained.
4. We lost preferential treatment after we discontinued the outsourcing relationship.
Search and evaluation costs
1. After we discontinued the contract, it took a significant amount of time and effort to locate a new outsourcing vendor (new IT employees).
2. After discontinuing the contract, we had to devote significant resources to finding a new outsourcing vendor (new IT employees).
3. After we discontinued the contract, we had to conduct an extensive search to find new IT employees.
4. Locating a new outsourcing vendor (new IT employees) took a great deal of time.
5. After discontinuing the contract, we had to conduct a search for a new vendor (new IT employees).
Sunk costs
1. Significant time, energy, and effort went into building and maintaining the relationship with our previous outsourcing vendor.
2. Overall, we had a significant investment in the relationship with the previous outsourcing vendor.
3. All things considered, we have devoted significant resources into previous dealings with the previous outsourcing vendor.
4. We have spent significant time and money with the previous outsourcing vendor.
5. We have not invested significant time and money in the relationship with the previous outsourcing vendor.
3.Customer relationship dynamics: service quality and customer loyalty in the context of varying levels of customer expertise and
switching costs
Perceived Switching Costs
4. If I changed firms, it would take a lot of efforts to find a new one
5. If I changed firms, it would take a lot of time and effort on my part to explain to the new financial adviser what I like and what I want
6. If I were to switch firms, 1 would have to learn how things work at the new one
Switching barriers in consumer markets: an investigation of the financial services industry (222cited)
3. Too much bother in terms of time and efforts
4. I was concerned about negative financial outcomes
5. I feel locked in because of the product I have in bank/insurance company
Perception of 1.Antecedents of customer satisfaction with online banking in China: The effects of experience
information Information content (adapted from and Aladwani and Palvia (2002) and Yoon and Kim (2009) studies
accessibility  The information content of this online banking application is useful.
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 This online banking application provides relevant information content.
 This online banking application provides current information content.
 The information content of this online banking application is easily understood.
Customer retention 1.Determinants of customer satisfaction in retail banking
 If people asked me, I would strongly recommend that they deal with my bank
 Things happen at my bank that make me want to switch my accounts elsewhere
2.Factors influencing customer satisfaction in the retail banking sector in Pakistan
 If anyone asked me, I would strongly recommend him/her to deal with my Women Bank
Customer retention items were based on Morgan and Hunt.
 What do you think are the chances of you totally maintaining this relationship:
 Within the next six months?
 Within the next one year?
 Within the next two years?
Loyalty Adapted from Algesheimer et al. (2005), Teo et al. (2003). WOM Adapted from Dolen et al. (2007), Maxham III (2001)
Loyalty
 I have the intention to continue my relationship with this website
 Based on my experience, I am very likely continue my relationship with this website in the next months
Positive WOM
 I will recommend this website to other customers
 I will point out the positive aspects of this website if anybody criticize it
Behavior intention scale consists of six items, was developed by Zeithaml (1988).Later his scales were adapted by Gill (2007) and Maxham and Netemeyer (2002), Sirohi et
al. (1998) and (2008). All the scales were developed to measure customer behavior intention in retail banking industry and considered as relatively high reliable. All the
items in both section use the 7 point Likert scale ranging from strongly disagree (1) to strongly agree (7)
42
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Category Measurement Notes

- 'I am confident in deciding what type of bathing to offer to a patient'

Self-assessed Financial Confidence

1. Earth equator is around … 000 km long 40 24 36 52 14

Dicision making Decision quality

Subjective Knowledge: Computers and Blue Jeans

2. (Perry and Morris, 2005)

Mean confidence, proportion correct, and over/underconjidence

Expressing the Accuracy of Confidence Judgments

They did this by ringing a number on an 11-point rating

After every test item was a

Subjective Knowledge: Computers and Blue Jeans

Confidence in 1.Consumer self‐confidence: refinements in conceptualization and measurement

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