An extended process of value judgment.

Abstract This paper shows how lodging consumers process brand and price information toward an overall value judgment. The concepts of perceived risk and price fairness are introduced as additional mediating constructs to a traditional value framework. Brand name also is redefined as to separate effects of brand class and brand awareness, and their relationships with perceived value are reexamined. Results of a web experiment generally support the proposed process of value judgment. In addition, brand class and brand awareness appear to influence value perceptions through different pathways. The article includes discussions on managerial implications and suggestions for future research.

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