...Serdar Sayman; Stephen J. Hoch Purpose – A loyalty program might influence buyer behavior in several ways. Prior research offers evidence that buyers might increase the frequency of purchases and volume per occasion in a loyalty program; however, the effect on buyers' price tolerance has not been...

... experiments to test the hypotheses. Findings – Ambiguity aversion was salient when the subjects perceived low uncertainty in the schedule of a loyalty program, which led to customers' choice of a loyalty program with an aggregated frame. In contrast, the subjects displayed ambiguity proneness when...