Second-Order Constructs in Structural Equations: Perceived Value and Trust

Perceived Value

Perceived value is chosen because of its importance in marketing and the magnitude of the debate regarding its dimensionality. The conception of perceived value according to the PxOxS paradigm considers that the experience of consumption is an interaction between a ‘Person,’ an ‘Object,’ and a ‘Situation’ or a context of consumption. This is in concordance with the experiential approach. In this vein, Holbrook (1999, p. 5) defines perceived value as: “an interactive relativistic preference experience.” Hirschman and Holbrook (1982) have promoted the multidimensional view of perceived value coupling the utilitarian and hedonic dimensions. Holbrook (1999) has proposed a typology of consumer value by considering three axes: extrinsic vs. intrinsic, active vs. reactive and self-oriented vs. other oriented. This is the conception to be adopted in this research. But it was not subject of many operationalizations. The work of Mathwick et al. (2001) is considered as the first step in the development of a measurement scale. However, this scale considers only the first two axes of Holbrook’s typology (extrinsic vs. intrinsic and active vs. reactive). In spite of the importance of the social dimension in shopping, we accept in the context of this study to restrict the dimensions of perceived value to self-oriented ones.