Empirical Value Theory
The perceived value of experience value has been highlighted as a key prior factor in determining the customer's behavior or actual behavior (Brady, Knight, Cronin Jr, Tomas, et al., 2005; Zeithaml 1998). It has been studied in social science for the purpose of explaining human behavior, especially in terms of influencing human behavior (Park, Jeon 2013).
Value is a cognitive assessment of the trade-off between the sacrifice and the benefits achieved in consumer behavior (Gallarza, Saura 2006), and (Holbrook 1994), which is presented by classifying it into empirical and intrinsic values and reactive and active values. External value refers to the value that can be obtained from products and consumer transactions in the consumption experience. On the other hand, intrinsic value refers to value that occurs internally, such as fun or pleasure arising from consumer behavior (Cho, Kim, Phuong, Gim 2019).
Perceptual values sought by users are largely divided into practical and agreeable values (Hirschman, Holbrook 1982; Mathwick, Malhotra, Rigdon 2001), or into external and intrinsic values (Holbrook 1994). (Mathwick, Malhotra, Rigdon 2001) also divided the value sought by consumers into four dimensions: aesthetic, playful, service excellence and profitability as a measure of experience value, while (Sweeney, Soutar 2001) divided the value sought by consumers into four types of functional and emotional values, and social values. This is due to the durability, quality, price, and reliability of the product as the most important influence factor in consumer choice (Shankar, Reibstien 2003). The experience value proposed by (Sweeney, Soutar 2001) is commonly used in classifying consumer experience values (Hoyer, Macinnis 2008). (Li, Gim 2013) divided the factors of perceived values into three categories: economic value, functional value and pleasure value in the study on the effect of empirical value and perceived network externality on the intent of continuous use in MIM services (Hoyer, Macinnis 2008).
This paper looked at existing studies on perceived values consisting of complex and diverse factors. Also, based on the research by (Bieger, Wittmer et al., 2007), this paper studied perceived values in two dimensions: economic values and perceived temporal values.