In this paper the service process is considered as a sequence of
events. Using theory from economics and psychology a model is
formulated that explains how the utility of each event affects the
overall evaluation of the service process. In this model we especially
account for the peak-and-end rule and negative consumer time
preference. This model is tested in the context of telephone service
calls in the financial service market. Our results show that both the
average utility and the positive peak of the events positively affect
customer satisfaction with the service call. Surprisingly, the end of
the sequence has a negative effect. Theoretical and managerial
implications of these findings are discussed