The disconfirmation of expectations paradigm has dominated research on consumer satisfaction/dissatisfaction. While support has been found for this theory of satisfaction, an alternative theoretical approach may be more appropriate from a conceptual standpoint as well as more parsimonious. Termed the value-percept disparity model, this theory of satisfaction is presented in this paper and examined empirically directly against the disconfirmation of expectations theory. Data from a preliminary study were analyzed using structural equations modeling with allowance for measurement error. The results suggest the need for continued efforts to improve the measurement of constructs theorized to determine consumer satisfaction.