A non-standard approach to a market with boundedly rational consumers and strategic firms. Part I: A microfoundation for the evolution of sales

In our model, individual consumers follow simple behavioral decision rules based on imitation and habit as suggested in consumer research, social learning, and related fields. Demand can be viewed as the outcome of a population game whose revision protocol is determined by the consumers' behavioral rules. The consumer dynamics are then analyzed in order to explore the demand side and first implications for a strategic supply side.

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Year of publication:	2008
Authors:	Matzke, Christina ; Wirth, Benedikt
Publisher:	Bonn : University of Bonn, Bonn Graduate School of Economics (BGSE)
Subject:	Absatz \| Mikroökonomische Fundierung \| Konsumtheorie \| Entscheidung bei Unsicherheit \| Lernprozess \| Evolutionäre Spieltheorie \| Theorie \| bounded rationality \| social learning \| population game \| mean dynamic

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Series:	Bonn Econ Discussion Papers ; 10/2008
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	587700211 [GVK] hdl:10419/27178 [Handle] RePEc:zbw:bonedp:102008 [RePEc]
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; C62 - Existence and Stability Conditions of Equilibrium ; C79 - Game Theory and Bargaining Theory. Other
Source:	EconStor

Persistent link: https://www.econbiz.de/10010264927