Media exposures can have effects that do not always lead to the immediate purchase of a brand. Some media are effective at initiating search and trial, while others are more effective at promoting purchase once search and trial have taken place. The idea of intermediate communication effects...

Ultimately, patents have value to the extent to which the product features enabled by the patents have economic value in the marketplace. That is, products which are enhanced by inclusion of patented features should generate incremental profits to the firm offering the enhanced product. Measures...

The idea of hierarchical, sequential, or intermediate effects has long been posited in textbooks and academic literature. Hierarchical effects occur when relationships among variables are mediated through other variables. Despite the attractive theoretical properties of these models, their...

We develop a market-based paradigm to value the enhancement or addition of features to a product. We define the market value of a product or feature enhancement as the change in the equilibrium profits that would prevail with and without the enhancement. Conjoint data can be use to construct the...

Utility maximization is implicit in models of consumer choice, learning, forward-looking behavior and substitution. It is a central feature of models of market competition built on the aggregation of individual choices, and is assumed in nearly all quantitative models of behavior. Yet, while the...