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Models of consumer learning and inventory behavior have both proven to be valuable for explaining consumer choice dynamics. In their pure form these models assume consumers solve complex dynamic programming (DP) problems to determine optimal choices. For this reason, these models are best viewed...
Persistent link: https://www.econbiz.de/10014037143
To measure the extent of incomplete information about brand qualities faced by consumers, recent research in marketing and economics has extended traditional static choice models to explicitly allow for consumer learning. These models tend to be complicated and make stringent assumptions such as...
Persistent link: https://www.econbiz.de/10014044657
In this paper, we develop a structural model of household behavior in an environment where there is uncertainty about brand attributes, and both prices and advertising signal brand quality. Four quality signaling mechanisms are at work in the model: 1) price signals quality, 2) advertising...
Persistent link: https://www.econbiz.de/10014026336
In this paper we use Nielsen scanner panel data on four categories of consumer goods to examine how TV advertising and other marketing activities affect the demand curve facing a brand. Advertising can affect consumer demand in many different ways. Becker and Murphy (1993) have argued that the...
Persistent link: https://www.econbiz.de/10014026338
The workhorse brand choice models in marketing are the multinomial logit (MNL) and nested multinomial logit (NMNL). These models place strong restrictions on how brand share and purchase incidence price elasticities are related. They predict market shares well, but not inter-purchase spell...
Persistent link: https://www.econbiz.de/10014027162
Learning models extend the traditional discrete choice framework by postulating that consumers have incomplete information about product attributes, and that they learn about these attributes over time. In this survey we describe the literature on learning models that has developed over the past...
Persistent link: https://www.econbiz.de/10013092559
Learning models extend the traditional discrete choice framework by postulating that consumers have incomplete information about product attributes and that they learn about these attributes over time. In this survey we describe the literature on learning models that has developed over the past...
Persistent link: https://www.econbiz.de/10013072631
Learning models extend the traditional discrete choice framework by postulating that consumers have incomplete information about product attributes, and that they learn about these attributes over time. In this survey we describe the literature on learning models that has developed over the past...
Persistent link: https://www.econbiz.de/10013404063