We test the predictions of the sticky information model using a survey dataset by comparing the shoppers’ accuracy in recalling the prices of regulated and comparable unregulated products. Regulated product prices change less frequently, vary less across stores and between brands, and are sold...

This paper studies the implications of information-processing limits on the consumption and savings behavior of households through time. It presents a dynamic model in which consumers rationally choose the size and scope of the information they want to process about their fi�nancial...

An evolutionary model of the product life cycle is applied to derive the experience curve and the market size of (expensive) durable goods. The experience (learning) curve suggests that the real costs per unit decrease with an increasing cumulative output (Henderson's law). Based on the idea...

Several researchers stressed out the importance of tacit knowledge underlying the fact that it is a type of knowledge, almost impossible to articulate, codify and thus to transfer. Based on the argument of Avdimiotis (2016) that tacit knowledge could be acknowledged, acquired and transferred...

We study how misperceptions of others’ tastes influence beliefs, demand, and prices in a market with observational learning. Consumers infer the commonly-valued quality of a good based on the quantity demanded and price paid by other consumers. When consumers exaggerate the degree to which...

The aim of this literature review is to systematically summarize the existing knowledge and theories on the subject of decision-making behavior in general and in particular, when doctors have to decide for or against insurance for their own practice. Publications on decision psychology,...

A practising doctor in his own surgery has a professional responsibility to earn a regular income for the maintenance of his existence and his employees. Professional risks arise from his activity, which the doctor should regulate with appropriate insurances and powers of attorney. Which of...

We test the predictions of the sticky information model using a survey dataset by comparing shoppers’ accuracy in recalling the prices of regulated and comparable unregulated products. Because regulated product prices are capped, they are sold more than comparable unregulated products, while...