Substitution decisions have been examined from a variety of perspectives. The economics literature measures cross-price elasticity, operations research models optimal assortments, the psychology literature studies goals in conflict, and marketing research has examined substitution-in-use, brand...

Normative models of choice assert axiomatically that preferences are consistent, coherent, and determined only by relevant alternatives. In contrast to this classical economic perspective, behavioral models derived from research in psychology and consumer behavior assert that preferences are not...

Recent research in marketing has focused on cross-category variation in the market share of private label products, while recent work in the economics and industrial organization literature has focused on the determinants of firm price setting behavior. In this paper, the authors develop a...

In this paper, we analyze the trading records of a major discount brokerage house to investigate the disposition effect, the tendency to sell winners too quickly than losers. In contrast to previous research that has demonstrated the disposition effect by aggregating across investors (Odean,...

Many consumer products deliver their utility over time, and the decision to purchase such products often depends on predictions of future product enjoyment. The present research shows that consumers often fail to predict hedonic adaptation to products and explores the antecedents and...

To properly consider the opportunity costs of a purchase, consumers must actively generate the alternatives that it would displace. The current research suggests that consumers often fail to do so. Even under conditions promoting cognitive effort, various cues to consider opportunity costs...

Recent research in marketing has focused on cross-category variation in the market share of private label products, while recent work in the economics and industrial organization literature has focused on the determinants of firm price setting behavior. In this paper, the authors develop a...

In contrast to single-equation cross-sectional studies of private label share, developing a complete understanding of the nature of the competitive interaction between national brands and private labels requires an understanding of the determinants of both demand and strategic pricing decisions...

In this paper, we develop a framework for estimating market share and price reaction equations in an attempt to understand the nature of competitive interaction in the market for private label and branded grocery products. Specifically, we employ a Linear Approximate Almost Ideal Demand System...