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Inertia, Interaction and Clustering in Demand
Babutsidze, Zakaria; Cowan, Robin - United Nations University-Maastricht Economic Research … - 2009
behaviour: inertia in consumption and interaction among consumers. We specify the interaction structure as a regular lattice … and show analytically that for a large range of initial conditions clustering in economic behaviour emerges and persists …
Persistent link: https://www.econbiz.de/10010712298
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Habit Formation, Information Exchange and the Social Geography of Demand
Babutsidze, Zakaria; Cowan, Robin - United Nations University-Maastricht Economic Research … - 2008
This paper is concerned with clustering in demand. We present a discrete choice model of consumption that incorporates … for the general case numerically. It is shown that clustering in demand is a solution to the complex system we are … analyzing, and that clustering pattern can be short-term or long-lasting depending on the characteristics of the society. …
Persistent link: https://www.econbiz.de/10010712040
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Habit Formation, Information Exchange and the Social Geography of Demand
Babutsidze, Zakaria; Cowan, Robin - United Nations University, Maastricht Economic and … - 2008
This paper is concerned with clustering in demand. We present a discrete choice model of consumption that incorporates … for the general case numerically. It is shown that clustering in demand is a solution to the complex system we are … analyzing, and that clustering pattern can be short-term or long-lasting depending on the characteristics of the society. …
Persistent link: https://www.econbiz.de/10005510304
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Strategic Inattention in Product Search
Hippel, Svenja; Hillenbrand, Adrian - 2018
inattentive – and receive a worse fit, but maybe a better deal. We study the resulting strategic buyer-seller interaction …
Persistent link: https://www.econbiz.de/10011892015
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The two faces of independence: Betweenness and homotheticity
Burghart, Daniel R.; Epper, Thomas; Fehr, Ernst - 2014
Many studies document failures of expected utility's key assumption, the independence axiom. Here, we show that independence can be decomposed into two distinct axioms - betweenness and homotheticity - and that these two axioms are necessary and sufficient for independence. Thus, independence...
Persistent link: https://www.econbiz.de/10011282512
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Strategic inattention in product search
Hillenbrand, Adrian; Hippel, Svenja - 2017
-seller interaction in such a situation theoretically as well as experimentally. The search technology we use in the laboratory leads by …
Persistent link: https://www.econbiz.de/10011789571
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A Model of Boundedly Rational Consumer Choice - An Agent Based Appraoch
Riechmann, Thomas - 2000
The paper presents an extended version of the consumer choice problem. Different from the standard model, prices are not fixed but arise from Walrasian interactions of total demand and a stylized supply function for each of the goods. Three different types of evolutionary algorithms are set up...
Persistent link: https://www.econbiz.de/10010317604
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Loss aversion and consumption choice : theory and experimental evidence ; conference paper
Karle, Heiko; Kirchsteiger, Georg; Peitz, Martin - 2013 - Version: May 9, 2013
In this paper we analyze a consumer choice model with price uncertainty, loss aversion, and expectation-based reference points. The implications of this model are tested in an experiment in which participants have to make a consumption choice between two sandwiches. We make use of the fact that...
Persistent link: https://www.econbiz.de/10010339388
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A model of boundedly rational consumer choice : an agent based approach
Riechmann, Thomas - 2000
The paper presents an extended version of the consumer choice problem. Different from the standard model, prices are not fixed but arise from Walrasian interactions of total demand and a stylized supply function for each of the goods. Three different types of evolutionary algorithms are set up...
Persistent link: https://www.econbiz.de/10011526771
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The two faces of independence : betweenness and homotheticity
Burghart, Daniel R.; Epper, Thomas; Fehr, Ernst - 2014
Many studies document failures of expected utility’s key assumption, the independence axiom. Here, we show that independence can be decomposed into two distinct axioms - betweenness and homotheticity - and that these two axioms are necessary and sufficient for independence. Thus, independence...
Persistent link: https://www.econbiz.de/10010430733