How do people make choices in a dynamic stochastic environment when they face uncertainty about the return of their choices? The classical approach to this problem is to assume consumers use dynamic programming to obtain the optimal decision rule. However, this approach has two drawbacks. First,...

In "Marketing Information: A Competitive Analysis,'' Sarvary and Parker (1997) (S&P) [Marketing Science, 16(1): 24-38] argue that, a reduction in the price of one information product can lead to an increase in demand for another information product -- information products can be gross...

By using a unique data set that contains detailed information on consumer perceived attributes of payment methods and consumer perceived acceptance of payment methods by merchants, we estimate the direct effects of rewards card programs on consumer payment choice for in-store transactions. Our...

As information technology improves rapidly and becomes more accessible, it becomes much easier for consumers to gather product in-formation and spend more time thinking about how to get the most out of their budget constraints. This means that consumers are getting “smarter” and more...

In "Marketing Information: A Competitive Analysis,'' Sarvary and Parker (1997) (S&P) [Marketing Science, 16(1): 24-38] argue that in part of the parameter space that they considered, a reduction in the price of one information product can lead to an increase in demand for another information...

We use Swedish data on 330,000 consumer choices of medically equivalent drugs to study the zero-price effect first documented by Shampanier et al. (2007) in experimental settings. The Swedish benefit scheme implies that, during a given month, all consumers face the same price-differences between...

Motivated by the slow diffusion of generic drugs and the increase in prices of brand-name drugs after generic entry, I incorporate consumer learning and consumer heterogeneity into an empirical dynamic oligopoly model. In the model, firms choose prices to maximize their expected total discounted...