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Adaptive learning models of consumer behavior

[Zeitschriftenartikel]

Hopkins, Ed

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-199499

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Abstract In a model of dynamic duopoly, optimal price policies are characterized assuming consumers learn adaptively about the relative quality of the two products. A contrast is made between belief-based and reinforcement learning. Under reinforcement learning, consumers can become locked into the habit of purchasing inferior goods. Such lock-in permits the existence of multiple history-dependent asymmetric steady states in which one firm dominates. In contrast, belief-based learning rules must lead asymptotically to correct beliefs about the relative quality of the two brands and so in this case there is a unique steady state.
Klassifikation Wirtschaftssoziologie; Marketing
Freie Schlagwörter Learning; Consumer behavior; Dynamic pricing; Behavioral economics; Reinforcement learning; Market structure
Sprache Dokument Englisch
Publikationsjahr 2007
Seitenangabe S. 348-368
Zeitschriftentitel Journal of Economic Behavior & Organization, 64 (2007) 3-4
DOI http://dx.doi.org/10.1016/j.jebo.2006.02.010
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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