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Three Essays On Rational Consumer Behavior
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Book Synopsis Three Essays on Rational Consumer Behavior by : David Yong Shim
Download or read book Three Essays on Rational Consumer Behavior written by David Yong Shim and published by . This book was released on 1987 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Consumer Behavior by : Yisong Li
Download or read book Three Essays in Consumer Behavior written by Yisong Li and published by . This book was released on 2001 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Consumer Behavior and Asset Prices by : Jeon-Hyeok Cho
Download or read book Three Essays on Consumer Behavior and Asset Prices written by Jeon-Hyeok Cho and published by . This book was released on 1991 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Cost Reducing Investment by : Pedro Pereira
Download or read book Three Essays on Cost Reducing Investment written by Pedro Pereira and published by . This book was released on 1997 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Behavioral Finance by : Gabriele M. Lepori
Download or read book Three Essays on Behavioral Finance written by Gabriele M. Lepori and published by . This book was released on 2008 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Consumer Behavior by : Morris B Holbrook
Download or read book Consumer Behavior written by Morris B Holbrook and published by . This book was released on 2024-12-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Consumer Search Behaviour in Experimental Market Environments by : Changxia Ke
Download or read book Three Essays on Consumer Search Behaviour in Experimental Market Environments written by Changxia Ke and published by . This book was released on 2010 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates consumer search behavior in different contexts and its implications on certain market outcomes. It consists of three self-contained essays. Part one investigates if people search optimally and how price promotions (such as the provision of price discounts) influence search intensity and risk-taking behavior. We start with a typical sequential search task in a finite time horizon (with exogenously determined price dispersion) as the baseline treatment. In the two experimental treatments, exogenous discounts are introduced to the search process. The treatments differ in the amount of information on the discounts revealed to the subjects. Subjects' search behavior is roughly consistent with optimality for a risk-neutral agent, but significantly influenced by the introduction of discount vouchers. We find that subjects' search intensity is significantly reduced if they are in a shop that offers discounts, even when the monetary benefit induced by the discount has been taken into account. This suggests that people seem to gain extra non-monetary utility from buying a discounted product. Alternatively, subjects might overestimate the value of a discount. Following the findings in part one, we focus on price-framing effects of discounts on consumer search behavior in part two. In order to isolate the price-framing effect from all other possible influences, we adopt an extremely simple two-shop search model in which a consumer who sees the price for an item in a shop has to decide either to buy it or to incur a search cost to learn the ex-ante uncertain price in a second shop. The experiment is designed such that a rational buyer should make identical decisions in the base treatment (where prices are posted as net prices in both shops) and in the experimental treatments (where the price in one of the shops is framed as a gross price with a discount, holding the net-price constant). Using structural estimation of the observed risk preferences, we find that people tend to be more risk-averse and hence buy from the initial shop more often in the discount treatments, regardless of where the discount is offered. The seemingly trivial change to a discount-framing increases the complexity of the decision problem. Subjects reveal a tendency to stick with the comparatively less complex options more frequently as the complexity of the decision problem increases. However, this bias declines with experience, as subjects become more and more familiar with the framing. In part three, we study search behavior in a market experiment, where prices are determined endogenously by human players. More specifically, we examine the behavioral factors and the underlying mechanism which drive the widely observed asymmetric price adjustment to cost shocks (in a world with costly search behavior and information asymmetry). We show that price dispersion, as well as asymmetric price adjustment to cost shocks, arises in experimental markets, even though the standard theory predicts neither. We find that after controlling all the potential theoretical factors, the observed price dispersion can be explained by the presence of bounded rational play. Under price dispersion, asymmetric price adjustment arises naturally, as it is harder for buyers to learn that a negative cost shock has taken place. Learning is much quicker after a positive shock.
Book Synopsis Three Essays on Consumer Revenge, Avoidance and Forgiveness Behaviors by : Haithem Zourrig
Download or read book Three Essays on Consumer Revenge, Avoidance and Forgiveness Behaviors written by Haithem Zourrig and published by . This book was released on 2010 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Making of a European Economist by : David Colander
Download or read book The Making of a European Economist written by David Colander and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is fascinating to read not only by someone like me who is not really an economist, but has been close to the field and has been teaching students of economics for a long time, but mainly by policymakers both in the field of higher education and in other fields like business where the larger aspects of societal changes are more and more apparent. The book is even more worth-reading to an audience of economics professors, researchers, students and particularly policymakers who are waiting for input from economic higher education. . . Mariana Nicolae, Journal of Philosophical Economics In this captivating volume, David Colander scrutinizes economics in Europe, which is currently undergoing a radical process of convergence, standardization and metrication. While he acknowledges that the USA is the world leader in terms of journal publications in economics, he also suggests that the scholarly breadth and practical orientation of much economics research in Europe is worth preserving and enhancing. No-one who wishes to make economics more relevant should ignore Colander s painstaking study. Geoffrey M. Hodgson, University of Hertfordshire, UK David Colander s highly original and thought provoking book considers ongoing changes in graduate European economics education. Following up on his earlier classic studies of US graduate economic education, he studies the economist production function in which universities take student raw material and transform it into economists, In doing so he provides insight into economists and economics. He argues that until recently Europe had a different economist production function than did the US; thus European economists were different from their US counterparts. However, this is now changing, and Colander suggests that the changes are not necessarily for the best. Specifically, he suggests that in their attempt to catch up with US programs, European economics is undermining some of their strengths-strengths that could allow them to leapfrog US economics in the future, and be the center of 21st century economics. Student views on the ongoing changes and ensuing difficulties are reported via surveys of, and interviews with, students in global European graduate programs. The conclusion draws broad policy implications from the study, and suggests a radically different market approach to funding economic research that Colander argues will help avoid the pitfalls into which European economics is now falling. This unique and path-breaking book will prove essential reading for economists, as well as academics, students and researchers with a special interest in economics education, the methodology of economics, or the history of economic thought.
Download or read book Economics Essays written by Gerard Debreu and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the good old days on the fourth floor of the Altbau of Bonn's Ju ridicum, Werner Hildenbrand put an end to a debate about a festschrift in honor of an economist on the occasion of his turning 60 with a laconic: "Much too early." Remembering his position five years ago, we did not dare to think about one for him. But now he has turned 65. If consulted, he would most likely still answer: "Much too early." However, he has to take his official re tirement, and we believe that this is the right moment for such an endeavor. No doubt Werner Hildenbrand will not really retire. As professor emeritus, free from the constraints of a rigid teaching schedule and the burden of com mittee meetings, he will be able to indulge his passions. We expect him to pursue, with undiminished enthusiasm, his research, travel, golfing, the arts, and culinary pleasures - escaping real retirement.
Book Synopsis Analyses on Strategic Consumers' Forward Looking Behavior by : Ilhan Emre Ertan
Download or read book Analyses on Strategic Consumers' Forward Looking Behavior written by Ilhan Emre Ertan and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes three essays. The first two essays focus on analyzing consumers’ strategic waiting behavior, and the third essay addresses the differences in consumers’ risk preferences while making decisions for different temporal spots. Due to the long history of markdown applications, in time consumers have built rational expectations from the seller to provide markdown discounts throughout a selling horizon. We investigate the assumption that as rational utility maximizers, consumers act according to maximizing their utility over time. In the first essay, we intend to identify the underlying determinants of consumers’ sequential decision making processes under uncertain product availability. We structure a benchmark optimal purchase timing policy in a market environment, in which a single strategic customer could only follow the markdown pricing scheme, the available inventory level and the remaining time to the end of the selling horizon to maximize his expected surplus from the purchase. In the second essay, we present a set of controlled human subject experiments that investigate how people make purchase timing decisions under product purchase uncertainty. The impact of experiencing Stock Out, when the consumer waits too long and the product is sold out at the retailer and the impact of experiencing Over Pay, when the consumer decides to buy early and finds the product available at a deeper discount later, are analyzed with a unique sequential decision making task through our experimental studies. We identified that human subjects are on average more risk seeking than the analytical model predicts. In the end, we propose a behavioral choice model which incorporates human subjects’ attitudes towards feelings of regret rooted from Stock Out and Over Pay. After observing the impact of risk preferences on consumers’ purchase timing decisions, in the third essay, we look into the human subjects’ attitudes towards making decisions with uncertain outcomes at different time points. We found that consumers show less risk averse risk preference while making decisions for uncertain hedonic products compared to the risk preferences while making decisions for utilitarian products, which is a big contrast to the experimental economics literature. Using subjects’ product consumption size as a co-variate sheds light onto our analysis, indicating the importance of motivational control in eliciting risk preferences when using primary rewards as the incentive mechanism for risk preference elicitation experiments.
Book Synopsis Three Essays in Operations and Marketing by : Te Ke
Download or read book Three Essays in Operations and Marketing written by Te Ke and published by . This book was released on 2015 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: My thesis consists of three essays in the field of operations management and marketing. In the first essay, I study the problem of consumer search for information on multiple products. When a consumer considers purchasing a product in a product category, the consumer can gather information sequentially on several products. At each moment the consumer can choose which product to gather more information on, and whether to stop gathering information and purchase one of the products, or to exit market with no purchase. Given costly information gathering, consumers end up not gathering complete information on all the products, and need to make decisions under imperfect information. I solve for the optimal search, switch, and purchase or exit behavior in such a setting, which is characterized by an optimal consideration set and a purchase threshold structure. It is shown that a product is only considered for search or purchase if it has a sufficiently high expected utility. Given multiple products in the consumer's consideration set, the consumer only stops searching for information and purchases a product if the difference between the expected utilities of the top two products is greater than some threshold. Comparative statics show that negative information correlation among products widens the purchase threshold, and so does an increase in the number of the choices. Under my rational consumer model, I show that choice overload can occur when consumers search or evaluate multiple alternatives before making a purchase decision. I also find that it is optimal for sellers of multiple products to facilitate information search for low-valuation consumers, while obfuscate information for those with high valuations. In the second essay, I conduct an empirical study of peer effects of iPhone adoptions on social networks. I use a unique data set from a provincial capital city in China, in a span of over four years starting from iPhone's first introduction to mainland China. I construct a social network using six month's call transactions between iPhone adopters and all other users on a carrier's network. Strength of social ties is measured by duration of calls. Based on the network structure, I test whether an individual's adoption decision is influenced by his friends' adoptions. A fixed-effect model shows that, on average, a friend's adoption increases one's adoption probability in next month by 0.89%, and the marginal effect decreases in the size of his current neighboring adopters. To further control for potential time-varying correlated unobservables, I instrument adoptions of one's friends by their birthdays, based on the fact that consumers are more likely to adopt iPhones on birthdays. The IV estimation shows a slightly smaller peer effect at 0.75%. I also investigate how network structures modulate the magnitude of peer influence. My results show that peer effect is stronger when the influencer has more friends or has a stronger relationship with the influence. In the third essay, I study the problem of coordination of operations and marketing decisions for new product introductions. In the industry with radical technology push or rapidly changing customer preference, it is firms' common wisdom to introduce high-end product first, and follow by low-end product line extensions. A key decision in this "down-market stretch" strategy is the introduction time. High inventory cost is pervasive in such industries, but its impact has long been ignored during the presale planning stage. This essay takes a first step towards filling this gap. I propose an integrated inventory (supply) and diffusion (demand) framework, and analyze how inventory cost influences the introduction timing of product line extensions, considering substitution effect among successive generations. I show that under low inventory cost or frequent replenishment ordering policy, the optimal introduction time indeed follows the well-known "Now" or "Never" rule. However, sequential introduction becomes optimal as the inventory holding gets more substantial or the product life cycle gets shorter. The optimal introduction timing can increase or decrease with the inventory cost depending on the marketplace setting, requiring a careful analysis.
Book Synopsis The Collected Essays of Richard E. Quandt by : Richard E. Quandt
Download or read book The Collected Essays of Richard E. Quandt written by Richard E. Quandt and published by Edward Elgar Publishing. This book was released on 1992-01-01 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Richard Quandt has made a major contribution to the development of economics in the 20th century. The range and significance of his work has long required a collection of his essays which will allow his contribution to be assessed as a whole. Despite an early interest in microeconomic theory, Richard Quandt has devoted most of his career to econometrics and, in particular, modal split estimation. More recently his work has focused on the econometrics of disequilibrium models with reference to both free market and planned economies. As well as outlining his many articles in microtheory, general econometrics, disequilibrium modeling, financial economics and the economics of planned economies, this collection should have a particular value for all scholars interested in the emergence of the new economies in Eastern Europe, a subject to which Professor Quandt has applied himself in recent years. This book includes an introduction by Professor Quandt describing his early life in Budapest and the circumstances which led him to study economics in America.
Book Synopsis Comprehensive Dissertation Index by :
Download or read book Comprehensive Dissertation Index written by and published by . This book was released on 1989 with total page 978 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Consumer Behavior Analysis by : Donald A. Hantula
Download or read book Consumer Behavior Analysis written by Donald A. Hantula and published by Routledge. This book was released on 2014-01-21 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumption is the primary economic activity in our post-industrial society. We are consumers, not producers. Consumer behavior analysis is leading heterodox marketing scholarship and innovative applied behavioral work, with much to offer both constituencies. This volume shows how consumer behavior analysis fits within a larger-scale approach to marketing, consumer psychology, behavior analysis and organizational behavior management. Describing both theoretical analyses and empirical studies including laboratory experiments in e-commerce, in-store experiments in grocery shopping, and an analysis of the counterfeit goods market, this book is a working example of translational research. It contains tools and studies to help understand contemporary consumer behavior, particularly for those in marketing. Scholars will appreciate the theory and real-world applications evident in each chapter when considering their own research direction. All students of marketing theory, behavior analysis and consumer choice will find this collection a thought-provoking tool for further understanding of a new behavioral approach to marketing strategy, consumer decisions and marketing firms. This book comprises articles originally published in the Journal of Organizational Behavior Management.
Download or read book The American Economic Review written by and published by . This book was released on 1984 with total page 1044 pages. Available in PDF, EPUB and Kindle. Book excerpt: Includes annual List of doctoral dissertations in political economy in progress in American universities and colleges; and the Hand book of the American Economic Association.
Book Synopsis Consumer Behavior in Travel and Tourism by : Kaye Sung Chon
Download or read book Consumer Behavior in Travel and Tourism written by Kaye Sung Chon and published by Routledge. This book was released on 2012-10-12 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Containing original and previously unpublished theoretical and empirical studies, Consumer Behavior in Travel and Tourism will give professionals, professors, and researchers in the field up-to-date insight and information on trends, happenings, and findings in the international hospitality business arena. A great resource for educators, this book is complete with learning objectives, concept definitions, and even review questions at the end of each chapter. From this book, readers will understand and learn the needs and preferences of tourists and how to investigate the process of destination and product selection to help provide customers with products and services that will best meet their needs. In today's highly competitive business environment, understanding travel behavior is imperative to success. Consumer Behavior in Travel and Tourism brings together several studies in one volume, representing the first attempt to explore, define, analyze, and evaluate the consumption of tourist and travel products. This guide offers essential research strategies and methods that enables readers to determine the wants and needs of tourists, including: discussing and evaluating the main factors that affect consumer behavior in travel and tourism, such as travel motivation, destination choice, and the consequent travel behavior exploring the various decision-making processes of consumers that leads to consequent destination choices through case study analysis and marketing suggestions determining customer expectations of products through a variety of research techniques in order to find ways of improving satisfaction examining selected research tools, such as product positioning and repositioning and using perceptual maps, to evaluate the market implications of using qualitative and/or quantitative research techniques detecting and analyzing the relative roles individual, environmental, socioeconomic, and demographic factors play in choosing travel destinations Full of detailed charts and graphs, Consumer Behavior in Travel and Tourism illustrates key points to give you a better understanding of important facts and findings in the field.