Adaptive learning models of consumer behavior
نویسندگان
چکیده
منابع مشابه
Adaptive Learning Models of Consumer Behavior
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 asymm...
متن کاملEmpirical Models of Consumer Behavior
Models of consumer behavior play a key role in modern empirical Industrial Organization. In this paper, I survey some of the models used in this literature. In particular, I discuss two commonly used demand systems: multi-stage budgeting approaches and discrete choice models. I motivate their use and highlight some key modeling assumptions. I next briey discuss key issues of estimation, and co...
متن کاملComparing Alternative Models of Heterogeneity in Consumer Choice Behavior
While there is general agreement that consumer taste heterogeneity is crucially important in marketing, there is no consensus on a preferred approach to modeling heterogeneity. In this paper, we assess the performance of five alternative choice models, using ten empirical data sets. We include the popular latent class (LC) model, and the mixed logit (MIXL) model where utility weights are assume...
متن کاملNeural Network Models of Adaptive Behavior
The paper characterizes the field of investigations “Simulation of Adaptive Behavior” that is on the border of biology and informatics and studies architectures and informational processes of control systems that govern behavior of both animal and artificial creatures (animats). The project “Animat Brain” (a neural-network-based framework for simulation of adaptive behavior) is described. 1 Sim...
متن کاملAverage Behavior in Learning Models
We examine a general class of adaptive behavior models in which the distant past has only a weak effect on current actions, and assume that agents sometimes make mistakes, to show that average behavior (averaged over time) converges, with probability one, to a unique limit. Mistakes generate global convergence and are an equilibrium selection device; for small mistake probabilities the equilibr...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Behavior & Organization
سال: 2007
ISSN: 0167-2681
DOI: 10.1016/j.jebo.2006.02.010