A STATE-DEPENDENT MODEL OF HYBRID BEHAVIOR WITH RATIONAL CONSUMERS IN THE ATTRIBUTE SPACE
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| Format: | Artículo científico |
| Language: | en |
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Fundación SEPI
2009
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| author | SERGI JIMÉNEZ-MARTÍN |
| author_facet | SERGI JIMÉNEZ-MARTÍN |
| contents | A STATE-DEPENDENT MODEL OF HYBRID BEHAVIOR WITH RATIONAL CONSUMERS IN THE ATTRIBUTE SPACE SERGI JIMÉNEZ-MARTÍN ANTONIO LADRÓN DE GUEVARA-MARTÍNEZ Economía y Finanzas state dependence Choice models hybrid behavior This paper presents a dynamic choice model in the attribute space consider- ing rational consumers. The model presents a stationary consumption pattern that can be inertial, where the consumer only buys one product, or a variety- seeking one, where the consumer shifts among varied products. Under the hybrid utility assumption, the consumer behaves inertially among the unfamiliar brands for several periods, eventually switching to a variety- seeking behavior when the stationary levels are approached. An empirical illustration with myopic agents is run using scanner databases for three dif- ferent product categories: fabric softener, saltine cracker, and catsup. Non- linear specifications provide the best fit of the data, as hybrid functional forms are found in all the products. The resullts confirm the gradual trend to seek variety as the level of familiarity with the purchased items increases. 2009 artículo científico 0210-1521 https://www.redalyc.org/articulo.oa?id=17328235002 en http://www.redalyc.org/revista.oa?id=173 Investigaciones Económicas application/pdf Fundación SEPI Investigaciones Económicas (España) Num.3 Vol.XXXIII |
| format | Artículo científico |
| id | redalyc_17328235002 |
| institution | Redalyc |
| language | en |
| publishDate | 2009 |
| publisher | Fundación SEPI |
| spellingShingle | A STATE-DEPENDENT MODEL OF HYBRID BEHAVIOR WITH RATIONAL CONSUMERS IN THE ATTRIBUTE SPACE SERGI JIMÉNEZ-MARTÍN Economía y Finanzas state dependence Choice models hybrid behavior A STATE-DEPENDENT MODEL OF HYBRID BEHAVIOR WITH RATIONAL CONSUMERS IN THE ATTRIBUTE SPACE SERGI JIMÉNEZ-MARTÍN ANTONIO LADRÓN DE GUEVARA-MARTÍNEZ Economía y Finanzas state dependence Choice models hybrid behavior This paper presents a dynamic choice model in the attribute space consider- ing rational consumers. The model presents a stationary consumption pattern that can be inertial, where the consumer only buys one product, or a variety- seeking one, where the consumer shifts among varied products. Under the hybrid utility assumption, the consumer behaves inertially among the unfamiliar brands for several periods, eventually switching to a variety- seeking behavior when the stationary levels are approached. An empirical illustration with myopic agents is run using scanner databases for three dif- ferent product categories: fabric softener, saltine cracker, and catsup. Non- linear specifications provide the best fit of the data, as hybrid functional forms are found in all the products. The resullts confirm the gradual trend to seek variety as the level of familiarity with the purchased items increases. 2009 artículo científico 0210-1521 https://www.redalyc.org/articulo.oa?id=17328235002 en http://www.redalyc.org/revista.oa?id=173 Investigaciones Económicas application/pdf Fundación SEPI Investigaciones Económicas (España) Num.3 Vol.XXXIII |
| title | A STATE-DEPENDENT MODEL OF HYBRID BEHAVIOR WITH RATIONAL CONSUMERS IN THE ATTRIBUTE SPACE |
| topic | Economía y Finanzas state dependence Choice models hybrid behavior |
| url | https://www.redalyc.org/articulo.oa?id=17328235002 |