Stochastic Properties of Changing Preferences

Research work of psychologists and market scholars is used to discuss the dynamics of preference and choice. Economists play a minor role in expanding knowledge about individual choice behavior or about strategy formulation by individual firms. The dynamic view of preference and choice is one that f...

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Bibliographic Details
Published in:The American economic review 1978-05, Vol.68 (2), p.380-385
Main Author: Pessemier, Edgar A.
Format: Article
Language:English
Subjects:
Behavior
Changes in Consumer Preferences
Choices
Consumer preferences
Decision analysis
Decision making
Economic theory
Individual
Judgment
Legal objections
Marketing
Markets
Modeling
Philosophical object
Preferences
Structure
Uncertainty
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Summary:Research work of psychologists and market scholars is used to discuss the dynamics of preference and choice. Economists play a minor role in expanding knowledge about individual choice behavior or about strategy formulation by individual firms. The dynamic view of preference and choice is one that flows from awareness, comprehension, and evaluation to choice. Several models of individual choice behavior have been developed to incorporate differences in the affective processes of individuals and the different properties of choice objects. Choice behavior cannot easily be predicted on any given purchase occasion since individual preference behavior is highly varied.
ISSN:0002-8282
1944-7981