The Experts below are selected from a list of 315 Experts worldwide ranked by ideXlab platform
Wade D Hands - One of the best experts on this subject based on the ideXlab platform.
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economics psychology and the history of Consumer Choice theory
Cambridge Journal of Economics, 2010Co-Authors: Wade D HandsAbstract:This paper examines elements of the complex place/role/influence of psychology in the history of Consumer Choice theory. The paper reviews, and then challenges, the standard narrative that psychology was 'in' Consumer Choice theory early in the neoclassical revolution, then strictly 'out' during the ordinal and revealed preference revolutions, now (possibly) back in with recent developments in experimental, behavioural and neuroeconomics. The paper uses the work of three particular economic theorists to challenge this standard narrative and then provides an alternative interpretation of the history of the relationship between psychology and Consumer Choice theory. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.
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stabilizing Consumer Choice the role of true dynamic stability and related concepts in the history of Consumer Choice theory
European Journal of The History of Economic Thought, 2010Co-Authors: Wade D HandsAbstract:It is often argued that the inability of Arrow-Debreu general equilibrium theory to produce an adequate proof of the stability of the Walrasian price adjustment mechanism was one of the program's most significant failures. This paper will not question this standard interpretation of the history of general equilibrium theory, but makes the case that characterizing the 'stability' question in terms of market stability- in particular the stability of the equilibrium price vector in the Walrasian general equilibrium model - actually helped to stabilize the standard model of Consumer Choice in general equilibrium theory and elsewhere within microeconomics. The problem of the stability of 'Consumer's equilibrium' was much discussed early in the twentieth century, and it has recently re-emerged in a different guise as the 'endowment effects' and 'reference dependencies' of contemporary behavioral economics, and yet it disappeared from mainstream discussion during the period 1950 to 1980. This paper argues that shifting the discussion from the intra-agent stability of the individual Consumer to the inter-agent stability of the competitive market contributed - despite its ultimately negative impact on general equilibrium theory - to the long period of stable normal science Consumer Choice theory enjoyed during the middle of the twentieth century.
Christos Tsoukalas - One of the best experts on this subject based on the ideXlab platform.
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Explaining Consumer Choice through neural networks: The stacked generalization approach
European Journal of Operational Research, 2003Co-Authors: Christos TsoukalasAbstract:Abstract This paper uses neural network models and the ensemble technique of stacked generalization to investigate the relative importance of situational and demographic factors on Consumer Choice. We discuss the theoretical justification for this approach and develop the level-0 and level-1 models which we estimate using a Consumer Choice data set from AT&T. The findings confirm the superiority of situational factors in explaining the Consumers’ Choice of communication modes and support the strength of stacked generalization. Important clues that emerge from the analysis regarding the factors to be accounted for when developing efficient neural network structures are also discussed.
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Interfaces with Other Disciplines Explaining Consumer Choice through neural networks: The stacked generalization approach
2003Co-Authors: Christos TsoukalasAbstract:AbstractThis paper uses neural network models and the ensemble technique of stacked generalization to investigate therelative importance of situational and demographic factors on Consumer Choice. We discuss the theoretical justificationfor this approach and develop the level-0 and level-1 models which we estimate using a Consumer Choice data set fromATT Consumer behavior 1. IntroductionUnderstanding the Consumer Choice processand the factors that affect it are important to allmarketing professionals. Previous studies haveshown the Consumer Choice decision to be afunction of the Consumer demographic profile,thepsychographic information,the consumption mo-tives and goals (Allenby and Ginter,1995; Hochet al.,1995),and the specific consumption context(Miller and Ginter,1979). Accurate informationon the relative importance of these factors makes itpossible for firms to better price and promote theirproducts and services. For example,specific pro-motion strategies can be designed and imple-mented depending on the Consumer demographics(ethnicity,age etc.) of the target market. Thiscould bring retailers higher profits by introducingthe discrimination mechanism.Consumer Choice has frequently been used as atest bed for new statistical techniques. Artificialneural network models (ANNs) is a relatively newapproach to addressing both forecasting andclassification tasks that has received wide attentionin many scientific fields. In the area of market-ing research,however,this approach is relatively
Marcel Brass - One of the best experts on this subject based on the ideXlab platform.
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An empirical comparison of different implicit measures to predict Consumer Choice.
PloS one, 2017Co-Authors: Oliver Genschow, Jelle Demanet, Lea Hersche, Marcel BrassAbstract:While past research has found that implicit measures are good predictors of affectively driven, but not cognitively driven, behavior it has not yet been tested which implicit measures best predict behavior. By implementing a Consumer context, in the present experiment, we assessed two explicit measures (i.e. self-reported habit and tastiness) and three implicit measures (i.e. manikin task, affective priming, ID-EAST) in order to test the predictive validity of affectively versus cognitively driven Choices. The results indicate that irrespective of whether participants chose affectively or cognitively, both explicit measures, but not the implicit measures, predicted Consumer Choice very strongly. Likewise, when comparing the predictive validity among all measures, the explicit measures were the best predictors of Consumer Choice. Theoretical implications and limitations of the study are discussed.
Jeffrey Loewenstein - One of the best experts on this subject based on the ideXlab platform.
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Structural comparison and Consumer Choice
Journal of Consumer Psychology, 2010Co-Authors: Arthur B. Markman, Jeffrey LoewensteinAbstract:Psychological research has demonstrated important parallels between the structural alignment process involved in judgments of similarity and the processes that are involved in analogical reasoning. Gradually, this work on comparisons was applied to Consumer Choice. In this paper, we review the influence of structural alignment on Choices among a set of options. Then, we discuss extensions of this work to comparative advertising and to the role of analogy in marketing communication. Finally, we discuss important extensions to structural alignment suggested by this work such as the key role that affect plays in comparisons made during the Choice process.
Oliver Genschow - One of the best experts on this subject based on the ideXlab platform.
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An empirical comparison of different implicit measures to predict Consumer Choice.
PloS one, 2017Co-Authors: Oliver Genschow, Jelle Demanet, Lea Hersche, Marcel BrassAbstract:While past research has found that implicit measures are good predictors of affectively driven, but not cognitively driven, behavior it has not yet been tested which implicit measures best predict behavior. By implementing a Consumer context, in the present experiment, we assessed two explicit measures (i.e. self-reported habit and tastiness) and three implicit measures (i.e. manikin task, affective priming, ID-EAST) in order to test the predictive validity of affectively versus cognitively driven Choices. The results indicate that irrespective of whether participants chose affectively or cognitively, both explicit measures, but not the implicit measures, predicted Consumer Choice very strongly. Likewise, when comparing the predictive validity among all measures, the explicit measures were the best predictors of Consumer Choice. Theoretical implications and limitations of the study are discussed.