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How does consumer choose? The mainstream answer is at odds with everyone's experience. A better formalization is offered by agent-based models with large degrees of imperfect information and bounded rationality.
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Consumer decision-making in retail investment
services The results of a large-scale survey of EU purchasers and non-purchasers of investment services demonstrate that real people are at odds with neoclassical "homo oeconomicus" assumptions and that their decisions are affected by bounded rationality. Policies bases on this piece of evidence are explored. Consumer
theory: the neoclassical model and its opposite evolutionary alternative
A free software allows you for direct experimentation.
The rich and the poor An exploration of differences, by leveraging a new key concept (cumulative bundle) and a software. Prices and quantities This paper explore mismatches between ECON101 textbook theory of economics and empirical evidence from the real world that you can collect by yourself, so to replicate (confirming, widening or rejecting) the proposed analyses, as a scientific approach would authorise and ask for.
Consumer decision rules for agent-based models A clear-cut introduction to evolutionary consumption microfoundation in agent-based models. It proposes several rules to cope with budget constraints, product differentiation, purchase repetition over time. In particular, you shall find the rules of consumer behavour used in the freely downloadable model "Race to market", which gave rise to these micro-data. Moreover, it suggests to ACE modellers a "golden rule" for more realistic models. Essay: Analysing
retailing opportunities and threats using agent-based simulation As a valuable supporting tool for the marketing analysis of opportunities and threats on retail markets, an agent-based simulator - including rules proposed here - is explained, providing insights to answer to questions such as: - What happens in the distribution landscape
if we open a new outlet? Where should it be located? What profile
(assortment composition, price levels, size) the new outlet should
have?
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Key concepts |
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| Advertising
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| Product
differentiation
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| Repurchase
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| Elasticity
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| Inflation
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Key data |
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Real world elasticity in 144 countries - Price elasticities and income elasticities of consumption classes (food and non-food) - Food share on household budget
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Consumption expenditure by income classes A typical monthly expenditure structure for different consumption needs, differentiated by income classes of the households. The confirmation of Engel's law of decreasing importance of food (the higher the income) is accompanied by a host of other interesting features.
Gender-specific reaction to promotion and advertising An empirical assessment of Meyers-Levy's selectivity hypothesis, which suggests that females are comprehensive information processors, while males utilize heuristics to process information schematically Advertising expenditure by product The effectiveness of advertising - an analysis
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Consumers' microdata: incomes, preferences, purchase timing
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Economic data: Readership of daily newspaper by occupation Daily time spent on different activities by employment status, sex, and age MS Excel [19 KB]
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Income, consumer expenditure, and price level in a regional comparison Consumers' macroeconomic expectations by age, gender, education and household expenditure Households socio-economic survey in Uganda Junk food in Asian countries: a comparative study of the influence of advertising
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Papers |
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Essay: Package size, price, and consumer rules Optimal commercial offer by retailers depends not only on efficient logistics and buyer's power with respect to the supply chain: it hinges on the segmentation of customers according to their rules of choice. In this paper, an example of purchase basket over many categories, varieties and package sizes is constructed and commented, freely offering the Excel file with all open programming code. Consumers can find out their style of shopping; managers have a device to fix the prices in your commercial premise, the researchers and the absolute beginners can simply explore the unexpected consequences of the interaction of such trivial, but real, things like package size, weight, and budget constraints. Essay:
Levels of product differentiation in the global mobile phones
market
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This
paper explains and offers you a powerful software tool for understanding
the introduction of product and process innovation
in a competitive market. Consumers are individual agents with different
tastes and personal income. In terms of industrial dynamics, you'll
see how product life cycles arise by personally playing the software
model or by observing how artificial agents perform. A consumer memory-based model of new product diffusion within a social network by J. Kottonau, J. Burse, C. Pahl-Wostl Agent-based Explorations into Consumer Choice Modeling by C. Stumpo Agent-based modelling of customer behaviour in the telecoms and media markets by P. Twomey and R Cadman A Model of Bounded Rational Consumers with Endogenous Preferences by M. Valente An Agent-based model for the study of publicity/consumer dynamics" by J.J. Merelo, A. Prieto An integrated approach to simulating behavioural processes: A case study of the lock-in of consumption patterns by M. Janssen, W. Jager (1999) in Journal of Artificial Societies and Social Simulation Artificial Life simulations: Consumer behavior modeling for marketing strategy by B. G. Tedesco Consumer Behaviour and Technological Complexity in the Evolution of Markets by M. Valente Consumer Decision Making and Beyond by L. Schiffman, L. Kanuk Demand Dynamics With Socially Evolving Preferences by R. Aversi, G. Dosi, G. Fagiolo, M. Meacci, C. Olivetti Demand dynamics with bounded rational buyers and endogenous preferences by M. Valente Developing Heuristic-Based Quality Judgements: Attention Blocking in Consumer Choice (experimental evidence) by R. J. Oxoby and H. Finnigan Diffusion Dynamics in Small-World Networks with Heterogeneous Consumers by S. A. Delre, W. Jager, M. A. Janssen Do Consumers Really Know if the Price Is Right? Direct Measures of Reference Price and Their Implications For Retailing by Marc Vanhuele Xavier Drèze Fashion, Growth and Welfare: An Evolutionary Approach by A. Chai, P. Earl, J. Potts From Status-Seeking Consumption to Social Norms: An Application to the Consumption of Cleanliness by Julia Sophie Woersdorfer Engel Curves Specification in an Artificial Model of Consumption Dynamics with Socially Evolving Preferences by G. Fagiolo Integrated Multi-agent-based Supply Chain Management by D. Frey, T. Stockheim, P. Woelk, R. Zimmermann Markets for heterogeneous products: a bounded rational consumer model by M. Valente Modelling consumer behaviour by W. Jager Modelling Demand for Innovative Products by M. Valente Multi-Agent Based Simulation of Consumer Behaviour: Towards a New Marketing Approach" by L. Ben Saida, A. Drogoulb and T. Bouron Networks of agents with advertising by F. Alkemade Simulating Market Dynamics: Interactions between Consumer Psychology and Social Networks by M. A. Janssen and W. Jager Simulation Methodology: an Example in Modelling Demand by M. Valente Targeting and timing promotional activities: An agent-based model for the takeoff of new products by S.A. Delre, W. Jager , T.H.A. Bijmolt, M.A. Janssen Towards
an alternative paradigm of consumer behaviour by Viviana
Di Giovinazzo Waves in Consumption with Interdependence among Consumers by R. Cowan, W. Cowan, G.M. P. Swann. Consumption indigence and risks: an empirical study in Vietnam The behaviour of mobile users in Finland Further evolutionary models of consumer behaviour
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