English, Article, Journal or magazine article edition: A Dynamic Choice Model of Hybrid Behavior in the Attribute-space Antonio Ladrón de Guevara

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Bookmark: http://trove.nla.gov.au/version/154530
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Dynamic Choice Model of Hybrid Behavior in the Attribute-space
Author
  • Antonio Ladrón de Guevara
Physical Description
  • preprint
Notes
  • This paper presents a dynamic choice model in the attribute space considering rational consumers that discount the future. In light of the evidence of several state-dependence patterns, the model is further extended by considering a utility function that allows for the different types of behavior described in the literature: pure inertia, pure variety seeking and hybrid. 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 buys several products simultane-ously. Under the inverted-U marginal utility assumption, the consumer behaves inertial among the existing brands for several periods, and eventually, once the stationary levels are approached, the consumer turns to a variety-seeking behavior. An empirical analysis is run using a scanner database for fabric softener and significant evidence of hybrid behavior for most attributes is found, which supports the functional form considered in the theory.
  • Consumer choice models, state-dependence models, consumption patterns, variety seeking, hybrid behavior
  • RePEc:upf:upfgen:589
Language
  • English
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