Behavioral Consumers in Industrial Organization: An Overview

Behavioral Consumers in Industrial Organization: An Overview This paper overviews three primary branches of the industrial organization literature with behavioral consumers. The literature is organized according to whether consumers: (1) have non-standard preferences; (2) are overconfident or otherwise biased such that they systematically misweight different dimensions of price and other product attributes; or (3) fail to choose the best price due to suboptimal search, confusion comparing prices, or excessive inertia. The importance of consumer heterogeneity and equilibrium effects are also highlighted along with recent empirical work. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Industrial Organization Springer Journals

Behavioral Consumers in Industrial Organization: An Overview

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Publisher
Springer US
Copyright
Copyright © 2015 by Springer Science+Business Media New York
Subject
Economics / Management Science; Industrial Organization; Microeconomics
ISSN
0889-938X
eISSN
1573-7160
D.O.I.
10.1007/s11151-015-9477-9
Publisher site
See Article on Publisher Site

References

  • The welfare effects of misperceived product costs: Data and calibrations from the automobile market
    Allcott, H
  • The nature of risk preferences: Evidence from insurance choices
    Barseghyan, L; Molinari, F; O’Donoghue, T; Teitelbaum, JC

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