IDEAS home Printed from https://ideas.repec.org/a/bla/kyklos/v39y1986i3p397-418.html
   My bibliography  Save this article

Some Testable Implications of a Preference for Subjective Novelty

Author

Listed:
  • Elliott Middleton

Abstract

A model of the response to subjective novelty represented by the Wundt curve was first informally introduced to economists by Scitovsky [1976]. The present paper operationalizes the subjective novelty concept using information theory. A distinction is drawn between informational utility and physical utility in the standard model. A successful empirical test is performed using a measure of consumer sentiment. Ein Modell zum Antwortverhalten auf subjektive Ersterfahrung, dargestellt mit der WuNDT‐Kurve, wurde erstmals informell von Scitovsky [1976] den Wirtschaftswissenschaftlern vorgestellt. Der vorliegende Artikel verwirklicht das Konzept der subjektiven Ersterfahrung unter Verwendung der Informationstheorie. Man unterscheidet im Standardmodell zwischen dem informatischen Nutzen und dem physischen Nutzen. Ein erfolgreicher empirischer Test wird unter Verwendung eines Masses für das Verbraucherverhalten durchgeführt. Un modèle de la réponse ȩ la nouveauté subjective représenté par la courbe de WUNDT a été présenté, pour la première fois, aux économistes par Scitovsky [1976]. Ce papier met en opération le concept de la nouveauté subjective en employant la théorie de l'information. On fait une distinction entre l'utilité informatique et l'utilité physique dans le modèle standard. Un test empirique est réalisé en employant une mesure du sentiment du consommateur.

Suggested Citation

  • Elliott Middleton, 1986. "Some Testable Implications of a Preference for Subjective Novelty," Kyklos, Wiley Blackwell, vol. 39(3), pages 397-418, August.
  • Handle: RePEc:bla:kyklos:v:39:y:1986:i:3:p:397-418
    DOI: 10.1111/j.1467-6435.1986.tb00778.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1467-6435.1986.tb00778.x
    Download Restriction: no

    File URL: https://libkey.io/10.1111/j.1467-6435.1986.tb00778.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Elliott Middleton, 2001. "'Animal spirits' and expectations in U.S. recession forecasting," Papers nlin/0108012, arXiv.org, revised Aug 2001.
    2. S. Bertarelli & R. Censolo, 2000. "Preference for Novelty and Price Behaviour," Working Papers 383, Dipartimento Scienze Economiche, Universita' di Bologna.
    3. Anderson, Michael A. & Goldsmith, Arthur H., 1997. "Mr. Keynes' theory of investment: Do forward looking expectations and weight really matter?," Journal of Economic Psychology, Elsevier, vol. 18(5), pages 547-573, September.
    4. Middleton, Elliott, 1996. "Adaptation level and 'animal spirits'," Journal of Economic Psychology, Elsevier, vol. 17(4), pages 479-498, August.
    5. Li, Xia & Xiao, Yuewen & Zhao, Xiaodong & Ma, Xinwei & Wang, Xintong, 2023. "Modeling mixed traffic flows of human-driving vehicles and connected and autonomous vehicles considering human drivers’ cognitive characteristics and driving behavior interaction," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 609(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:kyklos:v:39:y:1986:i:3:p:397-418. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0023-5962 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.