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Investigations Concerning the Dynamics of Consumer Behavior in Uncertain Environments

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  • Coursey, Don L
  • Mason, Charles F

Abstract

This paper reports the results of several experiments investigating dynamic consumer behavior. When consumers know their incomes and prices but are uncertain about their preferences, the authors find that they typically adopt a two-step approach to locating optimal consumption bundles. Initially, a grid search method is employed; this is followed by a gradient search method. An interesting phenomenon observed in many of the experiments is a tendency to consume a bundle well away from the optimum, immediately after the optimum is located. The effects of income and price changes are also studied. Copyright 1987 by Oxford University Press.

Suggested Citation

  • Coursey, Don L & Mason, Charles F, 1987. "Investigations Concerning the Dynamics of Consumer Behavior in Uncertain Environments," Economic Inquiry, Western Economic Association International, vol. 25(4), pages 549-564, October.
    • Handle: RePEc:oup:ecinqu:v:25:y:1987:i:4:p:549-64
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    Cited by:

    1. Pingle, Mark, 1995. "Imitation versus rationality: An experimental perspective on decision making," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 24(2), pages 281-315.
    2. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    3. Hámori, Balázs, 2021. "A figyelem ökonómiája. A vevők meghódításának új módszerei és csatornái [Economy of attention - new methods and channels for receiving customers]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 96-124.

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