Endogenous reactivity in a dynamic model of consumer's choice (Q444314): Difference between revisions
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Summary: We move from a boundedly rational consumer model characterized by a gradient-like decisional process in which, under particular parameters conditions, the asymptotical convergence to the optimal choice does not happen but it does under a least squared learning mechanism. In the present paper, we prove that even a less sophisticated learning mechanism leads to convergence to the rational choice and also prove that convergence is ensured when both learning mechanisms are available. The stability results that we obtain give more strength to the rational behavior assumption of the original model; in fact, the less demanding is the learning mechanism ensuring convergence to the rational behavior, the higher is the probability that even quite naive consumers will learn the composition of their optimum consumption bundles. | |||
Property / review text: Summary: We move from a boundedly rational consumer model characterized by a gradient-like decisional process in which, under particular parameters conditions, the asymptotical convergence to the optimal choice does not happen but it does under a least squared learning mechanism. In the present paper, we prove that even a less sophisticated learning mechanism leads to convergence to the rational choice and also prove that convergence is ensured when both learning mechanisms are available. The stability results that we obtain give more strength to the rational behavior assumption of the original model; in fact, the less demanding is the learning mechanism ensuring convergence to the rational behavior, the higher is the probability that even quite naive consumers will learn the composition of their optimum consumption bundles. / rank | |||
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Property / Mathematics Subject Classification ID | |||
Property / Mathematics Subject Classification ID: 91B42 / rank | |||
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Property / Mathematics Subject Classification ID | |||
Property / Mathematics Subject Classification ID: 37N40 / rank | |||
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Property / zbMATH DE Number | |||
Property / zbMATH DE Number: 6065455 / rank | |||
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Property / zbMATH Keywords | |||
endogenous reactivity | |||
Property / zbMATH Keywords: endogenous reactivity / rank | |||
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Property / zbMATH Keywords | |||
boundedly rational consumer model | |||
Property / zbMATH Keywords: boundedly rational consumer model / rank | |||
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Property / Wikidata QID: Q58700841 / rank | |||
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Property / describes a project that uses: KELLEY / rank | |||
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Property / MaRDI profile type: MaRDI publication profile / rank | |||
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Property / full work available at URL | |||
Property / full work available at URL: https://doi.org/10.1155/2012/908451 / rank | |||
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Property / OpenAlex ID | |||
Property / OpenAlex ID: W1971005991 / rank | |||
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Property / cites work | |||
Property / cites work: A dynamic model of a boundedly rational consumer with a simple least squared learning mechanism / rank | |||
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Latest revision as of 14:04, 5 July 2024
scientific article
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English | Endogenous reactivity in a dynamic model of consumer's choice |
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Endogenous reactivity in a dynamic model of consumer's choice (English)
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14 August 2012
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Summary: We move from a boundedly rational consumer model characterized by a gradient-like decisional process in which, under particular parameters conditions, the asymptotical convergence to the optimal choice does not happen but it does under a least squared learning mechanism. In the present paper, we prove that even a less sophisticated learning mechanism leads to convergence to the rational choice and also prove that convergence is ensured when both learning mechanisms are available. The stability results that we obtain give more strength to the rational behavior assumption of the original model; in fact, the less demanding is the learning mechanism ensuring convergence to the rational behavior, the higher is the probability that even quite naive consumers will learn the composition of their optimum consumption bundles.
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endogenous reactivity
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boundedly rational consumer model
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