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Consumer preferences for goods and services are characterized by heterogeneity. Accounting for this heterogeneity in economic analysis will be useful in estimating unbiased models as well as for forecasting demand by including individual characteristics and proving a broader picture of the...
Choice Environment, Market Complexity and Consumer Behavior: A Theoretical and Empirical Approach for Incorporating Decision Complexity into Models of Consumer ChoiceDownload
Most empirical models of consumer choice assume that the decision-maker assesses all alternatives and information in a perfect information processing sense. The complexity of the choice environment, the ability of the individual to make complex decisions and the effect of choice context on the...