What You Want, When You Want It
Why do people choose one thing over another? And why do they stop choosing something at all? Over time, cravings, habits and over-saturation make some things appealing and others less so. Economists have attempted to predict consumer choice by applying a “discounted utility model,” which aims to account for how people’s habits and preferences change. In “Predicting Utility Under Satiation and Habituation,” Professors Manuel Baucells … [ Read more ]
Content: Article | Authors: Manuel Baucells, Rakesh K. Sarin | Source: IESE Insight | Subjects: Economics, Marketing / Sales