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?:abstract
  • In a model of dynamic duopoly, optimal price policies are characterized assuming consumers learn adaptively about the relative quality of the two products. A contrast is made between belief-based and reinforcement learning. Under reinforcement learning, consumers can become locked into the habit of purchasing inferior goods. Such lock-in permits the existence of multiple history-dependent asymmetric steady states in which one firm dominates. In contrast, belief-based learning rules must lead asymptotically to correct beliefs about the relative quality of the two brands and so in this case there is a unique steady state. (xsd:string)
?:contributor
?:dateModified
  • 2007 (xsd:gyear)
?:datePublished
  • 2007 (xsd:gyear)
?:doi
  • 10.1016/j.jebo.2006.02.010 ()
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  • true (xsd:boolean)
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?:inLanguage
  • en (xsd:string)
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?:issueNumber
  • 3-4 (xsd:string)
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?:name
  • Adaptive learning models of consumer behavior (xsd:string)
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?:publicationType
  • Zeitschriftenartikel (xsd:string)
  • journal_article (en)
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  • GESIS-SSOAR (xsd:string)
  • In: Journal of Economic Behavior & Organization, 64, 2007, 3-4, 348-368 (xsd:string)
rdf:type
?:url
?:urn
  • urn:nbn:de:0168-ssoar-199499 ()
?:volumeNumber
  • 64 (xsd:string)