Artikel
Preference discovery and experimentation
I provide axiomatic foundations for a model of taste uncertainty with endogenous learning through consumption. In this setting, uncertainty is over an unobservable, subjective state space. Preference over lottery-menu pairs is sufficient to identify the state space and the learning process. In this model, the agent is viewed as if he learns the utility of an object upon its consumption. This information is used to improve choice from the follow-on menu. This implies a trade-off between consumption value and information leading to experimentation. I provide a behavioral definition of experimentation. While the literature focuses on identifying subjective states through a demand for flexibility, I show that experimentation also (partially) identifies taste uncertainty.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 12 ; Year: 2017 ; Issue: 3 ; Pages: 1307-1348 ; New Haven, CT: The Econometric Society
- Klassifikation
-
Wirtschaft
Consumer Economics: Theory
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- Thema
-
Taste uncertainty
learning through consumption
experimentation
endogenous learning
subjective state space
decision theory
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cooke, Kevin
- Ereignis
-
Veröffentlichung
- (wer)
-
The Econometric Society
- (wo)
-
New Haven, CT
- (wann)
-
2017
- DOI
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doi:10.3982/TE2263
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Cooke, Kevin
- The Econometric Society
Entstanden
- 2017
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