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Título:
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Consumer’s response to price distribution and ?-overloadunder time allocation
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Autores:
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Álvarez, Francisco ;
Rey Simo, José Manuel ;
Sanchis, Raúl G.
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Tipo de documento:
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texto impreso
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Editorial:
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Elsevier, 2016
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Dimensiones:
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application/pdf
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Nota general:
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info:eu-repo/semantics/restrictedAccess
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Idiomas:
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Palabras clave:
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Estado = Publicado
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Materia = Ciencias Sociales: Sociología: Opinión pública
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Materia = Ciencias Sociales: Economía: Microeconomía
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Tipo = Artículo
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Resumen:
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It has been recently suggested that both the number of options considered by consumers and their satisfaction when shopping respond to changes in the mean and spread of market prices. A structured analysis of those responses is provided in this paper. A new adverse effect related with consumer’s welfare is presented here, namely a consumer that searches exhaustively among all market options – called maximizer – experiences welfare loss when the dispersion of prices is too high. In fact, her welfare exhibits an inverted-U shape with respect to the standard deviation ? of prices so that an increase in price spread produces more welfare for small values of ? but it has a negative effect for larger values of ?. This new phenomenon is termed ?-overload. It is also shown that a consumer that is content with shopping from a reduced sample of options – a satisficer – avoids ?-overload by adapting her search behavior to the increase in spread. A quantitative assessment of consumer’s behavior and welfare with respect to changes in the mean and dispersion of prices under different scenarios is also provided.
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En línea:
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https://eprints.ucm.es/55909/1/%C3%81lvarez-Consumer%E2%80%99s%20respons.pdf
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