search query: @author Keane, M. / total: 6
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| Author: | Erdem, T. Keane, M. |
| Title: | Decision-making under uncertainty: capturing dynamic brand choice processes in turbulent consumer goods markets |
| Journal: | Marketing Science
1996 : VOL. 15:1, p. 1-20 |
| Index terms: | MARKETING DECISION MAKING UNCERTAINTY |
| Language: | eng |
| Abstract: | The authors construct two models of behavior of consumers in an environment where there is uncertainty about brand attributes. In their models, both usage experience and advertising exposure give consumers noisy signals about brand attributes. Consumers use their signals to update their expectations of brand attributes in a Bayesian manner. The two model are (1) a dynamic model with immediate utility maximization, and (2) a dynamic "forward-looking" model in which consumers maximize the expected present value of utility over a planning horizon. |
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