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Bounded Rationality and Industrial Organization
Ran Spiegler
€ 60.27
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Description for Bounded Rationality and Industrial Organization
Paperback. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. Num Pages: 240 pages, black & white illustrations. BIC Classification: JMAL; KCA; KCC; KCK. Category: (G) General (US: Trade). Dimension: 235 x 157 x 17. Weight in Grams: 354.
Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops ... Read more
Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops ... Read more
Product Details
Format
Paperback
Publication date
2014
Publisher
Oxford University Press Inc United States
Number of pages
240
Condition
New
Number of Pages
240
Place of Publication
New York, United States
ISBN
9780199334261
SKU
V9780199334261
Shipping Time
Usually ships in 5 to 9 working days
Ref
99-17
About Ran Spiegler
Professor of Economics at Tel Aviv University and University College London
Reviews for Bounded Rationality and Industrial Organization
Nobody thinks like Adam Smith when buying a toothbrush, but this is the assumption of consumer behavior offered in traditional economics textbooks. Marketing experts used to laugh at such naivety, but they will have to take economic theory more seriously from now on. Ran Spiegler's book takes on the challenge of rewriting the theory of industrial organization without the classical ... Read more