Bounded Rationality and Industrial Organization

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9780195398717: Bounded Rationality and Industrial Organization

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 non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points.

Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.

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Book Description:

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 assumption that economic agents are all rational supermen. This is an important book that nobody working on industrial organization will wish to be without. ( Ken Binmore, University College London)

Spiegler's Bounded Rationality and Industrial Organization is a beautifully written book. He makes a compelling case that understanding what happens when boundedly rational consumers meet sophisticated firms is both intellectually interesting and practically important. He has a wonderful feel for using rigorous models to clarify arguments and develops insights from a number of branches of the emerging literature in a parsimonious way. It is a must read book. ( Glenn Ellison, Massachusetts Institute of Technology)

About the Author:

Ran Spiegler is Professor of Economics at Tel Aviv University and University College London.

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Spiegler, Ran
Editore: Oxford Univ Pr (2011)
ISBN 10: 0195398718 ISBN 13: 9780195398717
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Descrizione libro Oxford Univ Pr, 2011. Hardcover. Condizione libro: Brand New. 1st edition. 240 pages. 9.30x6.30x0.80 inches. In Stock. Codice libro della libreria zk0195398718

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Descrizione libro Oxford University Press, 2011. Condizione libro: New. Brand New, Unread Copy in Perfect Condition. A+ Customer Service! Summary: 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. Codice libro della libreria ABE_book_new_0195398718

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Descrizione libro Oxford University Press, 2011. Hardcover. Condizione libro: New. book. Codice libro della libreria 0195398718

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Descrizione libro 2011. Hardcover. Condizione libro: New. 155mm x 18mm x 236mm. Hardcover. Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, con.Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability. 240 pages. 0.476. Codice libro della libreria 9780195398717

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Descrizione libro Oxford University Press, 2011. Hardcover. Condizione libro: New. Codice libro della libreria P110195398718

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Descrizione libro Condizione libro: Brand New. Book Condition: Brand New. Codice libro della libreria 97801953987171.0

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