Dynamic influences on individual choice behavior

Robert Meyer, Tulin Erdem, Fred Feinberg, Itzhak Gilboa, Wesley Hutchinson, Aradhna Krishna, Steven Lippman, Carl Mela, Amit Pazgal, Drazen Prelec, Joel Steckel

Research output: Contribution to journalArticlepeer-review

Abstract

Research examining the process of individual decision making over time is briefly reviewed. We focus on two major areas of work in choice dynamics: research that has examined how current choices are influenced by the history of previous choices, and newer work examining how choices may be made to exploit expectations about options available in the future. A central theme of the survey is that if a general understanding of choice dynamics is to emerge, it will come through the development of boundedly-rational models of dynamic problem solving that lie on the interface between economics and psychology.

Original languageEnglish
Pages (from-to)349-360
Number of pages12
JournalMarketing Letters
Volume8
Issue number3
DOIs
StatePublished - 1997
Externally publishedYes

Keywords

  • Choice models
  • Dynamic decision making
  • Learning
  • Strategic decision making

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