Bounded Rationality and Industrial Organization

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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 whi...
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epub
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16.99 £ * Old Price 17.49 £
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 whi...
Read more
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  • Formats: epub
  • ISBN: 9780199924233
  • Publication Date: 18 Feb 2011
  • Publisher: Oxford University Press
  • Product language: English
  • Drm Setting: DRM