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Advertising, learning, and consumer choice in experience good markets: an empirical examination

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Daniel A. Ackerberg

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Abstract

This article empirically analyzes different effects of advertising in a nondurable, experience good market. A dynamic learning model of consumer behavior is presented in which I allow both "informative" effects of advertising and "prestige" or "image" effects of advertising. This learning model is estimated using consumer level panel data tracking grocery purchases and advertising exposures over time. Empirical results suggest that in this market, advertising's primary effect was that of informing consumers. The estimates are used to quantify the value of this information to consumers and evaluate the welfare implications of an alternative advertising regulatory regime. Copyright 2003 By The Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 44 (2003)
Issue (Month): 3 (08)
Pages: 1007-1040
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Handle: RePEc:ier:iecrev:v:44:y:2003:i:3:p:1007-1040

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  1. Kyoo il Kim, 2006. "Semiparametric Estimation of Signaling Games," Working Papers 19-2006, Singapore Management University, School of Economics. [Downloadable!]
  2. Ken Hendricks & Alan Sorensen, 2006. "Information Spillovers in the Market for Recorded Music," NBER Working Papers 12263, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Mark Israel, 2005. "Services as Experience Goods: An Empirical Examination of Consumer Learning in Automobile Insurance," American Economic Review, American Economic Association, vol. 95(5), pages 1444-1463, December. [Downloadable!] (restricted)
  4. Michael Chernew & Gautam Gowrisankaran & Dennis P. Scanlon, 2002. "Learning and the value of information: the case of health plan report cards," Working Papers in Applied Economic Theory 2002-17, Federal Reserve Bank of San Francisco. [Downloadable!]
  5. Martin Gaynor & Yunfeng Shi & Rahul Telang & William Vogt, 2005. "Cell Phone Demand and Consumer Learning – An Empirical Analysis," Working Papers 05-28, NET Institute, revised Oct 2005. [Downloadable!]
  6. Michael Chernew & Gautam Gowrisankaran & Dennis P. Scanlon, 2001. "Learning and the Value of Information: Evidence From Health Plan Report Cards," NBER Working Papers 8589, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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