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Bayesian Learning from Arts Goods? – A Comment

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  • Carlos Ulibarri

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Abstract

This comment considers the applicability of the Cyert and DeGroot model of adaptive utility in modeling consumer choice behavior with respect to arts goods. An illustration of the consumer’s choice behavior on expenditure shares is simulated as a simple Markov chain. This is followed by a discussion of policy implications regarding the pricing and subsidization of arts goods. Copyright Springer Science + Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s10824-005-8131-z
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Bibliographic Info

Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 29 (2005)
Issue (Month): 2 (May)
Pages: 137-141

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Handle: RePEc:kap:jculte:v:29:y:2005:i:2:p:137-141

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Web page: http://www.springerlink.com/link.asp?id=100284

Related research

Keywords: adaptive utility; Bayesian learning;

References

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  1. Andrew J. Filardo, 1998. "Choosing information variables for transition probabilities in a time-varying transition probability Markov switching model," Research Working Paper 98-09, Federal Reserve Bank of Kansas City.
  2. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
  3. Throsby,David, 2000. "Economics and Culture," Cambridge Books, Cambridge University Press, number 9780521586399.
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Cited by:
  1. Tekindor, Arzu Aysin & McCracken, Vicki A., 2012. "Uniqueness in Art Market: Specialization in Visual Art," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124922, Agricultural and Applied Economics Association.
  2. Marco Alderighi & Eleonora Lorenzini, 2012. "Cultural goods, cultivation of taste, satisfaction and increasing marginal utility during vacations," Journal of Cultural Economics, Springer, vol. 36(1), pages 1-26, February.

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