Bayesian Learning from Arts Goods? – A Comment
AbstractThis 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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Bibliographic InfoArticle provided by Springer in its journal Journal of Cultural Economics.
Volume (Year): 29 (2005)
Issue (Month): 2 (May)
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Web page: http://www.springerlink.com/link.asp?id=100284
adaptive utility; Bayesian learning;
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- 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.
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- 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.
- 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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