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Consumers' Evaluation of New Products: Learning from Self and Others

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  • McFadden, Daniel L
  • Train, Kenneth E

Abstract

When offered a new product whose attributes are unknown, customers can determine whether they like the product by trying it themselves or can wait to observe the experience of other customers who try the product. The authors specify a rational decision process and investigate the implications of learning from others on the sales of new products and the impact of advertising. Copyright 1996 by University of Chicago Press.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 104 (1996)
Issue (Month): 4 (August)
Pages: 683-703

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Handle: RePEc:ucp:jpolec:v:104:y:1996:i:4:p:683-703

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Web page: http://www.journals.uchicago.edu/JPE/

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Citations

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Cited by:
  1. Dirk Bergemann & Valimaki Juuso, 2001. "Entry and Vertical Differentiation," Cowles Foundation Discussion Papers 1302, Cowles Foundation for Research in Economics, Yale University.
  2. Kaustia, Markku & Knüpfer, Samuli, 2012. "Peer performance and stock market entry," Journal of Financial Economics, Elsevier, vol. 104(2), pages 321-338.
  3. Philipp Kircher & Andrew Postlewaite, 2008. "Strategic Firms and Endogenous Consumer Emulation," The Quarterly Journal of Economics, MIT Press, vol. 123(2), pages 621-661, 05.
  4. Daniel L. McFadden, 2013. "The New Science of Pleasure," NBER Working Papers 18687, National Bureau of Economic Research, Inc.
  5. Richards, Timothy J. & Patterson, Paul M., 1998. "New Varieties And The Returns To Commodity Promotion: Washington Fuji Apples," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20784, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Lidia Dandedjrohoun & Aliou Diagne & Gauthier Biaou & Simon N'Cho & Soul-Kifouly Midingoyi, 2012. "Determinants of diffusion and adoption of improved technology for rice parboiling in Benin," Post-Print hal-00939350, HAL.
  7. Oriana Bandiera & Imran Rasul, 2002. "Social Networks and Technology Adoption in Northern Mozambique," STICERD - Development Economics Papers - From 2008 this series has been superseded by Economic Organisation and Public Policy Discussion Papers 35, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  8. Hiroshi Kitamura, 2007. "Capacity Expansion in Markets with Intertemporal Consumption Externalities," Discussion Papers in Economics and Business 07-11, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  9. Stivers, Andrew & Tremblay, Victor J., 2005. "Advertising, search costs, and social welfare," Information Economics and Policy, Elsevier, vol. 17(3), pages 317-333, July.
  10. Bergemann, Dirk & Valimaki, Juuso, 2000. "Experimentation in Markets," Review of Economic Studies, Wiley Blackwell, vol. 67(2), pages 213-34, April.
  11. Richards, Timothy J. & Patterson, Paul M., 2000. "New Varieties And The Returns To Commodity Promotion: The Case Of Fuji Apples," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 29(1), April.
  12. Fumio Ohtake & Katsunori Yamada, 2013. "Appraising the Unhappiness due to the Great East Japan Earthquake: Evidence from Weekly Panel Data on Subjective Well-being," ISER Discussion Paper 0876, Institute of Social and Economic Research, Osaka University.
  13. Lidia Dandedjrohoun & Aliou Diagne & Gauthier Biaou & Simon N’cho & Soul-Kifouly Midingoyi, 2012. "Determinants of diffusion and adoption of improved technology for rice parboiling in Benin," Review of Agricultural and Environmental Studies - Revue d'Etudes en Agriculture et Environnement, INRA Department of Economics, vol. 93(2), pages 171-191.
  14. Emanuela Randon, 2002. "L’analisi positiva dell’esternalità: rassegna della letteratura e nuovi spunti," Working Papers 58, University of Milano-Bicocca, Department of Economics, revised Jun 2002.
  15. 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.

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