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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

Suggested Citation

  • Carlos Ulibarri, 2005. "Bayesian Learning from Arts Goods? – A Comment," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(2), pages 137-141, May.
  • Handle: RePEc:kap:jculte:v:29:y:2005:i:2:p:137-141 DOI: 10.1007/s10824-005-8131-z
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    References listed on IDEAS

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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.
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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;The Association for Cultural Economics International, pages 1-26.

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    Keywords

    adaptive utility; Bayesian learning;

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