An agent-based model of consumer choice. An evaluation of the strategy of pricing and advertising

IF 0.7 Q4 OPERATIONS RESEARCH & MANAGEMENT SCIENCE
M. Kot
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引用次数: 0

Abstract

The authors develop an agent-based model of the market where firms and consumers exchange products. Consumers in the model are heterogeneous in terms of features, such as risk-aversion or owned assets, which impact their individual decisions. Consumers constantly learn about products’ features through personal experience, word-of-mouth, or advertising, update their expectations and share their opinions with others. From the supply-side of the model, firms can influence consumers with two marketing tools: advertising and pricing policy. Series of experiments have been conducted with the model to investigate the relationship between advertising and pricing and to understand the underlying mechanism. Marketing strategies have been evaluated in terms of generated profit and recommendations have been formulated.
基于代理的消费者选择模型。对定价和广告策略的评价
作者开发了一个基于代理的市场模型,在这个模型中,企业和消费者交换产品。模型中的消费者在特征方面是异构的,例如风险厌恶或拥有的资产,这些特征会影响他们的个人决策。消费者通过个人体验、口口相传或广告不断了解产品的特点,更新他们的期望,并与他人分享他们的观点。从该模型的供给方来看,企业可以通过两种营销工具影响消费者:广告和定价政策。利用该模型进行了一系列的实验,以探讨广告与定价之间的关系,并了解其潜在机制。根据产生的利润对营销策略进行了评估,并制定了建议。
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来源期刊
Operations Research and Decisions
Operations Research and Decisions OPERATIONS RESEARCH & MANAGEMENT SCIENCE-
CiteScore
1.00
自引率
25.00%
发文量
16
审稿时长
15 weeks
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