Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Refine search results

Journals help

  1. 1 Operations Research and Decisions

Authors help

  1. 1 KOT M.

Years help

  1. 1 2022

Results found: 1

first rewind previous Page / 1 next fast forward last

Search results

help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

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

100%
KOT M.
Operations Research and Decisions
|
2022
|
vol. 32
|
issue 1
73-95
EN
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.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.