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How "Psychological" Should Economic and Marketing Models Be?

Ho, Teck H. and Lim, Noah and Camerer, Colin F. (2006) How "Psychological" Should Economic and Marketing Models Be? Journal of Marketing Research, 43 (3). pp. 341-344. ISSN 0022-2437. doi:10.1509/jmkr.43.3.341.

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The authors discuss the potential of making the recently developed behavioral economics models even more “psychological” by (1) increasing their context specificity, (2) allowing different people to have different model parameters, and (3) capturing the underlying psychological processes more explicitly. They show that some of these models already make room for understanding context specificity and heterogeneity, and they discuss new ways to enrich the models along those two dimensions. The task of adding process details is more challenging in simple mathematical forms because these models must serve as building blocks for aggregate market models.

Item Type:Article
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URLURL TypeDescription
Ho, Teck H.0000-0001-5210-4977
Camerer, Colin F.0000-0003-4049-1871
Additional Information:© 2006 American Marketing Association. This research is partially supported by a National Science Foundation grant (No. SBR 9730187).
Funding AgencyGrant Number
Subject Keywords:behavioral economics, consumer behavior, marketing models, interdisciplinary research
Issue or Number:3
Record Number:CaltechAUTHORS:20110210-081348182
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22103
Deposited By: Tony Diaz
Deposited On:14 Feb 2011 19:06
Last Modified:09 Nov 2021 16:03

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