Economics

Adaptive Information Systems and Modelling in Economics and by Alfred Taudes (auth.), Univ.-Prof. Mag. Dr. Alfred Taudes

By Alfred Taudes (auth.), Univ.-Prof. Mag. Dr. Alfred Taudes (eds.)

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1991). Understanding holiday choice. , editor, Progress in Tourism, Recreation and Hospitality Management, volume 3. Belhaven, London. Hauser, J. and Shugan, S. (1983). Defensive marketing strategies. Marketing Science, 2:319–360. Hauser, J. and Wernerfelt, B. (1990). An evaluation cost model of consideration sets. Journal of Consumer Research, 16:393–408. , and Obermayer, K. (1999). Neural networks in economics. , editor, Computational Techniques for Modeling Learning in Economics, pages 169–196.

24) Note if this result is in an empty set a consumer ignores the reservation price Ji,0,t = Ji,t . Next he excludes products that are remembered as highly dissatisfying in past periods (see Equation (9)). Let oij,t ∈ {−1, 0, 1} be a stochastic indicator, with Pr(Oij,t = −1) := max(0, −¯ sij,t ), and define the reduced set as Ji,1,t := Ji,0,t \ {j : oij,t = −1, j ∈ Ji,0,t }. (25) Note, if this results in an empty set, a consumer is assumed to ignore the feeling of dissatisfaction Ji,1,t = Ji,0,t .

This is in compliance with the first definition of utilities. e. the satisfaction levels are defined as d∗il,t := β2 maxl ∈L (d¯il ,t ) : 0 : d¯il,t ≥ β2 maxl ∈L (d¯il ,t ) . e. uij,t := ψ ψ d∗i,t · ψ qij,0,t − d∗i,t . (21) Note again, if none of the dimensions is important then nothing is to be indicated. Further, if there are no marked differences in the aspiration levels then all relevant dimensions will be considered important and thus ‘satisfiable’. Ranking: In the context of (initial) conjoint-measurements (product development) we need a preference ordering of the products instead of choice information.

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