Bayesian Learning from Arts Goods? – A Comment

Bayesian Learning from Arts Goods? – A Comment

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 discu...

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Veröffentlicht in:Journal of cultural economics 2005-05, Vol.29 (2), p.137-141
1. Verfasser: ULIBARRI, CARLOS A.
Format: Artikel
Sprache:eng
Schlagworte:
Art appreciation
Bayesian analysis
Bayesian method
Consumer behavior
Consumer goods
Consumer preferences
Consumers
Consumption
Culture
Economic models
Economics of culture
Expected utility
Expected values
Expenditures
Illustration
Learning
Markov analysis
Markov chains
Preferences
Probability
Short Paper
Studies
Transition probabilities
Utility functions
Utility models
Utility theory
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Zusammenfassung: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.
ISSN:0885-2545
1573-6997
DOI:10.1007/s10824-005-8131-z