Do Demographics Prevent Consumer Aggregates from Reflecting Micro-Level Preferences?

Where do preferences come from?

Rational choice theory analyzes how an agent can rationally act, given his or her preferences, but says little about where those preferences come from. Preferences are usually assumed to be …xed and exogenously given. Building on related work on reasons and rational choice (Dietrich and List forthcoming), we describe a framework for conceptualizing preference formation and preference change. In...

When do changes in consumer preferences make forecasts from choice-based conjoint models unreliable?

What do we Learn About Consumer Demand Patterns from Micro Data?

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Modeling Interdependent Consumer Preferences

An individual's preference for an offering can be influenced by the preferences of others in many ways, ranging from the influence of social identification and inclusion, to the benefits of network externalities. In this paper, we introduce a Bayesian autoregressive discrete choice model to study the preference interdependence among individual consumers. The autoregressive specification can ref...

Wine Consumer Flavour Preferences

Wine companies have recognized the need to better understand consumer preferences to sustain and develop their business in a competitive global market. Such an understanding allows wineries to design wine styles that better respond to consumer needs, wants, and expectations. Current knowledge about the development of preference for foods and beverage supports the fact that a particular wine sty...