Game theory is rampant in economics. Having long ago invaded industrial organization (the sub-field of economics that studies firms and their product markets), game-theoretic modeling is now commonplace in international, labor, macro, and financial economics, and is gathering steam even in development economics and economic history. Nor is economics alone: accounting, law, marketing, political ...

Consumers have only partial knowledge before making a purchase decision, but can choose to acquire more-detailed information. A …rm can make it easier or harder for these consumers to obtain such information. We explore consumers’information gathering and the …rm’s integrated strategy for marketing, pricing, and investment in ensuring quality. In particular, we highlight that when consumers are...

This is an elementary introduction to causal inference in economics written for readers familiar with machine learning methods. The critical step in any causal analysis is estimating the counterfactual-a prediction of what would have happened in the absence of the treatment. The powerful techniques used in machine learning may be useful for developing better estimates of the counterfactual, pot...

We document a basic characteristic of adverse selection in secondhand markets for durable goods: goods with higher observed quality may have more adverse selection and hence lower unobserved quality. We provide a simple theoretical model to demonstrate this result, which is a consequence of the interaction of sorting over observed quality between drivers with different quality valuations and ad...

Shaun McQuitty is an Assistant Professor in the Department of Marketing at New Mexico State University, Adam Finn is the Ronald K. Banister Professor of Marketing in the Department of Marketing, Business Economics, and Law at the University of Alberta, and, James B. Wiley is Professor of Marketing Science at the Victoria University of Wellington. All correspondence should be addressed to Shaun ...

∗ From Managerial and Decision Economics, 6:3, September 1985, 186–188. See J. H. Runde, “Theory and History in Marketing: a Comment,” Ibid., 183-85, which preceded this Reply, and Runde, “Theory and History in Marketing: Rejoinder,” Ibid., 189-90, which followed. In essence, my article ‘Theory and History in Marketing' (Kirkpatrick, 1983), which Professor Runde now challenges, states the follo...

Pierre Berthon • Leyland Pitt • Michael Ewing • Christopher L. Carr Marketing Department, Bentley College, Waltham, Massachusetts 02452 School of Marketing, Curtin University of Technology, Perth, Australia Department of Marketing, Faculty of Business and Economics, Monash University, Melbourne, Australia Katz Graduate School of Management, University of Pittsburgh, 234 Mervis Hall, Pittsburgh,...

In this paper we present the structure of “customer disvalue” phenomenon as the complementary concept for customer value. Authors, who are proponents of humanized marketing, rely on the lived-experience of customers as the primary source of data in order to grasp a first-hand understanding of the phenomenon that has been profoundly shadowed by objectivism of economics. The research is based on ...