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Behavioral research and empirical modeling of marketing channels: Implications for both fields and a call for future research |
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| Authors: | Robert J. Meyer Joachim Vosgerau Vishal Singh Joel E. Urbany Gal Zauberman Michael I. Norton Tony H. Cui Brian T. Ratchford Alessandro Acquisti David R. Bell Barbara E. Kahn |
| Affiliation: | 1. Wharton School of the University of Pennsylvania, Philadelphia, PA, USA 2. Tepper School of Business, Carnegie Mellon University, Pittsburgh, PA, USA 3. Stern School of Business, New York University, New York, NY, USA 4. Mendoza College of Business, University of Notre Dame, Notre Dame, IN, USA 5. Harvard Business School, Harvard University, Boston, MA, USA 6. Carlson School of Management, University of Minnesota, Minneapolis, MN, USA 7. School of Management, University of Texas at Dallas, Richardson, TX, USA 8. Heinz School of Public Policy, Carnegie Mellon University, Pittsburgh, PA, USA 9. School of Business Administration, University of Miami, Miami, FL, USA |
| Abstract: | Game theoretic models of marketing channels typically rely on simplifying assumptions that, from a behavioral perspective, often appear naïve. However, behavioral researchers have produced such an abundance of behavioral regularities that they are impossible to incorporate into game theoretic models. We believe that a focus on three core findings would benefit both fields; these are: first, beliefs that are held by the various players regarding profit consequences of different actions are incomplete and often biased; second, players’ preferences and optimization objectives are not commonly known; and third, players have insufficient cognitive abilities to achieve optimization objectives. Embracing these three findings shifts the focus from rational decision making to how decision makers learn to improve their decision-making skills. Concluding, we believe that greater convergence of game theoretic modeling and behavioral research in marketing channels would lead to new insights for both fields. |
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