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Incorporating Behavioral Anomalies in Strategic Models |
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| Authors: | Chakravarthi Narasimhan Chuan He Eric T. Anderson Lyle Brenner Preyas Desai Dmitri Kuksov Paul Messinger Sridhar Moorthy Joseph Nunes Yuval Rottenstreich Richard Staelin George Wu Z. John Zhang |
| Affiliation: | (1) Washington University, St. Louis;(2) University of Colorado, Boulder;(3) Northwestern University, Northwestern;(4) University of Florida, Florida;(5) Duke University, USA;(6) University of Alberta, Alberta;(7) University of Toronto, Toronto;(8) University of Southern California, California;(9) University of Chicago, Chicago;(10) University of Pennsylvania, Pennsylvania |
| Abstract: | Behavioral decision researchers have documented a number of anomalies that seem to run counter to established theories of consumer behavior from microeconomics that are often at the core of analytical models in marketing. A natural question therefore is how equilibrium behavior and strategies would change if models were to incorporate these anomalies in a consistent way. In this paper we identify several important and generalizable anomalies that modelers may want to incorporate in their models. We briefly discuss each phenomenon, identify a key unresolved issue and outline a research agenda to be pursued. |
| Keywords: | marketing strategy game theory reference dependence fairness confirmatory bias |
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