TITLE

The Asymmetric Information Model of State Dependence

AUTHOR(S)
Moshkin, Nickolay V.; Shachar, Ron
PUB. DATE
September 2002
SOURCE
Marketing Science;Fall2002, Vol. 21 Issue 4, p435
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Marketing researchers and practitioners are interested in a specific aspect of persistence--brand loyalty (repeat-purchase), because of its managerial consequences. This study focuses on the stronger form of loyalty, in which although firms offer a new product in each period, consumers continue to purchase from the same firm. Repeat-purchase might result from state dependence or from heterogeneity. State dependence means that current choices behaviorally depend on previous ones (which is the state). This study shows that existing explanations of state dependence are incomplete, presents another source and demonstrates how a researcher can distinguish between the two sources of state dependence with standard panel data. Section 2 presents two choice models: the utility state dependence model (UM). Using panel data on television viewing choices in the US (presented in section 3) and structural estimation (described in section 4), the authors show in section 5 that the data provide solid support for the information state dependence model (IM).
ACCESSION #
8604791

 

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