Phase transition of demand explained by the heterogeneity of consumers' intrinsic preferences

dc.contributor.affiliationFGV
dc.contributor.authorPrado, Fernando Pigeard de Almeida
dc.contributor.unidadefgvEscolas::EPGEpor
dc.date.accessioned2014-12-02T11:42:10Z
dc.date.available2014-12-02T11:42:10Z
dc.date.issued2006-04-20
dc.description.abstractIn 1991 Gary S. Becker presented A Note on Restaurant Pricing and Other Examples of Social In uences on Price explaining why many successful restaurants, plays, sporting events, and other activities do not raise their prices even with persistent excess demand. The main reason for this is due to the discontinuity of stable demands, which is explained in Becker's (1991) analysis. In the present paper we construct a discrete time stochastic model of socially interacting consumers deciding for one of two establishments. With this model we show that the discontinuity of stable demands, proposed by Gary S. Becker, depends crucially on an additional factor: the dispersion of the consumers' intrinsic preferences for the establishments.eng
dc.identifier.urihttps://hdl.handle.net/10438/12658
dc.language.isoeng
dc.publisherEscola de Pós-Graduação em Economia da FGVpor
dc.relation.ispartofseriesSeminários de pesquisa econômica da EPGE;por
dc.rightsTodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveispor
dc.subjectHeterogeneity of consumers' preferenceseng
dc.subjectSocial interactioneng
dc.subjectSocial influence on priceeng
dc.subjectDiscontinuity of demandeng
dc.subjectMultiple demand equilibriaeng
dc.subject.areaEconomiapor
dc.subject.bibliodataConsumidores - Preferênciapor
dc.subject.bibliodataPreçospor
dc.subject.bibliodataOferta e procurapor
dc.subject.bibliodataModelos econométricospor
dc.titlePhase transition of demand explained by the heterogeneity of consumers' intrinsic preferenceseng
dc.typeWorking Papereng
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