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Incorporating Behavioral Anomalies in Strategic Models
Chakravarthi Narasimhan Washington University Eric Anderson Northwestern University - Department of Marketing Lyle Brenner University of Florida - Department of Marketing Preyas S. Desai Duke University - Fuqua School of Business Dmitri Kuksov Washington University, St. Louis - John M. Olin School of Business Paul R. Messinger University of Alberta - Department of Marketing, Business Economics & Law Sridhar Moorthy University of Toronto - Joseph L. Rotman School of Management Joseph Nunes University of Southern California - Marshall School of Business Richard Staelin Duke University - Fuqua School of Business Yuval Rottenstreich University of Chicago - Booth School of Business George Wu University of Chicago - Booth School of Business Marketing Letters, Vol. 16, Nos. 3/4, pp. 361-373, 2005 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 Accepted Paper SeriesDate posted: June 11, 2007 ; Last revised: June 11, 2007Suggested CitationContact Information
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