CORDIS Project
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This project explores how limited memory affects decision-making in economic contexts, particularly in consumer choice and strategic pricing. By incorporating finite memory into economic models, it aims to enhance predictions of consumer behavior and market dynamics, ultimately contributing to better economic regulatio…
Memory limitations lie at the core of how agents store past information and make decisions.
For example, consider a buyer choosing between two alternative brands of a good.
In thinking about a brand, she may recall her past experiences, product reviews, or expert’s ratings, which induce a belief about the brand’s quality.
In this process, the buyer may divide the quality scale into finitely many categories such as high, medium, and low.
Then, she may switch from one brand to another only if her…
BILKENT UNIVERSITESI VAKIF
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United States, Princeton, Nj
Type: University / higher education
Activity type: Higher or Secondary Education Establishments
SME: No
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