Consumer inertia fosters product quality
Journal of Behavioral and Experimental Economics(2022)
摘要
•Consumer inertia, for fixed levels of quality provides monopoly power to firms and thus increases market prices.•Inertia also acts as a complement to product quality, so influences a better product.•Inertia may also increase competition and decrease the market price.•Overall, inertia may increase consumer and market welfare by providing a cheaper and more reliable product.
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关键词
Consumer inertia,Anecdotal reasoning,Bounded rationality,Price competition
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