Tonks, Ian (1983) Advertising, imperfect information, and the effect of learning on consumer behaviour. PhD thesis, University of Warwick.

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Abstract

This thesis incorporates a role for advertising in
a neoclassical model of consumer behaviour in an environment
with imperfect information, Advertising is seen as providing
an initial set of parameters in the consumer's subjective beliefs.
The thesis considers the role of learning through experience over
time, as an alternative source of information. The ability to
learn is shown to affect consumer behaviour under a number of
assumptions about the state of the environment. The models
under consideration are complex, and analytical solutions are
difficult to disentangle. For this reason the thesis makes use
of numerical analysis to provide solutions for the specific
parameter values assumed. The desire of a consumer to gain
information is shown to generate a pattern of purchases of a new
good which accords with the empirical evidence, over time, we
find that the initial advertising statement declines in importance
as a component of current beliefs, as the consumer places greater
reliance on his own experience. We contrast different learning
mechanisms in an attempt to find the most efficient process for
gaining complete information, and conclude that no one learning
process is always dominant, but depends on the parameters in the
environment.

Item Type:	Thesis or Dissertation (PhD)
Subjects:	H Social Sciences > HF Commerce
Library of Congress Subject Headings (LCSH):	Consumer behavior, Consumer education, Advertising, Experiential learning
Official Date:	July 1983
Dates:	Date Event July 1983 Submitted
Institution:	University of Warwick
Theses Department:	Department of Economics
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Ireland, Norman J.
Sponsors:	Social Science Research Council (Great Britain)
Extent:	[6], 244 leaves
Language:	eng

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