Bayesian Learning from Arts Goods? – A Comment

Carlos Ulibarri ()

Journal of Cultural Economics, 2005, vol. 29, issue 2, pages 137-141

Abstract: This comment considers the applicability of the Cyert and DeGroot model of adaptive utility in modeling consumer choice behavior with respect to arts goods. An illustration of the consumer’s choice behavior on expenditure shares is simulated as a simple Markov chain. This is followed by a discussion of policy implications regarding the pricing and subsidization of arts goods. Copyright Springer Science + Business Media, Inc. 2005

Keywords: adaptive utility; Bayesian learning (search for similar items in EconPapers)

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