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Consumers' Evaluation of New Products: Learning from Self and Others

Daniel McFadden and Kenneth Train ()

Journal of Political Economy, 1996, vol. 104, issue 4, 683-703

Abstract: When offered a new product whose attributes are unknown, customers can determine whether they like the product by trying it themselves or can wait to observe the experience of other customers who try the product. The authors specify a rational decision process and investigate the implications of learning from others on the sales of new products and the impact of advertising. Copyright 1996 by University of Chicago Press.

Date: 1996
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Handle: RePEc:ucp:jpolec:v:104:y:1996:i:4:p:683-703