Technical Note—A Price Vector Model of Demand for Consumer Durables: Preliminary Developments

Russell S. Winer

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Consumer Market Behavior and Pricing Consumer Behavior and Marketing Influence Consumer Behavior and Market Dynamics

Abstract

Although considerable research has been conducted on optimal pricing policies for manufacturers, relatively little work has been done on how price enters the consumer choice process. In this paper, a model is developed for durables purchasing which integrates both economic and behavioral research by specifying a vector of five price concepts which affect purchasing behavior. Of particular interest are variables relating to future price expectations. Due to data limitations, a revised model is estimated and the results provide preliminary support for the general model.

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References

1988Prospect theory: An analysis of decision under risk 1961Rational Expectations and the Theory of Price Movements 1980Toward a positive theory of consumer choice 1958Theory and Methods of Scaling 1939Value and Capital 1979An Information Processing Theory of Consumer Choice 1956The monetary dynamics of hyperinflation 1980A Model of Sales.

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