Consumer decision-making in retail investment
The results of a large-scale survey of EU purchasers
and non-purchasers of investment services demonstrate that real
people are at odds with neoclassical "homo oeconomicus"
assumptions and that their decisions are affected by bounded rationality.
Policies bases on this piece of evidence are explored.
theory: the neoclassical model and its opposite evolutionary alternative
The standard neoclassical model is explained and contrasted to the
alternative evolutionary approach to consumer theory.
free software allows you for direct experimentation.
- neoclassical model
- evolutionary model
The rich and the poor
An exploration of differences, by leveraging
a new key concept (cumulative
bundle) and a software.
Prices and quantities
This paper explore mismatches between ECON101
textbook theory of economics and empirical evidence from the real
world that you can collect by yourself, so to replicate (confirming,
widening or rejecting) the proposed analyses, as a scientific approach
would authorise and ask for.
Consumer decision rules for agent-based models
A clear-cut introduction to evolutionary consumption
microfoundation in agent-based models. It proposes several rules
to cope with budget constraints, product differentiation, purchase
repetition over time.
In particular, you shall find the rules of consumer
behavour used in the freely downloadable model "Race
to market", which gave rise to these micro-data.
Moreover, it suggests to ACE modellers a "golden
rule" for more realistic models.
retailing opportunities and threats using agent-based simulation
As a valuable supporting tool for the marketing
analysis of opportunities and threats on retail markets, an agent-based
simulator - including rules proposed here
- is explained, providing insights to answer to questions such as:
- What happens in the distribution landscape
if we open a new outlet? Where should it be located? What profile
(assortment composition, price levels, size) the new outlet should
- What if competitors open or
close outlets? What should we then change in the profile of our
- What if the purchasing behaviour of consumer households changes?
E.g. purchasing power and decision rules changes due to economic
- What if the cost structure changes? E.g. there is easy funding
of outlets in less-favoured areas by municipalities and regional