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.
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Ulibarri, C.A. Bayesian Learning from Arts Goods? – A Comment. J Cult Econ 29, 137–141 (2005). https://doi.org/10.1007/s10824-005-8131-z
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DOI: https://doi.org/10.1007/s10824-005-8131-z