There is now a very large literature on dynamic models in marketing. In a narrow sense, dynamics can be understood as a mechanism whereby past product purchases affect a person's current evaluation of the utility he/she will obtain from buying a product. Most of the prior literature has focussed...

To measure the extent of incomplete information about brand qualities faced by consumers, recent research in marketing and economics has extended traditional static choice models to explicitly allow for consumer learning. These models tend to be complicated and make stringent assumptions such as...