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...

Models of consumer learning and inventory behavior have both proven to be valuable for explaining consumer choice dynamics. In their pure form these models assume consumers solve complex dynamic programming (DP) problems to determine optimal choices. For this reason, these models are best viewed...

The workhorse brand choice models in marketing are the multinomial logit (MNL) and nested multinomial logit (NMNL). These models place strong restrictions on how brand share and purchase incidence price elasticities are related. They predict market shares well, but not inter-purchase spell...