The concept of diminishing marginal utility is a cornerstone of economic theory. The consumption of a good typically creates satiation that diminishes the marginal utility of consuming more. Temporal satiation induces consumers to increase their stimulation level by seeking variety and therefore...

In some markets, consumers do not know the attributes of all the products that are available in the market, or the prices at which they are offered. To reduce this uncertainty consumers may, at a cost, gather and process information about the attributes and prices of the different products. The...