I provide axiomatic foundations for a model of taste uncertainty with endogenous learning through consumption. In this … identify the state space and the learning process. In this model, the agent is viewed as if he learns the utility of an object … consumption value and information leading to experimentation. I provide a behavioral definition of experimentation. While the …

We introduce a collective experimentation problem where a continuum of agents choose the timing of irreversible actions … up learning but postponing capitalizes on the option value of waiting. We contrast the social optimum to the …

We introduce a collective experimentation problem where a continuum of agents choose the timing of irreversible actions … up learning but postponing capitalizes on the option value of waiting. We contrast the social optimum to the …

possible in some cases. However, once consumer learning is introduced, the monopoly outcome first found by Diamond (3 (1971 …