Emergence of product differentiation from consumer heterogeneity and asymmetric information
arXiv:0804.1229 · doi:10.1140/epjb/e2008-00289-3
Abstract
We introduce a fully probabilistic framework of consumer product choice based on quality assessment. It allows us to capture many aspects of marketing such as partial information asymmetry, quality differentiation, and product placement in a supermarket.
12 pages, 12 figures