The Evolutionary and Adaptive Economic Behavior
With Application to the Movie Industry.
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When confronted with product whose attributes areunknown, consumers can determine its quality by either tryingit or wait to observe the experience of predecessors. Based on thisattitude, we illustrate the economic behavior of choice among movie goers and how distributors and exhibitors adapt tothe behavior to optimize Box O ce collection. Speci cally, we explainhow the adaptive behavior among the heterogeneous consumersenables the evolution of optimal choice. Although the arrival ofchoice can explain the convergence or clustering of opinions, itis not a static point in the classical economic e...
When confronted with product whose attributes are
unknown,
consumers can determine its quality by either trying
it or wait to
observe the experience of predecessors. Based on this
attitude, we
illustrate the economic behavior of choice among movie
goers and how distributors and exhibitors adapt to
the behavior to
optimize Box O ce collection. Speci cally, we explain
how the
adaptive behavior among the heterogeneous consumers
enables the
evolution of optimal choice. Although the arrival of
choice can
explain the convergence or clustering of opinions, it
is not a static
point in the classical economic equilibrium sense.
Rather, the arrival
of new innovations and information necessitates the
constant
adjustment of opinions to suit the requirement of the
environment.
This dynamism is accounted for in the release and
portfolio decision
in exhibition market, especially the exhibition
contract crafted
should be adaptive and contingent to the demand revealed
throughout the runs of a lm.
unknown,
consumers can determine its quality by either trying
it or wait to
observe the experience of predecessors. Based on this
attitude, we
illustrate the economic behavior of choice among movie
goers and how distributors and exhibitors adapt to
the behavior to
optimize Box O ce collection. Speci cally, we explain
how the
adaptive behavior among the heterogeneous consumers
enables the
evolution of optimal choice. Although the arrival of
choice can
explain the convergence or clustering of opinions, it
is not a static
point in the classical economic equilibrium sense.
Rather, the arrival
of new innovations and information necessitates the
constant
adjustment of opinions to suit the requirement of the
environment.
This dynamism is accounted for in the release and
portfolio decision
in exhibition market, especially the exhibition
contract crafted
should be adaptive and contingent to the demand revealed
throughout the runs of a lm.
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