Advertising, learning, and consumer choice in experience good markets: an empirical examination*
通过动态学习模型，利用消费者面板数据实证分析非耐用体验品市场中广告的信息效应与声望效应，发现广告主要起信息作用，并量化了信息对消费者的价值及广告监管的福利影响。
This article empirically analyzes different effects of advertising in a nondurable, experience good market. A dynamic learning model of consumer behavior is presented in which I allow both “informative” effects of advertising and “prestige” or “image” effects of advertising. This learning model is estimated using consumer level panel data tracking grocery purchases and advertising exposures over time. Empirical results suggest that in this market, advertising's primary effect was that of informing consumers. The estimates are used to quantify the value of this information to consumers and evaluate the welfare implications of an alternative advertising regulatory regime.