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dc.contributor.authorE. Earl, Peter
dc.contributor.authorWakeley, Tim
dc.date.accessioned2017-05-03T12:26:19Z
dc.date.available2017-05-03T12:26:19Z
dc.date.issued2010
dc.date.modified2011-03-07T08:53:12Z
dc.identifier.issn0048-7333
dc.identifier.doi10.1016/j.respol.2010.05.006
dc.identifier.urihttp://hdl.handle.net/10072/36856
dc.description.abstractRival firms produce products with a variety of characteristics. It is typically assumed that consumers purchase those products that most closely match their ideal set of characteristics. Orthodox production theory economics offers no analysis of how to divide limited product development budgets between different characteristics. Furthermore, orthodox consumer economics assumes buyers make compensatory trade-offs between different product characteristics; this approach ignores problems caused by bounded rationality that, in complex choice environments, leads buyers to formulate simplifying heuristics such as hierarchical (non-compensatory) preferences over characteristics. An integrative analytical framework is developed, drawing upon orthodox economics, behavioural economics and evolutionary economics. Implications for the relationship between incremental product development and the firm's evolving capabilities are emphasized.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.publisher.placeNetherlands
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom1122
dc.relation.ispartofpageto1132
dc.relation.ispartofissue8
dc.relation.ispartofjournalResearch Policy
dc.relation.ispartofvolume39
dc.rights.retentionY
dc.subject.fieldofresearchEconomics not elsewhere classified
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchBusiness and Management
dc.subject.fieldofresearchMarketing
dc.subject.fieldofresearchcode149999
dc.subject.fieldofresearchcode1402
dc.subject.fieldofresearchcode1503
dc.subject.fieldofresearchcode1505
dc.titleEconomic perspectives on the development of complex products for increasingly demanding customers
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.date.issued2010
gro.hasfulltextNo Full Text
gro.griffith.authorWakeley, Tim M.


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