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dc.contributor.authorE. Earl, Peteren_US
dc.contributor.authorWakeley, Timen_US
dc.date.accessioned2017-05-03T12:26:19Z
dc.date.available2017-05-03T12:26:19Z
dc.date.issued2010en_US
dc.date.modified2011-03-07T08:53:12Z
dc.identifier.issn0048-7333en_US
dc.identifier.doi10.1016/j.respol.2010.05.006en_AU
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.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherElsevier BVen_US
dc.publisher.placeNetherlandsen_US
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofpagefrom1122en_US
dc.relation.ispartofpageto1132en_US
dc.relation.ispartofissue8en_US
dc.relation.ispartofjournalResearch Policyen_US
dc.relation.ispartofvolume39en_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchEconomics not elsewhere classifieden_US
dc.subject.fieldofresearchcode149999en_US
dc.titleEconomic perspectives on the development of complex products for increasingly demanding customersen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.date.issued2010
gro.hasfulltextNo Full Text


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