We generated populations of consumer agents, each with a specific cognitive capacity for processing information. An agent’s probability of picking the best option declined once product information content exceeded its cognitive capacity. If the agent had access to popularity information, it could compensate for this cognitive overload by using a social learning strategy. We used the model to determine how behavioral clustering and decision performance varied with the amount of product information and with the agents’ access to popularity information.
Cite this Model
Takao Sasaki, Marco Janssen, David Vaughn Becker, Rebecca Neel (2015, October 27). “The relationship between product information quantity and diversity of consumer decisions” (Version 1.0.0). CoMSES Computational Model Library. Retrieved from: https://www.comses.net/codebases/4760/releases/1.0.0/
Sasaki, T., Becker, DV. Janssen, M. & Neel, R. (2011). Does greater product information actually inform consumer decisions? The relationship between product information quantity and diversity of consumer decisions. Journal of Economic Psychology 32, 391-398.
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