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Some Testable Implications of a Preference for Subjective Novelty
Author(s) -
Middleton Elliott
Publication year - 1986
Publication title -
kyklos
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.766
H-Index - 58
eISSN - 1467-6435
pISSN - 0023-5962
DOI - 10.1111/j.1467-6435.1986.tb00778.x
Subject(s) - novelty , preference , measure (data warehouse) , econometrics , test (biology) , economics , computer science , cognitive psychology , psychology , mathematical economics , microeconomics , social psychology , data mining , paleontology , biology
SUMMARY A model of the response to subjective novelty represented by the Wundt curve was first informally introduced to economists by Scitovsky [1976]. The present paper operationalizes the subjective novelty concept using information theory. A distinction is drawn between informational utility and physical utility in the standard model. A successful empirical test is performed using a measure of consumer sentiment.
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