An agent-based modeling and simulation of consumers’ purchase behavior for wine consumption

Nonlinear Dynamic Analysis of New Product Diffusion considering Consumer Heterogeneity

“…According to rational behavior theory, a rational person supposes that most consumers act rationally [30]. Consumers make purchasing decisions based on the utility of the new product, which indicates the consumers' motivation and willingness to buy [18] and is the direct determinant of the consumers' purchase decision [31,32]. erefore, before constructing the model, it is assumed that the purchase process of new product consumers is based on the rational decision and motivation theory.…”

“…Assume that target consumer i only considers one new product at time t, regardless of the impact of competing products. It is difficult to add all the attributes of new products and factors that can fully reflect the reality into the constructed model [31]. erefore, it is assumed that only some key factors influencing consumers' purchase decisions are considered.…”

“…e marketing theory states that the key incentives for consumers to make purchase decisions include price, quality, and advertising. Consumers' personality characteristics determine how these external stimuli simultaneously affect their decisions [31,33]. At the same time, time pressure has an impact on consumers' decisionmaking behavior when purchasing new products [34,35].…”

“…Finally, 1 represents the nonworking period, and 0 represents the working period. Kim and Rossi first proposed that the price sensitivity of consumers is an exponential function of the difference between the actual price of a product and the expected price [37], which has been adopted by many scholars [18,31,36]. In this paper, by referring to this functional relation, the formula for the price sensitivity of consumers χ it is as follows:…”

“…When consumers purchase new products, the closer the quality of the new product is to the expected quality of the products, the more sensitive the consumers are to the quality of the new products [31]. erefore, expression ϕ i is as follows:…”