Abstract
This study analyzed consumer preferences in the over-the-top service market by comparing classical and behavioral economics approaches. Empirical analysis indicated that the reference-dependent choice model based on behavioral economics brought marginal improvement in model explanatory power compared with the discrete choice model based on neoclassical economics. The underperformance of the behavioral model is suspected to stem from the over-the-top service market's characteristics. The performances of the behavioral and neoclassical models were similar, and the results from the behavioral model can be utilized to deliver further insights from the neoclassical model by replacing or complementing it.
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