Customer Retention under Imperfect Information

Yewon Kim
I study why many firms face low retention rates among new customers. In particular, I examine whether customer churn at the firm level after a single product experience is solely driven by heterogeneous preferences or is affected by incomplete information about the products. I use a long panel of individual-level ticket purchases from a major U.S. symphony center for which 60% of first-time customers do not return after a single visit. The data exhibit patterns...
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