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In our model, advertising alters consumer preferences and ultimately acts as a demand shifter.
Our approach is similar to those in that firms' advertising effectively acts as a demand shifter in equilibrium.
In Appendix C.2, we present various alternative ways to model advertising and show that, in all cases, advertising appears as a demand shifter.
By this we mean that consumers cannot choose what information to be exposed to, but rather behave according to the shifts in tastes induced by advertising, which they take as given.26 Yet, as we show in Appendix C.2.4, a version of our model in which advertising is informative about the product's quality (as in, for instance, Butters (1977), Grossman and Shapiro (1984) or Milgrom and Roberts (1986)), would also feature the demand shifter in equilibrium.
This equation makes apparent that advertising, by increasing total quality (qjt) through its extrinsic component, effectively impacts consumer preferences, because it works as a perfect demand shifter that alters consumption decisions.34
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