Essays In Consumer Choice

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Essays On Consumer Choice

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Author : Pavitra Jindahra
language : en
Publisher:
Release Date : 2005

Essays On Consumer Choice written by Pavitra Jindahra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Two Essays On Consumer Choice

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Author : Rishin Roy
language : en
Publisher:
Release Date : 1990

Two Essays On Consumer Choice written by Rishin Roy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with categories.

Essays In Consumer Choice

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Author : Salar Jahedi
language : en
Publisher:
Release Date : 2009

Essays In Consumer Choice written by Salar Jahedi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

Essays On Consumer Choice Tastes And Lenders Risk Aversion Amid Consumer Default

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Author : Michael DeDad
language : en
Publisher:
Release Date : 2020

Essays On Consumer Choice Tastes And Lenders Risk Aversion Amid Consumer Default written by Michael DeDad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Consumer behavior categories.

This dissertation consists of three chapters, two of which address consumer choices and tastes and one that addresses risk aversion in lending. The chapters are organized as follows: Chapter 1, "Tastes in the United States: Convergence or Divergence?": This study investigates how tastes for consumption goods across the United States have changed in the 2000s. Using Nielsen Homescan barcode-scanner data, I find evidence of an overall divergence in food tastes from 2007 to 2016 between households of different regional markets and different income, education, and race groups. There is evidence of convergence between rural households, while urban/rural groups and some race groups do not show an overall change in taste differences across groups. Across regional markets, political distance explains taste differences better than geographical distance.Chapter 2, "Human Capital and Quality Choice": This paper argues that human capital increases a consumer's ability to evaluate and appreciate the quality of information-intensive goods. We show theoretically that consumers with more human capital have steeper Engel curves for higher-quality varieties. We test this prediction using Nielsen Homescan data and focus on organic milk consumption in the United States. Using education as a proxy for human capital, we show that households with college-educated heads have steeper Engel curves for organic milk than those without college-educated heads.Chapter 3, "Risk Aversion in Lending Following the Financial Crisis": Following the 2007-2008 financial crisis, bank lending dropped dramatically, and the decline persisted well into the recovery period. This paper attempts to explain the drop in lending using a consumer default model with risk aversion in loan pricing. The version of the model with risk aversion is compared to one that uses the standard assumption of risk-neutral financial intermediaries to see if a model with risk aversion more accurately predicts lending in the post-crisis period. The risk-averse pricing model consistently generates more accurate interest rates than the risk-neutral pricing model, while the risk-neutral pricing model more accurately predicts the debt-output ratio.

Essays On Consumer Choice With Unobserved Choice Sets

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Author : Maura Coughlin
language : en
Publisher:
Release Date : 2020

Essays On Consumer Choice With Unobserved Choice Sets written by Maura Coughlin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.

This dissertation consists of three essays that evaluate how consumers make decisions in settings where the researcher may not know the set of alternatives from which observed choices were selected. Many empirical analyses in economics presume the researcher knows the full set of alternatives an individual compared when selecting their most preferred. In practice, this assumption may fail to hold for a variety of reasons. In the first chapter, I introduce the economic setting of unobserved choice sets and consideration sets defining to this work. In the second chapter, my coauthors and I propose a robust method of discrete choice analysis when agents' choice sets are unobserved. Our core model assumes nothing about agents' choice sets apart from their minimum size. Importantly, it leaves unrestricted the dependence, conditional on observables, between agents' choice sets and their preferences. We first establish that the model is partially identified and characterize its sharp identification region. We then apply our theoretical findings to learn about households' risk preferences and choice sets from data on their deductible choices in auto collision insurance. The third chapter evaluates the prescription drug insurance choices of Medicare beneficiaries. I propose an empirical model of demand for prescription drug plans where non-monetary plan attributes stochastically determine the composition of the set of plans that an individual considers, and monetary plan attributes determine the individual's expected utility over contracts in her consideration set. This model reconciles the classic view of insurance contracts as lotteries with purely monetary outcomes with the empirical finding that choice among insurance plans is driven by their non-monetary attributes and financial attributes beyond their impacts on costs. I estimate the model using data from Medicare Part D allowing for unobserved heterogeneity in risk aversion and in consideration sets. I find that the latter plays a crucial role in plan choices, and in contrast to previous literature that assumes full consideration of all plans, I uncover an important role for risk aversion in determining individual choices.

Essays In Consumer Choice Driven Assortment Planning

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Author : Denis R. Saure
language : en
Publisher:
Release Date : 2011

Essays In Consumer Choice Driven Assortment Planning written by Denis R. Saure and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

In particular, we study competition among retailers when they have access to common products, i.e., products that are available to the competition, and where consumers have full information about the retailers' offerings. Our results shed light on equilibrium properties in such settings and the effect common products have on this behavior.

Essays In Modeling The Consumer Choice Process

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Author : Taylor Baldwin Bentley
language : en
Publisher:
Release Date : 2015

Essays In Modeling The Consumer Choice Process written by Taylor Baldwin Bentley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Electronic dissertations categories.

In this dissertation, I utilize and develop empirical tools to help academics and practitioners model the consumer's choice process. This collection of three essays strives to answer three main research questions in this theme. In the first paper, I ask: how is the consumer's purchase decision impacted by the search for general product-category information prior to search for their match with a retailer or manufacturer ("sellers")? This paper studies the impact of informational organic keyword search results on the performance of sponsored search advertising. We show that, even though advertisers can target consumers who have specific needs and preferences, for many consumers this is not a sufficient condition for search advertising to work. By allowing consumers to access content that satisfies their information requirements, informational organic results can allow consumers to learn about the product category prior to making their purchase decision. We develop a model characterize the situation in which consumers can search for general information about the product category as well as for information about the individual sellers' offerings. We estimate this model using a unique dataset of search advertising in which commercial websites are restricted in the organic listing, allowing us to identify consumer clicks as informational (from organic links) or purchase oriented (from sponsored links). With the estimation results, we show that consumer welfare is improved by 29%, while advertisers generate 19% more sales, and search engines obtain 18% more paid clicks, as compared to the scenario without informational links. We conduct counterfactuals and find that consumers, advertisers, and the search engine are significantly better off when the search engine provides "free" general information about the product. When the search engine provides information about the advertisers' specific offerings, however, there are fewer paid clicks and advertisers at high ad positions will obtain lower sales. We further investigate the implications on the equilibrium advertiser bidding strategy. Results show that advertiser bids will remain constant in the former scenario. When the search engine provides advertiser information, advertisers will increase their bids because of the increased conversion rate; however, the search engine still loses revenue due to the decreased paid clicks. The findings shed important managerial insights on how to improve the effectiveness of search advertising. In the second paper, I ask: how is the consumer's search for information, during their choice process and in an advertising context, influenced by the signaling theory of advertising? Using a dataset of travel-related keywords obtained from a search engine, we test to what extent consumers are searching and advertisers are bidding in accordance with the signaling theory of advertising in literature. We find significant evidence that consumers are more likely to click on advertisers at higher positions because they infer that such advertisers are more likely to match with their needs. Further, consumers are more likely to find a match with advertisers who have paid more for higher positions. We also find strong evidence that advertisers increase their bids when there is an improvement in the likelihood that their offerings match with consumers' needs, and the improvement cannot be readily observed by consumers prior to searching advertisers' websites. These results are consistent with the predictions from the signaling theory. We test several alternative explanations and show that they cannot fully explain the results. Furthermore, through an extension we find that advertisers can generate more clicks when competing against advertisers with higher match value. We offer an explanation for this finding based on the signaling theory. In the third paper, I ask: can we model the consumer's choice of brand as a sequential elimination of alternatives based on shared or unique aspects while incorporating continuous variables, such as price? With aggregate scanner data, marketing researchers typically estimate the mixed logit model, which accounts for non-IIA substitution patterns among brands, which arise due to similarity and dominance effects in demand. Using numerical examples and analytical illustrations, this research shows that the mixed logit model, which is widely believed to be a highly flexible characterization of brand switching behavior, is not well designed to handle non-IIA substitution patterns. The probit allows only for pair-wise inter-brand similarities, and ignores third-order or higher dependencies. In the presence of similarity and dominance effects, the mixed logit model and the probit model yield systematically distorted marketing mix elasticities. This limits the usefulness of mixed logit and probit for marketing decision-making. We propose a more flexible demand model that is an extension of the elimination-by-aspects (EBA) model (Tversky 1972a, 1972b) to handle marketing variables. The model vastly expands the domain of applicability of the EBA model to aggregate scanner data. Using an analytical closed-form that nests the traditional logit model as a special case, the EBA demand model is estimated with marketing variables from aggregate scanner data in 9 different product categories. It is compared to the mixed logit and probit models on the same datasets. In terms of multiple fit and predictive metrics (LL, BIC, MSE, MAD), the EBA model outperforms the mixed logit and the probit in a majority of categories in terms of both in-sample fit and holdout predictions. The results show significant differences in the estimated price elasticity matrices between the EBA model and the comparison models. In addition, a simulation shows that the retailer can improve gross profits up to 34.4% from pricing based on the EBA model rather than the mixed logit model. Finally, the results suggest that empirical IO researchers, who routinely use mixed logit models as inputs to oligopolistic pricing models, should consider the EBA demand model as the appropriate model of demand for differentiated products.

Choice In Sequence

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Author : Uzma Khan
language : en
Publisher:
Release Date : 2006

Choice In Sequence written by Uzma Khan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Essays On Individual Decision Making In Consumer Choice Situations And Strategic Interactions

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Author : Paul Bengart
language : en
Publisher:
Release Date : 2020

Essays On Individual Decision Making In Consumer Choice Situations And Strategic Interactions written by Paul Bengart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.

Essays In Consumer Choice And Consumer Demand

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Author : Joonhwi Joo
language : en
Publisher:
Release Date : 2018

Essays In Consumer Choice And Consumer Demand written by Joonhwi Joo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

In chapter 2 (coauthored with Ali Hortacsu), we study the relation between logit demand systems and constant elasticity of substitution (CES) demand systems. We develop a characteristics based demand estimation framework for the Marshallian demand system obtained by solving a budget-constrained constant elasticity of substitution (CES) utility maximization problem. From our Marshallian CES demand system, we derive the same market share equation of Berry (1994), Berry et al. (1995)'s characteristics based logit demand system. Furthermore, our CES demand estimation framework can accommodate zero predicted and observed market shares by separating intensive and extensive margins, and allows a semiparametric estimation strategy that is flexible regarding the distribution of unobservable product characteristics. We apply the framework to scanner data on cola sales, where we show estimated demand curves can be upward sloping if zero market shares are not accommodated properly.