Essays On Basket Level Models Of Consumer Choice
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Essays On Basket Level Models Of Consumer Choice
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Author : Andrei Leonidovich Strijnev
language : en
Publisher:
Release Date : 2003
Essays On Basket Level Models Of Consumer Choice written by Andrei Leonidovich Strijnev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 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 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.
Essays On Online Browsing And Purchase
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Author : Ciju T. R. Nair
language : en
Publisher:
Release Date : 2010
Essays On Online Browsing And Purchase written by Ciju T. R. Nair and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Electronic dissertations categories.
Essay One: Modeling Online Browsing and Purchase of Airline Tickets Online purchases are increasingly becoming a significant portion of total purchases in most product categories. While prior research in marketing has looked at information search and purchase decisions separately, we use a joint framework to study consumers' online browsing and purchase of airline tickets in a unique dataset of household-level dynamic click stream panel data. We use a three-stage model to study (i) the choice of the first website visited, (ii) the duration of browsing on travel websites before making a purchase (iii) the choice of the website where consumers will make the purchase, and how a later stage choice is affected by decisions in previous stages. We simultaneously estimate these three models which constitute a non-linear discrete-continuous equation system using a simulation-based econometric technique. We find significant effects of expected level of expenditure, prior browsing experience, prior purchase experience in determining consumer browsing and purchase behavior. We are able to quantify the differences in attractiveness of a website in getting consumers to first visit them and compare it with the conversion effectiveness of a website in terms of getting consumers who visit to make purchases. A significant impact of choice of the first site visited and browsing duration on choice of the purchase site indicates the importance of modeling these decisions simultaneously. Our results can help managers identify the major determinants of consumer browsing and online purchase behavior, some of which cannot be observed in a brick-and-mortar environment. Essay Two: Modeling Online Multi-category Purchase in Travel In this paper we investigate online purchase behavior at the basket level and model the multi-category purchases in the travel product category. While prior research in marketing has looked at browsing or individual category purchase decisions, we study consumers' online purchase of airline, car rental and hotel purchases together using a unique dataset of household-level dynamic click stream panel data. We use a two-stage model to study (i) the propensity of consumers to purchase a combination of products as a basket and (ii) the choice of the website where consumers will make those purchases. We then estimate the propensity of consumers to purchase a particular combination of products in their basket from different websites. This behavior constitutes a high dimensional system of multinomial equations which are then solved using a simulation-based econometric technique. We find significant effects of site preference, loyalty, prior browsing and demographic variables in determining consumer multi-category purchase behavior. Our results can help managers identify the major determinants of multi-category purchase as well as provide insights into cross promoting as well as upselling other products to consumers who visit their website.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2009-09
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09 with Dissertations, Academic categories.
Essays In Economics
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Author : James Tobin
language : en
Publisher: MIT Press
Release Date : 1987
Essays In Economics written by James Tobin and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Business & Economics categories.
These 28 essays, covering Tobin's work in macroeconomics from the early 1940s to 1970 are grouped into three parts - macroeconomic theory, economic growth, and money and finance.
Three Essays On Structural State Dependent Marketing Variables
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Author : Roozbeh Irani Kermani
language : en
Publisher:
Release Date : 2018
Three Essays On Structural State Dependent Marketing Variables written by Roozbeh Irani Kermani 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.
This dissertation contains three essays. The first essay studies the accuracy of the measurement methods of brand loyalty. Accurately modeling and measuring a brand loyalty parameter can drastically affect the measurement of consumer impacts and welfare in brand-choice models. The most well-known method for brand loyalty estimation uses a households shopping history and accounts for habit formation via a smoothing parameter that represents the weight given to a households recent decisions in comparison to its distant shopping history. In this paper, we introduce a method that is able to estimate time-varying smoothing parameters for heterogeneous households. I use the Nielsen Homescan dataset for the U.S. beer market and calculate this smoothing parameter for American households during the years 2009-2011. My results show that the smoothing parameter varies significantly not only among households but also for a single household over the time, and that this variation is partially explained by observed household characteristics. I then incorporate a brand-loyalty index based on this method into a brand-choice model of the American beer market and show that our method improves the estimation results. To better understand the relationship between variety seeking and brand loyalty and to develop a more accurate brand choice model, the second essay introduces a new index for variety seeking. Consumers tendency to substitute different types of the same product in their baskets or search for ideal bliss point via diversification is generally regarded as variety-seeking behavior, and researchers most often operationalize this concept by observing product-switching behavior from one purchase occasion to another. What all variety-seeking measurement models have in common is that they operationalize this behavior by observing shopping patterns at the brand level. Thus, variety seeking is the negation of brand loyalty. In the second essay, I propose to generalize the operational concept of variety seeking by focusing on the differences among the product attributes that underlie the brand differences. I construct a variety-seeking index that measures variety via relative Euclidian distances in attribute space. Because a brand identifier could therefore be just one of several product attributes, a more traditional definition of variety seeking based only on brands would be a special case of this new, more general, variety-seeking index. My results show that adding this index to the brand choice model enhances the explanatory power of the model and improves estimation and analysis of consumer preferences. In the third essay, I investigate how mergers and acquisitions in the U.S. beer market affect brand loyalty and variety seeking using the two generalized definitions that I propose in the first two essays. More specifically, I propose to examine how brand-loyalty and variety-seeking indexes change before and after two major mergers during a 5-year period (2004-2009) while controlling for a large suite of fixed effects. Therefore, this analysis would enable me, in a qualitative way, to see how merger and acquisition activity affects underlying preferences.
Essays On Shopping Dynamics In Customer Base Analysis
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Author : Chang Hee Park
language : en
Publisher:
Release Date : 2012
Essays On Shopping Dynamics In Customer Base Analysis written by Chang Hee Park and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Given the emerging concept of a customer-centric approach to marketing, customer relationship management (CRM) has seen increased attention. Among essential tools to implement CRM is customer base analysis which seeks to understand and predict transaction patterns of individual customers. This dissertation, composed of three essays, studies the dynamics of shopping behavior in customer base analysis and its implications for CRM. The first essay provides an overview of modeling approaches for customer base analysis, reviews relevant research in the marketing literature, and identifies an agenda of areas that are in need for further research. The second essay proposes a modeling framework for multi-category customer lifetime value (CLV) analysis in a non-contractual setting. To this end, we model customers' arrival process, purchase incidence and amount decisions across categories, and latent defection in an integrated framework. The proposed framework makes use of a latent space model that parsimoniously captures various dynamics of multi-category shopping behavior arising from the interplay between purchase timing and choice across categories. Using category-level transaction data from a leading beauty care company, we show that the proposed model offers excellent fit and performance in predicting customer purchase patterns across categories. Our model allows one to quantify the contribution of individual categories to CLV and assess the relationship between shopping basket choice and CLV. The third essay examines shopping behavior of online customers. We develop a model that captures the clustered visit patterns of online customers and predicts how a series of store visits lead to a purchase. Our model is based on the notion that the arrival process of customer visits consists of multiple visit clusters with relatively short intervisit times within a cluster and a longer intervisit time between clusters. Because the start and the end of each visit cluster are unobserved, we employ a changepoint modeling framework and statistically infer the cluster formation on the basis of customer visit patterns through data augmentation in Bayesian approach. In our empirical analysis using data from a major e-commerce site, we find strong empirical evidence of lumpy shopping patterns by online customers with significant heterogeneity in the extent of the lumpiness. As part of our substantive contribution, we show that taking into account the clustered visit patterns can significantly improve the model performance in predicting purchase conversions across store visits.
Essays On Nonparametric Analysis Of Behavioral Models Of Consumer Choice
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Author : Abdoul Karim Nchare Fogam
language : en
Publisher:
Release Date : 2019
Essays On Nonparametric Analysis Of Behavioral Models Of Consumer Choice written by Abdoul Karim Nchare Fogam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
My dissertation provides a nonparametric analysis of behavioral models of consumerchoice theory. I focus especially on identification, prediction, and testing of demandand consumption under minimal assumptions.The first chapter investigates the following question: Do people, over time, buythe same insurance plans subscribe to the same utility services because they preferthose options or because they dont even pay attention to alternatives available?I propose an econometric framework that models consumer inertia with a mixturemodel of inattention: attention is a latent variable known to the consumer but unobservable by the researcher. Inattentive consumers stick with their previous choiceand attentive consumers pick among all alternatives the one that maximizes theirpreferences. This model allows disentangling inattention from other sources of inertia. For that, I rely on an exclusion restriction, some variables affect attention butnot utility. Based on this model, I derive partial identification results and suggestestimation and inference methods for parameters of interest. I then show how theidentified parameters can be used for policy and welfare analysis by providing sharpbounds on the money-metric welfare of attentive consumers.The second chapter establishes an equivalence result between the Dogit model andthe rational inattention model. The Dogit choice model introduced by Gaudry andDagenais (1979) is an extension of the multinomial logit model to allow for captive orinattentive consumers. McFadden (1981) argues that a drawback of the Dogit modelis its inconsistency with the standard random utility framework. I show that whenthe information cost is modeled using a generalized version of the Shannon entropy,the Dogit model is observationally equivalent to a rational inattention model. Thus,the Dogit model can be derived from microfoundations in term of boundedly rationalbehavior.The third chapter studies the impact of increases in SNAP benefits on food expenditure of program participants. Existing literature on the topic has focusedon the average treatment effect without considering heterogeneity in the effect ofSNAP benefit enhancements and changes in the participant population. To addressthese issues, we propose a distributional approach based on a nonparametric quantiledifference-in-differences setting that accounts for changes in the participant population. Using exogenous increases in SNAP benefits due to the American Recoveryand Reinvestment Act of 2009, we find that while participants at the 20th percentileof the distribution of the food expenditure share experienced a 0.71 percentage-pointincrease in food expenditure share, those at the 70th percentile had their food expenditure share increase by 4.89 percentage points.
Essays On Structural Analysis Of Retail Competition Using Classical And Bayesian Estimation Techniques
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Author : Sriraman Venkataraman
language : en
Publisher:
Release Date : 2005
Essays On Structural Analysis Of Retail Competition Using Classical And Bayesian Estimation Techniques written by Sriraman Venkataraman 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.