Price Dispersion And Retailer Behavior
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Price Dispersion And Retailer Behavior
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Author : Ying Zhao
language : en
Publisher:
Release Date : 2001
Price Dispersion And Retailer Behavior written by Ying Zhao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Economic And Empirical Analysis Of Consumer Purchase Intentions In Electronic And Traditional Retail Channels Internet Retailer Pricing Strategies And Price Dispersion On The Internet
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Author : Bo-chiuan Su
language : en
Publisher:
Release Date : 2002
Economic And Empirical Analysis Of Consumer Purchase Intentions In Electronic And Traditional Retail Channels Internet Retailer Pricing Strategies And Price Dispersion On The Internet written by Bo-chiuan Su and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Price Differentiation And Dispersion In Retailing
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Author : Werner J. Reinartz
language : en
Publisher:
Release Date : 2018
Price Differentiation And Dispersion In Retailing written by Werner J. Reinartz 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.
Determining the “right” product price is one of the most dazzling challenges of modern retailing. Although the price as a marketing instrument has enormous infl uence on consumer decisions and corporate profits, those responsible for effective pricing and profitable price management continue to face significant difficulties. Progress in the field of digitization allows to set prices more dynamically and individually than ever before. This expands the decision-making space of companies and at the same time increases consumers' concerns about excessive and unfair prices. However, the question arises whether everything that is technically possible can also be successfully implemented in the market. The present study analyses corporate and consumer behavior and macroeconomic effects of pricing decisions under various conditions (static/dynamic, isolated/within market competition). The results show that the current debate about individualized prices expands well beyond the field of current corporate practice. Retailers are particularly conservative towards certain types of price differentiation such as short-term adjustments depending on the time of day or even customer specific prices. In addition, there is a large number of market barriers that conflict with particularly controversial practices of price differentiation. The study provides insights on how price differentiation can be used to achieve a balance between company interests and consumer protection. Finally, differentiated prices can have a welfareenhancing effect when companies are customer-oriented and rules of fair competitive policy are in place.
Price Dispersion And Informational Frictions
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Author : Pierre Dubois
language : en
Publisher:
Release Date : 2015
Price Dispersion And Informational Frictions written by Pierre Dubois and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Consumer behavior categories.
Traditional demand models assume that consumers are perfectly informed about product characteristics, including price. However, this assumption may be too strong. Unannounced sales are a common supermarket practice. As we show, retailers frequently change position in the price rankings, thus making it unlikely that consumers are aware of all deals offered in each period. Further empirical evidence on consumer behavior is also consistent with a model with price information frictions. We develop such a model for horizontally differentiated products and structurally estimate the search cost distribution. The results show that in equilibrium, consumers observe a very limited number of prices before making a purchase decision, which implies that imperfect information is indeed important and that local market power is potentially high. We also show that a full information demand model yields severely biased price elasticities.
Consumer Search Behavior And Its Effect On Markets
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Author : Brian T. Ratchford
language : en
Publisher: Now Publishers Inc
Release Date : 2009
Consumer Search Behavior And Its Effect On Markets written by Brian T. Ratchford and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Consumers categories.
Consumer Search Behavior and its Effect on Markets focuses on the consumer side of the market, on what is known about how consumers search for needed information, and on how this impacts the behavior of markets. The author discusses three broad strands of this literature -- normative models of search and their application to consumer search; empirical studies of the search process; and implications of consumer search for the behavior of markets, including pricing, advertising and retailing. In general, the author examines external search -- the search for information from sources other than memory. Particular attention is paid to the impact of the Internet on markets. Consumer Search Behavior and its Effect on Markets also examines the broader issues about alternatives considered, sources consulted, extent of consumer knowledge, and the impact of these factors on markets and marketing institutions.
Applied Econometric Times Series
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Author : Walter Enders
language : en
Publisher:
Release Date : 1995
Applied Econometric Times Series written by Walter Enders and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
This advanced text for a course on time series econometrics introduces modern time series analyses through the use of wide-ranging examples and applications. Providing a balance between macro- and microeconomic applications, the book covers recent work that has only been published in journals.
Essays On Consumer Shopping Behavior And Price Dispersion
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Author : Aleksandr Yankelevich
language : en
Publisher:
Release Date : 2011
Essays On Consumer Shopping Behavior And Price Dispersion written by Aleksandr Yankelevich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Electronic dissertations categories.
Essay 1: "Price-Matching in a Sequential Search Duopoly" While substantial research has tried to determine if price-matching guarantees are anti-competitive, most previous studies have overlooked the effect that these policies have on consumer search behavior. This essay examines how price-matching guarantees affect consumer behavior and prices in a model of sequential price search. By endogenizing consumers' acquisition of price information, I find that price-matching may raise prices in three new ways. First, price-matching diminishes firms' incentives to lower prices to attract consumers who have no cost of search. Second, for consumers with positive search costs, price-matching lowers the marginal benefit of search, inducing them to accept higher prices. Finally, higher prices may come about because price-matching can lead to asymmetric equilibria where one firm runs fewer sales and both firms tend to offer smaller discounts than in a symmetric equilibrium. These price increasing effects grow in proportion to the number of consumers who make use of price-matching guarantees as well as in the amount of asymmetry that prevails in equilibrium. Essay 2: "Asymmetric Sequential Search" (with Carmen Astorne-Figari) Rival firms often find themselves catering to a very different mix of customers from that of their competitors. This can lead to variations in pricing behavior even when other factors, such as product quality and the cost of production, are held constant across firms. In this essay, we use a model of sequential consumer price search to explore how asymmetries in the demand structures across firms impact firm pricing. In our model, a fraction of consumers must pay a cost to search for prices beyond their local firm and firms serve different fractions of local consumers. The price distribution of a firm with more local consumers first order stochastically dominates that of a firm with fewer local consumers and places positive probability on its upper bound. This means that a firm with more local consumers has a higher average price and runs sales less frequently. The frequency of sales diminishes in the number of local consumers, but price dispersion persists even if all consumers are local to a single firm. Moreover, as the fraction of consumers who search without cost increases, firms tend to offer bigger discounts, while the likelihood of a sale may fall. Essay 3: "Energizer: The Bunny or the Battery? Advertising as a Way to Publicize Either the Brand or the Good" (with Carmen Astorne-Figari) Experimental studies and surveys of consumers suggest that an important role of advertising is to convince consumers that they want the product and to buy it from the brand advertising it. However, because of competitive clutter, an advertisement that induces a consumer to enter the market may lead her to purchase from a competing brand. Thus, we can characterize two effects of advertising: (i) an effect that benefits the individual firm by promoting binding between the brand and the advertised good and (ii) a "public good" quality that benefits all producers of the good by inducing additional consumers to enter the market. We analyze these two effects to study the relationship between advertising and market size, price, firm profit and consumer welfare.
Price Dispersion And Loss Leader Pricing
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Author : Xinxin Li
language : en
Publisher:
Release Date : 2014
Price Dispersion And Loss Leader Pricing written by Xinxin Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
In this paper, we develop a theoretical model to analyze the pricing strategies of competing retailers with asymmetric cross-selling capabilities when product demand changes. Our results suggest that retailers with better opportunities for cross-selling have higher incentives to adopt loss leader pricing on high demand products than retailers with low cross-selling capabilities. As a result, price dispersion of a product across retailers rises when its demand increases. The predictions of our model are consistent with the empirical evidence from the online book retailing industry. Using product breadth as a proxy for cross-selling capability, we find that retailers with high cross-selling capabilities reduce prices on bestsellers more aggressively than retailers with low cross-selling capabilities. As a result, price dispersion increases when a book makes to the bestseller list, and the increase is mainly driven by the difference in pricing behavior between retailers with different cross-selling capabilities. Our empirical results are robust against a number of alternative explanations.
An Exploratory Look At A Multivariate Approach To Retail Price Dispersion
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Author : John M. Schleede
language : en
Publisher:
Release Date : 1978
An Exploratory Look At A Multivariate Approach To Retail Price Dispersion written by John M. Schleede and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Advertising categories.
Retail Pricing Behavior For Agricultural Products With Implications For Farmer Welfare
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Author : Chenguang Li
language : en
Publisher:
Release Date : 2010
Retail Pricing Behavior For Agricultural Products With Implications For Farmer Welfare written by Chenguang Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Farm produce categories.
Rising concentration and consolidation of sales among large supermarket chains in the United States in the past decades has accelerated both policy concern and debate among economists. Prior work on food retailers has emphasized their market power over consumers and to a lesser extent their market power over farmers, but essentially no work has made the link between their pricing methods and farmer welfare. This study is the first to evaluate the welfare implications for producers of the diversified pricing strategies that retailers utilize in practice and the resulting attenuation of the relationship between prices at retail and at the farm gate. The typical model of retail pricing for agricultural products assumes retailers set price equal to the farm price plus a certain markup. However, observations from the grocery retailing market indicate a large degree of price dispersion and demonstrate that retailers adopt diversified pricing strategies. By studying the pricing behaviors for six major agricultural commodities sold at fifteen retail chains across the United States, this study provides extensive evidence of price dispersion in the grocery retail market. In particular, I document three alternative pricing patterns in the grocery retailing market in addition to markup pricing: fixed (constant) pricing, periodic sale, and high-low pricing. Retail prices under these alternative-pricing strategies adjust only partially to supply shocks, and do not closely reflect the price variations at the farm gate. A vertical structure model is constructed to reflect the relationship between retailers and producers in a prototypical fresh produce market. Using retailers' markup pricing strategy as the baseline case, I parameterize the model and carry out a series of simulations under different pricing regimes to evaluate the welfare implications for producers of the diversified pricing strategies that retailers utilize in practice. The simulation results show that alternative pricing strategies and the resulting retail price dispersion tends to reduce farm income and exacerbate farm price volatility relative to markup pricing. However, harvest cost places a lower bound constraint on the farm price, since no product will be harvested at price below the marginal harvest cost. If harvest cost is sufficiently large, which is likely to be true especially for perishable products, then increased farm price volatility induced by retailers' alternative pricing strategies may result in higher farm income, compared to markup pricing case. Furthermore, by taking farmers' risk attitude into account, this study shows that retailers' alternative pricing strategies increase farmers' income risk, which tends to reduce the expected utility of risk-averse farmers. The overall welfare effects to producers resulting from diversified retailer pricing strategies depend on several key factors: the level of farm supply shocks, farm demand elasticity, unit harvest cost, and farmers' risk attitude.