Three Essays On Consumer Search Behaviour In Experimental Market Environments
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Three Essays On Consumer Search Behaviour In Experimental Market Environments
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Author : Changxia Ke
language : en
Publisher:
Release Date : 2010
Three Essays On Consumer Search Behaviour In Experimental Market Environments written by Changxia Ke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Consumer behavior categories.
This thesis investigates consumer search behavior in different contexts and its implications on certain market outcomes. It consists of three self-contained essays. Part one investigates if people search optimally and how price promotions (such as the provision of price discounts) influence search intensity and risk-taking behavior. We start with a typical sequential search task in a finite time horizon (with exogenously determined price dispersion) as the baseline treatment. In the two experimental treatments, exogenous discounts are introduced to the search process. The treatments differ in the amount of information on the discounts revealed to the subjects. Subjects' search behavior is roughly consistent with optimality for a risk-neutral agent, but significantly influenced by the introduction of discount vouchers. We find that subjects' search intensity is significantly reduced if they are in a shop that offers discounts, even when the monetary benefit induced by the discount has been taken into account. This suggests that people seem to gain extra non-monetary utility from buying a discounted product. Alternatively, subjects might overestimate the value of a discount. Following the findings in part one, we focus on price-framing effects of discounts on consumer search behavior in part two. In order to isolate the price-framing effect from all other possible influences, we adopt an extremely simple two-shop search model in which a consumer who sees the price for an item in a shop has to decide either to buy it or to incur a search cost to learn the ex-ante uncertain price in a second shop. The experiment is designed such that a rational buyer should make identical decisions in the base treatment (where prices are posted as net prices in both shops) and in the experimental treatments (where the price in one of the shops is framed as a gross price with a discount, holding the net-price constant). Using structural estimation of the observed risk preferences, we find that people tend to be more risk-averse and hence buy from the initial shop more often in the discount treatments, regardless of where the discount is offered. The seemingly trivial change to a discount-framing increases the complexity of the decision problem. Subjects reveal a tendency to stick with the comparatively less complex options more frequently as the complexity of the decision problem increases. However, this bias declines with experience, as subjects become more and more familiar with the framing. In part three, we study search behavior in a market experiment, where prices are determined endogenously by human players. More specifically, we examine the behavioral factors and the underlying mechanism which drive the widely observed asymmetric price adjustment to cost shocks (in a world with costly search behavior and information asymmetry). We show that price dispersion, as well as asymmetric price adjustment to cost shocks, arises in experimental markets, even though the standard theory predicts neither. We find that after controlling all the potential theoretical factors, the observed price dispersion can be explained by the presence of bounded rational play. Under price dispersion, asymmetric price adjustment arises naturally, as it is harder for buyers to learn that a negative cost shock has taken place. Learning is much quicker after a positive shock.
Three Essays On The Impact Of Firms Digital Communication Strategies On Online Consumer Behavior
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Author : Siddharth Bhattacharya
language : en
Publisher:
Release Date : 2021
Three Essays On The Impact Of Firms Digital Communication Strategies On Online Consumer Behavior written by Siddharth Bhattacharya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
In my dissertation, I study the strategic interplay among firm's online communication, firm's digital strategies and its impact on consumer decision making. I identify important strategies that firms can adopt while targeting consumers on search engine platforms, such as Google and Bing. For technology-firms interested in providing information cues to consumers, online advertising serves as an important tool to nudge consumers decision making. Through the use of diverse methodologies, including empirical, analytical, and behavioral, I attempt to answer important questions in this research space. Moreover, I investigate how firm strategies are affected by factors such as heterogeneity of consumer preferences, product quality, and competition. The research spans across disciplines, and makes contributions to Information Systems, Operations Management and Marketing. In essay 1 I investigate the novel context of "competitive poaching", a phenomenon where firms can generate traffic from search advertising by bidding on competitors' keywords. In this research I examine the factors that influence the effectiveness of competitive poaching, specifically the role of different ad copies and the type of competitor (poached brand) from which a brand is "poaching. "I also examine how the presence of sponsored ads from the poached brand and its physical location affect competitive poaching. In Essay 2, I investigate a similar context but here instead of only competing against each other, firms are simultaneously competing and cooperating with each other while advertising on the search engine. Thus, we have a novel context where a firm and its third-party referral partner (often referred to as "Infomediaries") compete and cooperate while advertising simultaneously on the search engine. In this context, how equilibrium payment and advertising strategies are affected by factors such as traffic quality, advertising effectiveness, leakage, and the nature of contract between the two firms, remains an open question. Using a game-theoretic model, I show that the novel balance between the competitive and the collaborative nature of the interaction, which itself gets affected by the choice of contract and changes in the environmental factors, alters equilibrium strategies commonly expected in existing literature. In my third essay, I study the novel yet increasingly common phenomenon of "multiscreen viewing", a phenomenon where consumers are increasingly using additional devices (like smartphones or tablets) while watching TV. This provides an additional advertising channel for marketers, specifically the second screen. However, this is not without its complexities; as marketers must optimally time advertisements on the second screen conditional on multiple factors including consumers' engagement level on the primary screen, consumers' engagement level on the second screen, and the psychological involvement with the content on the primary screen. Administering multiple behavioral experiments, I investigate how factors such as users' engagement with the primary screen (e.g., TV), users' engagement with a second screen (e.g., Mobile), timing of the advertisement, and message congruence, affect second screen usage and ad recall. Theoretical and managerial contributions of each of these essays are discussed.
Three Essays On Consumer Behavior In Virtual Community
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Author : Yiyan Stella Li
language : en
Publisher: Open Dissertation Press
Release Date : 2017-01-27
Three Essays On Consumer Behavior In Virtual Community written by Yiyan Stella Li and has been published by Open Dissertation Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-27 with categories.
This dissertation, "Three Essays on Consumer Behavior in Virtual Community: EWOM, Online Trust, and Dynamic Impacts on Brand Selection" by Yiyan, Stella, Li, 李藝燕, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of thesis entitled Three Essays on Consumer Behavior in Virtual Community: eWOM, Online Trust, and Dynamic Impacts on Brand Selection submitted by Stella Yiyan Li for the degree of Doctor of Philosophy at the University of Hong Kong in June 2007 As increasing numbers of people log into Virtual Communities (VCs) to meet new friends and solve problems, VCs have become an important social phenomenon that attracts research attention from different disciplines. Existing consumer research focuses on the individual motives behind participation in VCs and how brand-based VCs affect consumers' brand loyalty, but neglects the roles of the other important form of VCs, the product-based VCs. Moreover, the dynamic influences remain open to questions. By incorporating social capital theory and emerging theories relevant to VC research, this thesis aims to advance knowledge about the dynamic influences of product-based VCs on consumer behaviour in terms of eWord-of Mouth (eWOM), trust formation, and brand selection. The first study examines eWOM in VCs. WOM is a highly respected form of marketing information. However, because it is difficult to study WOM in the face-to-face context, researchers have limited understanding of its sources of effectiveness or its effects beyond product and brand communications. By conducting a netnography of beauty product enthusiasts in China in order to understand eWOM, the findings of this iistudy reveal four categories of responses: (1) sources of social capital, (2) brand choice facilitation, (3) persuasion knowledge development, and (4) consumer reflexivity. The thesis also proposes a model and offers a set of postulates to guide future research directions. The second study tests the antecedents and consequences of trust formation in VCs. IS research investigates the domains of interpersonal and system trust using streams of research based on different paradigms. Considering the continuous proliferation of VCs, this thesis proposes an integrative model that combines both trust components. Drawing insights from social capital theory, this study extends the research context to a VC sponsored by a commercial portal. Furthermore, it postulates that (1) structured VC contents and members' cognitive and relational motivations are antecedents to both trust components; (2) interpersonal trust is distinct from, and an important driver of, system trust; and (3) both trust components stimulate member online loyalty which enhances value for the sponsoring portal. Tests of the model's hypotheses using an online survey of 899 VC members support propositions in this study and offer both research and managerial implications. The third study examines the dynamic influences of VCs on brand selection. Various studies prove that brand-based VCs strengthen participants' brand loyalty. What remains unclear is how product-based VCs affect consumers' brand selection and how those impacts evolve over time. Using a longitudinal study of 277 members from the same VC, I demonstrate that individual motives (informational and social) and susceptibility to VC normative influence not only enhance consumers' loyalty toward a favourite brand but also increase variety-seeking intentions and consideration set size in iiibrand selection. Informational motives play dominant roles in enhancing variety-seeking intenti
Three Essays On Consumer Preferences And Behavior Analysis
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Author : Jing Xie
language : en
Publisher:
Release Date : 2014
Three Essays On Consumer Preferences And Behavior Analysis written by Jing Xie 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.
Intention is another reason why respondents behave differently in different non-hypothetical experiments. Since we have found significant estimated gaps between real choice experiments and experimental auction, the third essay only focuses on these two experiments. When including respondents purchase intention in the analysis, the results show that purchase intention had different effects on consumers behavior in experimental auctions and real choice experiments. One novel good and two non-novel goods were used in the experiments. Results show that respondents purchase intention only affect respondents choice on non-novel goods in the experimental auctions, but purchase intention only affect respondents choice on novel good in the choice experiments. In conclusion, besides price bargaining preferences, purchase intention is also an important factor that researchers should consider when conducting experiments to evaluation consumers willingness-to-pay.
Congruency Expectations And Consumer Behavior In Digital Environments
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Author : Frederic Nimmermann
language : en
Publisher: Springer Nature
Release Date : 2019-10-23
Congruency Expectations And Consumer Behavior In Digital Environments written by Frederic Nimmermann and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-23 with Business & Economics categories.
A progress in technologies, the increasing expansion and use of digital environments lead to remarkable shifts of business activities. These transformations not only impact business but also affect consumers’ attitudes, beliefs, and practices. Thus, Frederic Nimmermann sheds light on consumer behavior in central subareas in digital environments such as advertising. Six essays address specific phenomena in these central subareas for a more profound understanding of consumers and their related behavior. Both academia and practitioners profit from the results and implications of this study. About the Author: Frederic Nimmermann works as a research assistant at the Chair of Marketing and Retailing at the University of Siegen. His research focuses on consumer behavior in digital environments.
Analyses On Strategic Consumers Forward Looking Behavior
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Author : Ilhan Emre Ertan
language : en
Publisher:
Release Date : 2017
Analyses On Strategic Consumers Forward Looking Behavior written by Ilhan Emre Ertan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Consumer behavior categories.
This dissertation includes three essays. The first two essays focus on analyzing consumers’ strategic waiting behavior, and the third essay addresses the differences in consumers’ risk preferences while making decisions for different temporal spots. Due to the long history of markdown applications, in time consumers have built rational expectations from the seller to provide markdown discounts throughout a selling horizon. We investigate the assumption that as rational utility maximizers, consumers act according to maximizing their utility over time. In the first essay, we intend to identify the underlying determinants of consumers’ sequential decision making processes under uncertain product availability. We structure a benchmark optimal purchase timing policy in a market environment, in which a single strategic customer could only follow the markdown pricing scheme, the available inventory level and the remaining time to the end of the selling horizon to maximize his expected surplus from the purchase. In the second essay, we present a set of controlled human subject experiments that investigate how people make purchase timing decisions under product purchase uncertainty. The impact of experiencing Stock Out, when the consumer waits too long and the product is sold out at the retailer and the impact of experiencing Over Pay, when the consumer decides to buy early and finds the product available at a deeper discount later, are analyzed with a unique sequential decision making task through our experimental studies. We identified that human subjects are on average more risk seeking than the analytical model predicts. In the end, we propose a behavioral choice model which incorporates human subjects’ attitudes towards feelings of regret rooted from Stock Out and Over Pay. After observing the impact of risk preferences on consumers’ purchase timing decisions, in the third essay, we look into the human subjects’ attitudes towards making decisions with uncertain outcomes at different time points. We found that consumers show less risk averse risk preference while making decisions for uncertain hedonic products compared to the risk preferences while making decisions for utilitarian products, which is a big contrast to the experimental economics literature. Using subjects’ product consumption size as a co-variate sheds light onto our analysis, indicating the importance of motivational control in eliciting risk preferences when using primary rewards as the incentive mechanism for risk preference elicitation experiments.
Essays On Individual Choice Modeling And Analysis
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Author : Yulia Vorotyntseva
language : en
Publisher:
Release Date : 2018
Essays On Individual Choice Modeling And Analysis written by Yulia Vorotyntseva and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Management science categories.
This dissertation includes three essays. The first two essays are concerned with empirical investigation of individual choice by means of laboratory experiment, and the third one is concerned with integrating one particular behavior pattern – consumer learning – into assortment decisions. The summaries of these essays are provided below. In the first essay, we study how customers are choosing prices in a Pay-What-You-Want (PWYW) business model. Under PWYW the price for a product is fully determined by a buyer: the seller cannot reject any offer. We study two factors that can potentially affect PWYW prices: the seller’s production costs and the buyer’s private valuation of the product. We hypothesize that buyers may anticipate the seller’s loss-aversion, so they will be reluctant to choose prices below the costs, and that the prices increase as the buyer’s valuation increases. We suggest a model that incorporates this hypothetical behavior and estimate it using the dataset from a previously published experimental study. Based on the preliminary insights we obtain, we design and conduct our own controlled laboratory experiment. Our findings suggest that PWYW prices are indeed increasing on average in the buyer’s valuation and seller’s costs. In the second essay we provide the results of empirical investigation of the behavior of human assortment planners. Assortment planning, that is, the selection of products to offer in a store or the design of a product line for a manufacturer, is often performed by managers without any support from computerized optimization algorithms. The goals of our study are (1) to find if human decision makers deviate from the expected profit-maximizing solution in some systematic way and (2) to investigate the effect of decision support tools on the efficacy of assortment planners. To do this, we develop and conduct a behavioral experiment, where the subjects are repeatedly picking assortments in a simplified computerized market environment. We find that the subjects perform better when the profit maximizing assortment consists of fewer products and that subjects improve their decisions over time. The effect of decision support is somewhat surprising: under certain conditions providing subjects with more information resulted in worse performance. In the third essay, we develop a model that explicitly incorporates consumer learning into a firm’s assortment problem. Consumer’s choice of a product from a particular category is influenced by her beliefs about how well the product fits her needs. When a consumer purchases a product repeatedly, her experience with it affects her beliefs and, consequently, her future choices. By providing the consumer with an assortment to choose from, the firm increases the chances that the consumer will find a product that is suitable for her and keep purchasing from the firm in the long term. However, by doing so the firm faces a risk that a less profitable product gets substituted for a more profitable one. The model we develop allows to investigate this tradeoff analytically.
Three Essays On Analyzing And Managing Online Consumer Behavior
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Author : Eva Maria Anderl
language : en
Publisher:
Release Date : 2014
Three Essays On Analyzing And Managing Online Consumer Behavior written by Eva Maria Anderl 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.
Three Essays On Consumer Behavior In Virtual Community
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Author :
language : en
Publisher:
Release Date : 2007
Three Essays On Consumer Behavior In Virtual Community written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Essays On Sustainability And Management
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Author : Runa Sarkar
language : en
Publisher: Springer
Release Date : 2017-05-25
Essays On Sustainability And Management written by Runa Sarkar and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-25 with Business & Economics categories.
This book offers a comprehensive overview of sustainability and management in India and through its insightful essays highlights the complex and multifaceted nature of sustainability as a concept. It also demonstrates the debates surrounding the concept of sustainability and its ramifications for ground-level practice in managing organisations and for public policy. The contributions from sustainability enthusiasts, practitioners from disparate fields and academics working at the Indian Institute of Management Calcutta, have been divided into five themes: (1) sustainability as a normative concept; (2) sustainability concept at the global level, (3) sustainability practices in Indian organisations and consumer behaviour; (4) sustainability, corporate governance and corporate social responsibility and (5) sustainability: a critique of organisational practice and government regulation. The themes reflect both new and continuing issues confronting management in the country today. Examples and in-depth studies make it relevant to the grounded reality in India. The expertise and experience of the contributors ensure that readers are left with a grasp of our current understanding of how sustainability is related to society and business, the direction this understanding will take in the future.