Author: Ramón CaminalPublisher:
ISBN:
Category : Competencia - Modelos matemáticos
Languages : en
Pages : 24
Book Description
Price Dynamics and Consumer Learning
Author: Ramón CaminalPublisher:
ISBN:
Category : Competencia - Modelos matemáticos
Languages : en
Pages : 24
Book Description
Consumer Learning and a Firm’s Dynamic Pricing Strategy
Author: Yangyang WangPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 204
Book Description
In the traditional discrete choice model, we assume that consumers know the product attributes without uncertainty. Learning models extend the discrete choice model by assuming that consumers have incomplete information about product attributes and that they can gradually resolve the uncertainty as they receive more information about the product over time. In the first chapter of this dissertation, I conduct a survey on literature of empirical learning models. I distinguish the learning models into three categories. First, demand side learning models which focuses on the effect of different types of consumer learning on demand. Second, supply side learning models which studies the firm's strategies when it does not have full information of consumer demand. Third, consumer learning and firm's marketing strategies which focuses on the interaction of consumer learning and firm's strategies. Empirical learning models have been proved to be a fruitful area of research activity and consumer learning dynamics have been intensively investigated, but there are two areas for future research --- empirical models that combines consumer learning and firm dynamics and empirical models that feature both consumer learning and firm learning.
Consumer Learning, Switching Costs, and Heterogeneity
Author: Matthew OsbornePublisher:
ISBN:
Category : Brand loyalty
Languages : en
Pages : 68
Book Description
Consumer Learning, Switching Costs, and Heterogeneity
Author: Matthew OsbornePublisher: BiblioGov
ISBN: 9781289092177
Category :
Languages : en
Pages : 74
Book Description
I formulate an econometric model of consumer learning and experimentation about new products in markets for packaged goods that nests alternative sources of dynamics. The model is estimated on household level scanner data of laundry detergent purchases, and the results suggest that consumers have very similar expectations of their match value with new products before consumption experience with the good, but once consumers have learned their true match values they are very heterogeneous. I demonstrate that resolving consumer uncertainty about the new products increases market shares by 24 to 58%. The estimation results also suggest significant switching costs: removing switching costs increases new product market shares by 12 to 23%. Using counterfactual computations derived from the estimates of the structural demand model, I demonstrate that the presence of switching costs with learning changes the implications of the standard empirical learning model: the intermediate run impact of an introductory price cut on a new product's market share is significantly greater when the only source of dynamics is switching costs as opposed to when both learning and switching costs are present, which suggests that firms should combine price cuts with introductory advertising or free samples to increase their impact.
Asset Price Dynamics, Volatility, and Prediction
Author: Stephen J. TaylorPublisher: Princeton University Press
ISBN: 1400839254
Category : Business & Economics
Languages : en
Pages : 544
Book Description
This book shows how current and recent market prices convey information about the probability distributions that govern future prices. Moving beyond purely theoretical models, Stephen Taylor applies methods supported by empirical research of equity and foreign exchange markets to show how daily and more frequent asset prices, and the prices of option contracts, can be used to construct and assess predictions about future prices, their volatility, and their probability distributions. Stephen Taylor provides a comprehensive introduction to the dynamic behavior of asset prices, relying on finance theory and statistical evidence. He uses stochastic processes to define mathematical models for price dynamics, but with less mathematics than in alternative texts. The key topics covered include random walk tests, trading rules, ARCH models, stochastic volatility models, high-frequency datasets, and the information that option prices imply about volatility and distributions. Asset Price Dynamics, Volatility, and Prediction is ideal for students of economics, finance, and mathematics who are studying financial econometrics, and will enable researchers to identify and apply appropriate models and methods. It will likewise be a valuable resource for quantitative analysts, fund managers, risk managers, and investors who seek realistic expectations about future asset prices and the risks to which they are exposed.
Introduction to Business
Author: Lawrence J. GitmanPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 1455
Book Description
Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.
Commodity Price Dynamics
Author: Craig PirrongPublisher: Cambridge University Press
ISBN: 1139501976
Category : Business & Economics
Languages : en
Pages : 238
Book Description
Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc.
An Experimental Study of Belief
Author: Tamekichi OkabePublisher:
ISBN:
Category : Belief and doubt
Languages : en
Pages : 40
Book Description
Greater Access to Generic Drugs
Author: Michelle MeadowsPublisher:
ISBN:
Category : Drugs
Languages : en
Pages : 8
Book Description
Author: Matthew Osborne