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List Price and Discount in A Stochastic Selling Process 随机销售过程中的标价与折扣
Pub Date : 2020-06-01 DOI: 10.2139/ssrn.3679730
Z. Ning
This paper studies the optimal list pricing with dynamic discounts under stochastic arrival of information, with implications for B2B sales and AI-powered ecommerce.
本文研究了随机信息到达下具有动态折扣的最优清单定价,并对B2B销售和人工智能驱动的电子商务产生了影响。
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引用次数: 13
On Competition for Spatially Distributed Resources on Networks 论网络空间分布资源的竞争
Pub Date : 2020-05-15 DOI: 10.2139/ssrn.3604337
G. Fabbri, Silvia Faggian, G. Freni
We study the dynamics of the exploitation of a natural resource, distributed in space and mobile, where spatial diversification is introduced by a network structure. Players are assigned to different nodes by a regulator, after he/she decides at which nodes natural reserves are established. The game solution shows how the dynamics of spatial distribution depends on the productivity of the various sites, on the structure of the connections between the various locations, and on the preferences of the agents. At the same time, the best locations to host a nature reserve are identified in terms of the parameters of the model, and it turns out they correspond to the most central (in the sense of eigenvector centrality) nodes of a suitably redefined network which takes into account the nodes productivities.
我们研究自然资源开发的动态,分布在空间和移动,其中空间多样化是由网络结构引入的。在管理者决定在哪些节点建立自然保护区之后,参与者被分配到不同的节点。游戏解决方案显示了空间分布的动态如何取决于不同地点的生产力、不同地点之间的连接结构以及代理人的偏好。同时,根据模型的参数确定自然保护区的最佳位置,结果表明,它们对应于一个适当重新定义的网络的最中心(在特征向量中心性的意义上)节点,该网络考虑到节点的生产力。
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引用次数: 1
Customization and Returns 定制和退货
Pub Date : 2020-05-08 DOI: 10.2139/ssrn.3444244
Gökçe Esenduran, Paolo Letizia, Anton Ovchinnikov
Recent advances in information technology, advanced manufacturing (robotics, 3D printing, etc.), and logistics have allowed firms to customize their products to the specifications of individual consumers, who, in turn, prefer these products to standard ones. In the unlikely event that customized products do not match expectations, however, consumers often feel entitled to a return. Should firms offer returns on customized products? We examine this question via a Stackelberg game model, in which the firm (leader) decides the prices and returns policies for its customized and standard products; consumers (followers) decide which product to buy, given the initial noisy valuations and, upon experiencing the product, whether to return it. Both parties act strategically: Forward-looking consumers incorporate the real option value of possible returns into their initial purchasing decisions, and the firm incorporates consumers’ best purchase and return response into its pricing and returns policy decisions. Our model produces three key insights. First, firms can use customized products to induce some consumers who otherwise would buy and return a standard product to switch to lower-return-rate customized products. Second, it may be optimal to offer returns on customized products, despite their lower salvage value. Third, firms can increase profits and reduce (total) returns by offering returnable customized products. This paper was accepted by Duncan Simester, marketing.
信息技术、先进制造(机器人、3D打印等)和物流的最新进展使企业能够根据个人消费者的规格定制产品,反过来,消费者更喜欢这些产品而不是标准产品。然而,在定制产品不符合预期的不太可能的情况下,消费者通常觉得有权得到回报。公司应该为定制产品提供回报吗?我们通过Stackelberg博弈模型来检验这个问题,在这个博弈模型中,企业(领导者)决定其定制产品和标准产品的价格和退货政策;消费者(追随者)根据最初嘈杂的估值来决定购买哪种产品,并在体验产品后决定是否退货。双方都采取战略行动:前瞻性的消费者将可能回报的实物期权价值纳入其最初的购买决策,公司将消费者的最佳购买和回报响应纳入其定价和退货政策决策。我们的模型产生了三个关键的见解。首先,企业可以使用定制产品来诱导一些原本会购买并退回标准产品的消费者转向回报率较低的定制产品。其次,提供定制产品的回报可能是最优的,尽管它们的残值较低。第三,企业可以通过提供可退货的定制产品来增加利润并降低(总)回报。这篇论文被市场营销学的Duncan Simester接受。
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引用次数: 8
Vertical Price Restraints and Free Entry Under Asymmetric Information 信息不对称下的垂直价格限制与自由进入
Pub Date : 2020-05-01 DOI: 10.2139/ssrn.3606321
Leda Maria Bonazzi, Raffaele Fiocco, S. Piccolo
We investigate the impact of vertical price restraints on the free-entry equilibrium and its welfare properties in a vertically related market where manufacturer-retailer hierarchies compete under asymmetric information. We compare the legal regimes of laissez-faire and ban on resale price maintenance (RPM) under different entry decision modes. When the entry decision is taken upstream, laissez-faire generates higher entry and increases consumer surplus, but a ban on RPM enhances total welfare. Socially excessive entry occurs under both legal regimes, and the entry bias declines with the spread of demand uncertainty. Conversely, when the entry decision is taken downstream, a ban on RPM stimulates entry and consumer surplus, but laissez-faire can be total welfare superior. Our results provide antitrust policy implications about vertical price control.
本文研究了信息不对称条件下垂直相关市场中,垂直价格约束对自由进入均衡及其福利属性的影响。在不同的市场进入决策模式下,比较了自由放任和禁止转售价格维持的法律制度。当进入决策发生在上游时,自由放任政策产生更高的进入率并增加消费者剩余,而禁止RPM则提高了总福利。社会过度进入在两种法律制度下都会发生,进入偏差随着需求不确定性的扩散而下降。相反,当进入决策在下游时,禁止RPM会刺激进入和消费者剩余,但自由放任可能会使总福利更优。我们的研究结果提供了纵向价格控制的反垄断政策含义。
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引用次数: 3
Investment Flexibility as a Barrier to Entry 投资灵活性作为进入壁垒
Pub Date : 2020-04-29 DOI: 10.2139/ssrn.3009726
G. Guthrie
This paper presents a model of investment in a duopoly with firms that choose the scale and timing of investment. Decision-making flexibility and the costs saved by investing in large steps rather than sequences of small steps determine an incumbent’s ability to deter entry by a potential competitor. Entry occurs when these cost savings are very small or very large, because the effect of increased industry capacity on the incumbent’s assets-in-place is the same regardless of which firm invests. In intermediate cases, the incumbent is able to deter entry by making a smaller, earlier investment than the potential entrant. The smaller investment scale protects the incumbent’s assets-in-place, which offsets the incumbent’s cost disadvantage from investing in smaller steps than the entrant would choose. Nevertheless, the threat of entry constrains the incumbent’s investment behavior and limits its profitability. The model is solved using a combination of best-response iteration and the projected successive over-relaxation method.
本文提出了企业选择投资规模和投资时机的双寡头垄断投资模型。决策灵活性和投资于大步骤而不是一系列小步骤所节省的成本决定了现有企业阻止潜在竞争对手进入的能力。当这些成本节约非常小或非常大时,就会进入市场,因为无论哪家公司投资,增加行业产能对现有资产的影响都是一样的。在中间情况下,现有企业可以通过比潜在进入者更早、更小的投资来阻止进入。较小的投资规模保护了现有企业的资产,这抵消了现有企业的成本劣势,因为它们的投资步骤比新进入者要小。然而,进入威胁制约了在位者的投资行为,限制了其盈利能力。采用最优响应迭代法和投影逐次超松弛法相结合的方法求解模型。
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引用次数: 7
Measuring Price Dynamics of Package Holidays With Transaction Data 用交易数据衡量套餐假期的价格动态
Pub Date : 2020-04-28 DOI: 10.2139/ssrn.3587749
Karola Henn, Chris-Gabriel Islam, P. Schwind, Elisabeth Wieland
In Germany, package holidays are an important driver of consumer prices. Several challenges arise when measuring the price development of these bundled travel and accommodation services, such as the quality of accommodation and the timing of booking. Statistical practices are currently based on sampling offer prices. By using actual bookings, this paper analyses the possibilities and challenges in compiling a price index out of transaction data for flight package holidays. Our dataset comprises both online bookings and bookings made via stationary travel agencies on a daily basis. The large sample size allows for a disaggregation by individual holiday destination. Several methodological issues such as product definition, the grouping of unstructured text information, and weighting are addressed. Moreover, various index aggregation methods are analysed, which include hedonic regressions, stratification, and also a multilateral index method. Applied to six major holiday destinations for German travellers, all transaction-based methods under consideration exhibit similar price dynamics, pointing to robust results for destination-based price indicators for package holidays.
在德国,旅游套餐是推动消费价格上涨的重要因素。在衡量这些捆绑旅行和住宿服务的价格变化时,会出现一些挑战,比如住宿质量和预订时间。目前的统计方法是基于抽样报价。本文以实际预订情况为例,分析了利用交易数据编制机票套餐假期价格指数的可能性和挑战。我们的数据集包括在线预订和通过固定旅行社进行的每日预订。大样本量允许按个别度假目的地进行分类。几个方法学问题,如产品定义,非结构化文本信息的分组,和加权处理。此外,还分析了各种指数聚合方法,包括享乐回归法、分层法和多边指数法。应用于德国游客的六个主要度假目的地,所有基于交易的方法都显示出类似的价格动态,这表明基于目的地的度假套餐价格指标的结果非常可靠。
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引用次数: 2
Optimal Location for Competing Retail Service Facilities 竞争零售服务设施的最佳选址
Pub Date : 2020-04-22 DOI: 10.2139/ssrn.3583413
K. Talluri, Müge Tekin
We consider the location problem for retail service facilities, consumer-facing storefronts that provide a service and compete with other retailers to some degree or the other. Location is one of the most important strategic decisions for a retail firm. It is a risky and often an irrevocable decision, in the sense that it involves a large investment, is very difficult to rectify, and affects profits and operations for many years in the future. This problem is especially challenging for the following reasons: (i) Location models require estimates of how demand will expand and shift when we locate a new facility, but the firm, since it has not yet started operations, has no historical demand data to calibrate the models; (ii) Future entry as well as exits of competitors affect the firm’s revenues and profitability, but predicting such future strategic developments is rather complicated. In this paper, we consider forward-looking competitive entry and exit decisions using a simple equilibrium framework, solvable by integer programming and estimable from public data. To capture the taste of local demographics, we build a model based on online reviews of the incumbent establishments where facilities have latent characteristics and customers have preference for these latent characteristics. This serves as an input to predict customer demand which drives our optimal location solution and gives firms an easy and tractable toolkit for their decision-making. We apply the model to a service industry, specifically the restaurant industry, to illustrate how it can be made operational. Our estimation results show that customers differ significantly in their willingness to travel and rating sensitivities across restaurant types. Apart from a tractable toolkit to help their decision process, we show, via counterfactuals, that optimized location decision-making can increase chances of survival by up to 37.5%. Managerial insight into the nature of competitive location dispersion is also provided.
我们考虑零售服务设施的选址问题,这些面向消费者的店面提供服务,并在某种程度上与其他零售商竞争。选址是零售企业最重要的战略决策之一。这是一个有风险的,而且往往是不可撤销的决定,因为它涉及大量投资,很难纠正,并影响未来多年的利润和运营。由于以下原因,这个问题尤其具有挑战性:(i)定位模型需要估计当我们定位新设施时需求将如何扩展和变化,但由于公司尚未开始运营,因此没有历史需求数据来校准模型;(ii)竞争对手的未来进入和退出会影响公司的收入和盈利能力,但预测这种未来的战略发展是相当复杂的。在本文中,我们使用一个简单的均衡框架来考虑前瞻性的竞争进入和退出决策,这个框架可以用整数规划来求解,并且可以从公共数据中估计。为了捕捉当地人口的口味,我们基于现有机构的在线评论建立了一个模型,这些机构的设施具有潜在的特征,顾客对这些潜在的特征有偏好。这可以作为预测客户需求的输入,从而驱动我们的最佳定位解决方案,并为企业提供一个简单易用的决策工具包。我们将该模型应用于服务行业,特别是餐饮业,以说明如何使其可操作。我们的估计结果表明,不同类型的餐厅,顾客的旅行意愿和评级敏感性存在显著差异。除了一个易于处理的工具包,以帮助他们的决策过程,我们表明,通过反事实,优化的位置决策可以提高生存机会高达37.5%。本文还提供了对竞争区位分散性质的管理见解。
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引用次数: 1
Market for Information and Selling Mechanisms 信息市场和销售机制
Pub Date : 2020-04-03 DOI: 10.2139/ssrn.3454193
D. Bounie, Antoine Dubus, P. Waelbroeck
We investigate the strategies of a data intermediary selling customized consumer information to firms for price discrimination purpose. We analyze how the mechanism through which the data intermediary sells information influences how much consumer data he will collect and sell to firms, and how it impacts consumer surplus. We consider three selling mechanisms tailored to sell customized consumer information: take it or leave it offers, sequential bargaining, and simultaneous offers. We show that the more data the intermediary collects, the lower consumer surplus. Consumer data collection is minimized, and consumer surplus maximized under the take it or leave it mechanism, which is the least profitable mechanism for the intermediary. We argue that selling mechanisms can be used as a regulatory tool by data protection agencies and competition authorities to limit consumer information collection and increase consumer surplus.
研究了数据中介机构以价格歧视为目的向企业销售定制消费者信息的策略。我们分析了数据中介出售信息的机制如何影响他收集和出售给企业的消费者数据的数量,以及它如何影响消费者剩余。我们考虑了三种专门用于销售定制消费者信息的销售机制:要么接受要么放弃提供、顺序讨价还价和同步提供。我们表明,中介收集的数据越多,消费者剩余越低。在要么接受要么放弃的机制下,消费者数据收集最小化,消费者剩余最大化,这是中介最不赚钱的机制。我们认为,销售机制可以作为数据保护机构和竞争主管部门的监管工具,以限制消费者信息收集并增加消费者剩余。
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引用次数: 7
Oligopolistic Investment, Markups and Asset-Pricing Puzzles 寡头垄断投资、加价和资产定价难题
Pub Date : 2020-03-17 DOI: 10.2139/ssrn.3556229
Hitesh Doshi, Praveen Kumar
We analyze a multi-consumption good general equilibrium production-based asset pricing model with an oligopolistic sector that follows subgame perfect pricing, production, and capital investment strategies. The model is calibrated with U.S. aggregate and industry data from 456 manufacturing industries. The oligopoly model provides a better fit to product and asset markets' data compared to the benchmark competitive industry. In particular, under the "classical" assumptions of time-additive power utility and Markov shock structure, and assuming reasonable risk aversion, the model generates relatively high industry and aggregate equity premia and their volatilities, as well as Sharpe ratios. The model also fits well the volatility of industry investment and the cyclicality of price-cost markups. We find support for theoretical predictions on the link between industry competition and product and asset market outcomes.
我们分析了一个具有寡头垄断部门的多消费良好一般均衡生产资产定价模型,该模型遵循子博弈完美定价、生产和资本投资策略。该模型是根据美国456个制造业的总体数据和行业数据进行校准的。与基准竞争行业相比,寡头垄断模型更适合产品和资产市场的数据。特别是,在时间加性电力效用和马尔可夫冲击结构的“经典”假设下,并假设合理的风险规避,该模型产生了较高的行业和总股权溢价及其波动率,以及夏普比率。该模型也很好地拟合了行业投资的波动性和价格-成本加成的周期性。我们发现了行业竞争与产品和资产市场结果之间联系的理论预测的支持。
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引用次数: 0
Launching with a Parachute: The Gig Economy and Entrepreneurial Entry 《降落伞创业:零工经济与创业入门
Pub Date : 2020-03-16 DOI: 10.2139/ssrn.3557279
John M. Barrios, Yael V. Hochberg, Hanyi Yi
The introduction of the gig economy creates opportunities for would-be entrepreneurs to supplement their income indownside states of the world, and provides insurance in the form of an income fallback in the event of failure. We present a conceptual framework supporting the notion that the gig economy may serve as an income supplement and as insurance against entrepreneurial-related income volatility, and utilize the arrival of the on-demand, platform-enabled gig economy in the form of the staggered rollout of ride hailing in U.S. cities to examine the effect of the arrival of the gig economy on entrepreneurial entry. The introduction of gig opportunities is associated with an increase of ~5% in the number of new business registrations in the local area, and correspondingly-sized increase in small business lending to newly registered businesses. Internet searches for entrepreneurship-related keywords increase ~7%, lending further credence to the predictions of our conceptual framework. Both the income supplement and insurance channels are empirically supported: the increase in entry is larger in regions with lower average income and higher credit constraints, as well as in locations with higher ex ante economic uncertainty regarding future wage levels and wage growth.
零工经济的引入为未来的企业家创造了机会,在世界经济下行的国家补充他们的收入,并在失败的情况下以收入回退的形式提供保险。我们提出了一个概念框架,支持零工经济可以作为收入补充和防止创业相关收入波动的概念,并利用按需、平台支持的零工经济的到来,以美国城市交错推出的叫车服务的形式,来研究零工经济的到来对创业进入的影响。零工机会的引入与当地新企业注册数量增加约5%有关,同时向新注册企业提供的小企业贷款也相应增加。互联网上对创业相关关键词的搜索增加了约7%,进一步证实了我们的概念框架的预测。收入补充和保险渠道都得到了实证支持:在平均收入较低、信贷约束较高的地区,以及在未来工资水平和工资增长方面事前经济不确定性较高的地区,进入率的增加更大。
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引用次数: 9
期刊
IO: Theory eJournal
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