Pub Date : 2017-09-12DOI: 10.1007/s11129-017-9190-0
Sreya Kolay
{"title":"Tie-in contracts with downstream competition","authors":"Sreya Kolay","doi":"10.1007/s11129-017-9190-0","DOIUrl":"https://doi.org/10.1007/s11129-017-9190-0","url":null,"abstract":"","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11129-017-9190-0","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44588618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-09-02DOI: 10.1007/s11129-017-9189-6
A. Prasad, R. Venkatesh, V. Mahajan
{"title":"Temporal product bundling with myopic and strategic consumers: Manifestations and relative effectiveness","authors":"A. Prasad, R. Venkatesh, V. Mahajan","doi":"10.1007/s11129-017-9189-6","DOIUrl":"https://doi.org/10.1007/s11129-017-9189-6","url":null,"abstract":"","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11129-017-9189-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52621378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-08-30DOI: 10.1007/s11129-017-9188-7
Kirthi Kalyanam, John McAteer, Jonathan Marek, James A. Hodges, Lifeng Lin
{"title":"Cross channel effects of search engine advertising on brick & mortar retail sales: Meta analysis of large scale field experiments on Google.com","authors":"Kirthi Kalyanam, John McAteer, Jonathan Marek, James A. Hodges, Lifeng Lin","doi":"10.1007/s11129-017-9188-7","DOIUrl":"https://doi.org/10.1007/s11129-017-9188-7","url":null,"abstract":"","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11129-017-9188-7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43388180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Anna E. Tuchman, Harikesh S. Nair, Pedro M. Gardete
Endogenous consumption of advertising is common. Consumers choose to change channels to avoid TV ads, click away from paid online video ads, or discard direct mail without reading advertised details. As technological advances give firms improved abilities to target individual consumers through various media, it is becoming increasingly important for models to reflect the endogenous nature of ad consumption and to consider the implications that ad choice has for firms’ targeting strategies. With this motivation, we develop an empirical model of consumer demand for advertising in which demand for ads is jointly determined with demand for the advertised products. Building on Becker and Murphy (The Quarterly Journal of Economics, 108(4), 941–964 1993)’s ideas, the model treats advertising as a good over which consumers have utility and obtains demands as the outcome of a joint utility maximization problem. Leveraging new data that links household-level TV ad-viewing with product purchases, we provide empirical evidence that is consistent with the model: ad-skipping is found to be lower when a household has purchased more of the advertised brand, and purchases are higher when more ads have been watched recently, suggesting that advertising and product consumption are jointly determined. Fitting a structural model of joint demand to the data, we evaluate consumer welfare and advertiser profitability in advertising targeting counterfactuals motivated by an “addressable” future of TV. We find that targeting on the predicted ad-skip probability is an attractive strategy, as it indirectly selects consumers that value the product. Reflecting the positive view of advertising in the model, we also find that net consumer welfare may increase in several targeting scenarios. This occurs because under improved targeting, firms shift advertising to those who are likely to value it. At the same time, consumers that do not value the ads end up skipping them, mitigating possible welfare losses. Both forces are relevant to assessing advertising effects in a world with improved targeting and ad-skipping technology.
广告的内生消费很常见。消费者选择改变频道来避开电视广告，点击远离付费在线视频广告，或者不看广告细节就放弃直接邮件。随着技术的进步，企业通过各种媒体瞄准个人消费者的能力得到了提高，反映广告消费内生性质的模型和考虑广告选择对企业目标战略的影响变得越来越重要。有了这个动机，我们开发了一个消费者广告需求的实证模型，其中广告需求与广告产品的需求共同决定。该模型以Becker和Murphy (The Quarterly Journal of Economics, 108(4)， 941-964 1993)的观点为基础，将广告视为消费者具有效用的商品，并将其作为共同效用最大化问题的结果来获得需求。利用将家庭层面的电视广告观看与产品购买联系起来的新数据，我们提供了与模型一致的经验证据:当一个家庭购买了更多的广告品牌时，广告跳过率较低，而当最近观看了更多的广告时，购买率较高，这表明广告和产品消费是共同决定的。将联合需求的结构模型拟合到数据中，我们评估了消费者福利和广告客户在广告中针对反事实的盈利能力，这些反事实是由电视的“可寻址”未来驱动的。我们发现，以预测的广告跳过概率为目标是一种有吸引力的策略，因为它间接选择了重视产品的消费者。我们还发现，在几个目标场景中，净消费者福利可能会增加，这反映了模型中对广告的积极看法。这是因为在改进的目标定位下，公司将广告转移到那些可能重视它的人身上。与此同时，不重视广告的消费者最终会跳过广告，从而减轻可能的福利损失。这两种力量都与评估广告效果有关，在一个目标定位和广告跳过技术得到改进的世界里。
{"title":"Television ad-skipping, consumption complementarities and the consumer demand for advertising","authors":"Anna E. Tuchman, Harikesh S. Nair, Pedro M. Gardete","doi":"10.2139/ssrn.2623227","DOIUrl":"https://doi.org/10.2139/ssrn.2623227","url":null,"abstract":"Endogenous consumption of advertising is common. Consumers choose to change channels to avoid TV ads, click away from paid online video ads, or discard direct mail without reading advertised details. As technological advances give firms improved abilities to target individual consumers through various media, it is becoming increasingly important for models to reflect the endogenous nature of ad consumption and to consider the implications that ad choice has for firms’ targeting strategies. With this motivation, we develop an empirical model of consumer demand for advertising in which demand for ads is jointly determined with demand for the advertised products. Building on Becker and Murphy (The Quarterly Journal of Economics, 108(4), 941–964 1993)’s ideas, the model treats advertising as a good over which consumers have utility and obtains demands as the outcome of a joint utility maximization problem. Leveraging new data that links household-level TV ad-viewing with product purchases, we provide empirical evidence that is consistent with the model: ad-skipping is found to be lower when a household has purchased more of the advertised brand, and purchases are higher when more ads have been watched recently, suggesting that advertising and product consumption are jointly determined. Fitting a structural model of joint demand to the data, we evaluate consumer welfare and advertiser profitability in advertising targeting counterfactuals motivated by an “addressable” future of TV. We find that targeting on the predicted ad-skip probability is an attractive strategy, as it indirectly selects consumers that value the product. Reflecting the positive view of advertising in the model, we also find that net consumer welfare may increase in several targeting scenarios. This occurs because under improved targeting, firms shift advertising to those who are likely to value it. At the same time, consumers that do not value the ads end up skipping them, mitigating possible welfare losses. Both forces are relevant to assessing advertising effects in a world with improved targeting and ad-skipping technology.","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/ssrn.2623227","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48862537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-08-05DOI: 10.1007/s11129-017-9184-y
Stephan Seiler, Song Yao
{"title":"The impact of advertising along the conversion funnel","authors":"Stephan Seiler, Song Yao","doi":"10.1007/s11129-017-9184-y","DOIUrl":"https://doi.org/10.1007/s11129-017-9184-y","url":null,"abstract":"","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11129-017-9184-y","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52621347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-07-14DOI: 10.1007/s11129-017-9187-8
Polykarpos Pavlidis, Paul B. Ellickson
{"title":"Implications of parent brand inertia for multiproduct pricing","authors":"Polykarpos Pavlidis, Paul B. Ellickson","doi":"10.1007/s11129-017-9187-8","DOIUrl":"https://doi.org/10.1007/s11129-017-9187-8","url":null,"abstract":"","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11129-017-9187-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46251021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Does advertising help consumers to find the products they need or push them to buy products they don’t need? In this paper we study the heterogeneous effects of advertising on consumer mistakes in the market for mortgage refinancing and quantify the resulting overall effect on the net present value of mortgage debt. Mortgage borrowers frequently make costly refinancing mistakes by either refinancing when they should wait, or by waiting when they should refinance. We assemble a novel data set that combines a borrower’s exposure to direct mail refinance advertising and their subsequent refinancing decisions. Even though borrowers would lose on average $1229 by refinancing, the average monthly exposure of 0.13 refinancing direct mail advertisements reduces the expected net present value of mortgage payments on average by $7 each month, because borrowers who should refinance are targeted by advertisers and more responsive to advertising. A counterfactual advertising policy that redirects all advertising to borrowers who should refinance would increase the gain in borrower welfare to $36.
{"title":"Consumer mistakes and advertising: The case of mortgage refinancing","authors":"Serafin Grundl, You Suk Kim","doi":"10.17016/FEDS.2017.067","DOIUrl":"https://doi.org/10.17016/FEDS.2017.067","url":null,"abstract":"Does advertising help consumers to find the products they need or push them to buy products they don’t need? In this paper we study the heterogeneous effects of advertising on consumer mistakes in the market for mortgage refinancing and quantify the resulting overall effect on the net present value of mortgage debt. Mortgage borrowers frequently make costly refinancing mistakes by either refinancing when they should wait, or by waiting when they should refinance. We assemble a novel data set that combines a borrower’s exposure to direct mail refinance advertising and their subsequent refinancing decisions. Even though borrowers would lose on average $1229 by refinancing, the average monthly exposure of 0.13 refinancing direct mail advertisements reduces the expected net present value of mortgage payments on average by $7 each month, because borrowers who should refinance are targeted by advertisers and more responsive to advertising. A counterfactual advertising policy that redirects all advertising to borrowers who should refinance would increase the gain in borrower welfare to $36.","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47829568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We assemble a unique data set that combines information on supermarket feature advertising with path-tracking data on consumers’ movement within the store as well as purchase information. Using these novel data, we trace out how advertising affects consumer behavior along the path-to-purchase. We find advertising has no significant effect on the number of consumers visiting the category being advertised. The null effect is precisely estimated. At the upper bound of the confidence interval, a one-standard-deviation shift in advertising increases category traffic by only 1.3%. We do find a significant effect at the lower end of the conversion funnel. A one-standard-deviation change in advertising (evaluated at the point estimate) increases category-level sales by 10%. We further decompose the impact on sales and find the increase is driven by the same number of consumers buying a larger number of products of the same brand. We find no evidence of spillover effects of advertising between categories that are stocked in proximity of each other, nor between different products in the same category. Two mechanisms are consistent with these patterns: consumers retrieve memory of the ad only when interacting with the category or only consumers wanting to purchase the brand choose to consume the ad.
{"title":"The impact of advertising along the conversion funnel","authors":"Stephan Seiler, Song Yao","doi":"10.2139/ssrn.2920953","DOIUrl":"https://doi.org/10.2139/ssrn.2920953","url":null,"abstract":"We assemble a unique data set that combines information on supermarket feature advertising with path-tracking data on consumers’ movement within the store as well as purchase information. Using these novel data, we trace out how advertising affects consumer behavior along the path-to-purchase. We find advertising has no significant effect on the number of consumers visiting the category being advertised. The null effect is precisely estimated. At the upper bound of the confidence interval, a one-standard-deviation shift in advertising increases category traffic by only 1.3%. We do find a significant effect at the lower end of the conversion funnel. A one-standard-deviation change in advertising (evaluated at the point estimate) increases category-level sales by 10%. We further decompose the impact on sales and find the increase is driven by the same number of consumers buying a larger number of products of the same brand. We find no evidence of spillover effects of advertising between categories that are stocked in proximity of each other, nor between different products in the same category. Two mechanisms are consistent with these patterns: consumers retrieve memory of the ad only when interacting with the category or only consumers wanting to purchase the brand choose to consume the ad.","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/ssrn.2920953","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43175110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Crestor, an important but controversial cholesterol-lowering drug, is contraindicated for use by senior and Asian patients. In this paper, we exploit this fact along with unique physician-level prescription and detailing data for statin drugs to examine the hypothesis that detailing is informative. Our tests are based on a simple model in which detailing impacts physicians’ expected match utility of Crestor for different types of patients. We find strong evidence for the informative-detailing hypothesis: relative to the other patients, detailing significantly reduces physicians’ likelihood of prescribing Crestor to contraindicated patients. Our results are robust to detailing being correlated with physician-specific unobserved factors and/or differential trends in individual physicians’ attitudes toward Crestor.
{"title":"Is pharmaceutical detailing informative? Evidence from contraindicated drug prescriptions","authors":"Guofang Huang, M. Shum, W. Tan","doi":"10.2139/ssrn.1992182","DOIUrl":"https://doi.org/10.2139/ssrn.1992182","url":null,"abstract":"Crestor, an important but controversial cholesterol-lowering drug, is contraindicated for use by senior and Asian patients. In this paper, we exploit this fact along with unique physician-level prescription and detailing data for statin drugs to examine the hypothesis that detailing is informative. Our tests are based on a simple model in which detailing impacts physicians’ expected match utility of Crestor for different types of patients. We find strong evidence for the informative-detailing hypothesis: relative to the other patients, detailing significantly reduces physicians’ likelihood of prescribing Crestor to contraindicated patients. Our results are robust to detailing being correlated with physician-specific unobserved factors and/or differential trends in individual physicians’ attitudes toward Crestor.","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44463859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-06-01DOI: 10.1007/s11129-018-9207-3
Serafin Grundl, You Suk Kim
{"title":"Consumer mistakes and advertising: The case of mortgage refinancing","authors":"Serafin Grundl, You Suk Kim","doi":"10.1007/s11129-018-9207-3","DOIUrl":"https://doi.org/10.1007/s11129-018-9207-3","url":null,"abstract":"","PeriodicalId":46425,"journal":{"name":"Qme-Quantitative Marketing and Economics","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11129-018-9207-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47049091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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