Essays On Consumer Search Cost And Firms Mixed Pricing Strategy

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Essays on Consumer Search Cost and Firms' Mixed Pricing Strategy

Author : Xing Zhang
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.:/5 (861 download)

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Book Synopsis Essays on Consumer Search Cost and Firms' Mixed Pricing Strategy by : Xing Zhang

Download or read book Essays on Consumer Search Cost and Firms' Mixed Pricing Strategy written by Xing Zhang and published by . This book was released on 2013 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay I: A full equilibrium approach is proposed in this paper to estimate the distribution of consumer price search costs when (i) consumers adopt sequential or non-sequential search strategy and, (ii) consequently firms adopt a mixed pricing strategy. We model jointly the distributions of prices and sales when the market is at equilibrium. The major methodological challenge is that we have to model the distribution of prices instead of a single optimal price. To solve this problem, we use the non-parametric Maximum Empirical Likelihood estimator (Owen 1988) in model estimation. Through a series of simulation studies, we show that modeling the interplay between firms' pricing strategy and consumers' price search strategy is critical in order to correctly infer the search cost distribution. Finally, we apply the method to a dataset provided by a firm in a B-to-B market, and find that our model can explain the observed variation in prices and transactions, and recover reasonably well the supply cost of the firm. Essay II: In this paper we empirically examine the effect of buyers' cost of price search on firms' pricing strategy in a B-to-B market. We propose a full equilibrium approach to simultaneously model the observed price variation and transactions in the market, where buyers engage in costly price search and as a result firms adopt a mixed pricing strategy. Estimation results provide evidence that buyers in our data sequentially sample prices as this model out-performs another classical non-sequential search model in terms of recovering the "kink" price distribution (probability mass being highly concentrated at some price points) and the true supply cost in our data. We then illustrate how a lower search cost distribution (lower mean) can support a mixed price equilibrium with a higher average price, suggesting that the common belief of lower search costs leading to lower prices can be misleading. Finally, we extend our model framework to study how keyword search advertising may influence firms' prices and profits. By placing advertisement at the top of a search page, we assume an advertiser differentiates from other firms as the first place to start searching for some buyers. We find that the advertiser will charge the lowest price when the proportion of buyers using keyword search is from small to medium but, as the proportion further increases it will eventually charge at the highest price. Measuring the profit difference between the advertiser and non-advertising firms will help infer the willingness-to-pay for search advertising.

Essays on Consumer Shopping Behavior and Price Dispersion

Author : Aleksandr Yankelevich
Publisher :
ISBN 13 :
Total Pages : 116 pages
Book Rating : 4.:/5 (795 download)

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Book Synopsis Essays on Consumer Shopping Behavior and Price Dispersion by : Aleksandr Yankelevich

Download or read book Essays on Consumer Shopping Behavior and Price Dispersion written by Aleksandr Yankelevich and published by . This book was released on 2011 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Essays on Consumer Search, Dynamic Competition and Regulation

Author : Alexei Parakhonyak
Publisher : Rozenberg Publishers
ISBN 13 : 9036101786
Total Pages : 139 pages
Book Rating : 4.0/5 (361 download)

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Book Synopsis Essays on Consumer Search, Dynamic Competition and Regulation by : Alexei Parakhonyak

Download or read book Essays on Consumer Search, Dynamic Competition and Regulation written by Alexei Parakhonyak and published by Rozenberg Publishers. This book was released on 2010 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Three Essays on Distribution Channels and Pricing Strategy

Author : Hongyan Shi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (774 download)

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Book Synopsis Three Essays on Distribution Channels and Pricing Strategy by : Hongyan Shi

Download or read book Three Essays on Distribution Channels and Pricing Strategy written by Hongyan Shi and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation involves three essays, studying firms' decision-making on marketing mix variables. Specifically, the first essay (Chapter 2) studies the effects of distribution channels on firms' advertising content decision. In many markets, consumers may not have full information of product features and prices when they shop. While consumers can search to acquire such information, manufacturers and retailers often advertise price, product, or both types of information to help resolve consumers' uncertainty. This chapter studies manufacturers' and retailers' advertising content decisions in either a centralized channel or a decentralized channel, in a market where advertising affects consumers' search behaviors and purchase decisions. I show that in a decentralized channel, advertising may include more information than in a centralized channel. Specifically, when a retailer in a decentralized channel makes its advertising decision before the manufacturer and the retailer decide on prices, it prefers more price-product advertising than in a centralized channel; otherwise, it prefers more price-only advertising and more price-product advertising than in a centralized channel. I also show that in a decentralized channel where the manufacturer decides on product advertising and the retailer decides on price advertising, there will be more price-only advertising than in a centralized channel. Finally, I examine the consequent effects of advertising strategies in different distribution channels on channel members' profitability, consumer welfare and social welfare. The second essay (Chapter 3) studies the effects of channel structure and types of consumer heterogeneity on a manufacturer's product quality decision. I show that a manufacturer's product quality decision depends on both its channel structure and the type of consumer heterogeneity. When consumers are heterogeneous either vertically on their willingness-to-pay for product quality or horizontally on their transaction costs, a manufacturer will provide the same or lower product quality in a decentralized channel than in a centralized channel. However, when consumers are heterogeneous on both their willingness-to-pay for product quality and transaction costs, a manufacturer may even offer higher product quality in a decentralized channel than in a centralized channel under certain conditions, and consumers, as well as the distribution channel, can benefit from an increase of consumer transaction cost. The third essay (Chapter 4) studies how firms with high service quality (i.e. the high-type) can use tipping policy to signal their service quality and distinguish from firms with low service quality (i.e. the low-type) when consumers are comprised of informed and uninformed consumers. I characterize the conditions under which tipping policy together with complete information price can be effective signal device. In addition, I show that when the ratio of the informed consumers to uninformed consumers is low, if the high-type's optimal decision is to choose to have a tipping policy under complete information, it will signal with a tipping policy together with a distorted price. Furthermore, I show that even when the high-type's optimal decision is non-tipping policy under complete information, it might strategically adopt a tipping policy to signal its service quality.

Essays on Nonlinear Pricing, Quality Investment, and Consumer Search

Author : Jian Shen
Publisher :
ISBN 13 :
Total Pages : 161 pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis Essays on Nonlinear Pricing, Quality Investment, and Consumer Search by : Jian Shen

Download or read book Essays on Nonlinear Pricing, Quality Investment, and Consumer Search written by Jian Shen and published by . This book was released on 2014 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: In my dissertation, I study how firms choose their pricing and quality investment in markets with imperfect competition. My dissertation comprises of three chapters. First, I study how firms compete in prices when consumers search sequentially. Second, I study firms' competitive nonlinear pricing strategies. Finally, I study how market structure affects firms' quality investment decisions.

Essays on Price Dispersion and Dynamic Pricing

Author : Ching-jen Sun
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.:/5 (256 download)

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Book Synopsis Essays on Price Dispersion and Dynamic Pricing by : Ching-jen Sun

Download or read book Essays on Price Dispersion and Dynamic Pricing written by Ching-jen Sun and published by . This book was released on 2008 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation develops three essays on dynamic pricing to investigate two important topics in industrial organization: price dispersion and price discrimination. The first essay considers a stylized model of dynamic price competition in which each seller sells one unit of a homogeneous commodity by posting prices in every period to maximize the expected profits with discounting. A random number of buyers come to the market in each period. Each buyer demands at most one unit of the good, and they all have a common reservation price. They know all prices posted by all firms in the market; hence search is costless. I show that when there is a positive probability of excess demand, the model has a unique (symmetric) mixed-strategy equilibrium. In this equilibrium, each seller posts a price in every period according to a non-degenerate distribution, which is determined by the number of sellers remaining in the market in that period. Sellers play mixed strategies as they are indifferent between selling sooner at a lower price and waiting to sell at a higher price later. Thus, price dispersion not only exists in every period among firms, but also persists over time. In the second essay, I consider a monopolist who can sell vertically differentiated products over two periods to heterogeneous consumers. Consumers each demand one unit of the product in each period. In the second period, consumers are sorted into different segments according to their first-period choice, and the monopolist can offer different menus of contracts to different segments. In this way, the monopolist can price discriminate consumers not only by product quality, but also by purchase history. I fully characterize the monopolist's optimal pricing strategy when the type space is discrete and a simple condition is given to determine whether the monopolist should price discriminate consumers by product quality in the first period. When the consumers' type space is a continuum, I show that there is no fully separating equilibrium, and some properties of the optimal menu of contracts (price-quality pairs) are characterized within the class of partition PBE (Perfect Bayesian Equilibrium). The monopolist will offer only one quality in the first period when the social surplus function is log submodular or the firm and consumers are patient. If it is optimal for the firm to offer only one quality in the first period, the optimal market coverage in the first period is smaller than that in the static model. Furthermore, in equilibrium there are some high-type consumers choosing to downgrade the product in the second period, a phenomenon that has never been addressed in the literature. In the second essay, when the consumers' type space is a continuum, the analysis of the optimal menu of contracts is restricted within the class of partition PBE. The third essay provides a justification for this qualification. I ask whether an optimal menu of contracts can induce a non-partition continuation equilibrium by scrutinizing the example constructed by Laffont and Tirole (1988). They construct a non-partition continuation equilibrium for a given first-period menu of incentive contracts and conjecture that this continuation equilibrium need not be suboptimal for the whole game under small uncertainty. I construct two first-period incentive schemes leading to a partition continuation equilibrium and show that, regardless of the extent of uncertainty, their non-partition continuation equilibrium generates a smaller payoff than one of two partition continuation equilibria for the principal. In this sense, Laffont and Tirole's menu of contracts, giving rise to a non-partition continuation equilibrium, is not optimal. I provide an intuition behind this result, hoping to shed light on the problem of dynamic contracting without commitment.

Essays on Consumer Search and Interlocking Directorates

Author : Silva Deželan
Publisher : Rozenberg Publishers
ISBN 13 : 9051708289
Total Pages : 157 pages
Book Rating : 4.0/5 (517 download)

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Book Synopsis Essays on Consumer Search and Interlocking Directorates by : Silva Deželan

Download or read book Essays on Consumer Search and Interlocking Directorates written by Silva Deželan and published by Rozenberg Publishers. This book was released on 2001 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information is crucial to make good decisions, but obtaining and providing information often comes at a cost. Consumers and firms both need to balance these costs and benefits of obtaining and providing information in order to make the best decisions. The research in this thesis investigates several questions that pertain to the acquisition and provision of information. In the first part of this thesis it is assumed that consumers are not fully informed about the prices or availability of a product they want to buy. Consumers can search for information, but this comes at a cost. At the same time, shops can influence these costs. In the first two studies in this part, shops have the possibility to advertise. An advertisement provides information to consumers and reduces the search costs. We investigate, among other things, the pricing behavior of shops and the relation between search and advertising. The third study in this part of the thesis considers the location choice of shops. Locating together in a shopping mall reduces the search costs of consumers. This increases the competition between shops and lowers the prices, but we show that at the same time the sales volume increases. The total effect of locating together on profits is generally positive. The second part of this thesis considers director ties (also named interlocks). A director who has several directorships in different firms can serve as an information bridge between the different firms. At the same time, interlocking directors are busy and form a homogenous group. Data from the Netherlands show that in The Netherlands the positive information providing effect of interlocks is outweighed by a negative busyness and homogenous group effect.

Essays on Two Novel Pricing Mechanisms

Author : Paul Mills (Writer on marketing)
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)

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Book Synopsis Essays on Two Novel Pricing Mechanisms by : Paul Mills (Writer on marketing)

Download or read book Essays on Two Novel Pricing Mechanisms written by Paul Mills (Writer on marketing) and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation addresses two major themes in behavioral pricing; how consumers construct and use reference prices to judge the attractiveness of a price, and how guilt, and perceptions of fairness, influence consumer behavior. Essay 1 examines how consumers judge the attractiveness of prices in a new context. Prior research on coupons has focused on individual coupons that are "pushed" to consumers. When assessing individual coupons, consumers are apt to use a memory-based, or internal reference price strategy that relies on past purchases to assess price attractiveness. This dissertation examines a setting in which supermarket shoppers scan a product's bar code to receive a set mobile coupons for competing products. Coupon values are customized according to each customer's redemption history. Evaluating a set of "pull" coupons prompts some consumers to use a comparative, or stimulus-based reference price strategy. By segmenting consumers according to which strategy they use, I model how coupon value, the number of competing coupons, range of prices for competing brands, and brand loyalty influence redemption behavior over months of coupon use. While my research focuses on mobile coupons, the findings may be useful to marketers interested in other settings where consumers receive information about competing brands, such as the price comparison tools and recommendation engines used by retailers like Google and Amazon.Within the behavioral pricing literature, price fairness has important status, since firms' profits are constrained by fear of perceived price exploitation. Since firms have traditionally had the power to set prices, most studies have examined price fairness from the firm's perspective. However, as consumers' power increases, so does their tendency to take advantage of companies. Essay 2 addresses a gap in the price fairness literature by empirically testing whether an individual trait, anticipated guilt, together with information about social norms of fairness, constrain the selfish behavior of consumers who are allowed to pay any price they want. I find that anticipated guilt, contingent on the salience of social norms, plays a significant role in determining how selfishly consumers behave. Guilt proneness matters more when consumers are less certain about what response is socially acceptable than when they are provided with information about what others consider fair. I then show that these results are robust across two other settings prone to opportunism: abusing merchandise return policies, and engaging in computer piracy.

Essays on Consumer Purchase Behavior and Competitive Firm Strategies

Author : Andy Wei-Rong Chen
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (957 download)

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Book Synopsis Essays on Consumer Purchase Behavior and Competitive Firm Strategies by : Andy Wei-Rong Chen

Download or read book Essays on Consumer Purchase Behavior and Competitive Firm Strategies written by Andy Wei-Rong Chen and published by . This book was released on 2016 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two essays explore two topics in marketing - consumer purchase behavior and competitive firm strategies. The first essay examines consumer stockpiling behavior in the retail gasoline market and aims to shed light on what factors affect consumer stockpiling. Past research on consumer stockpiling behavior such as Hendel and Nevo (2006) finds evidence of inter-temporal substitution by consumers that implies stockpiling behavior. However, they do not observe actual inventory or consumption and have to rely on simplifying assumptions about these quantities. I collect a novel data set of gasoline purchase history of consumers with actual inventory and consumption to test several hypotheses that relate consumer stockpiling to price, duration between purchases, and consumption. First, I find that consumers holding more inventory are more price sensitive. Higher inventory increases the impact of price on purchase decisions and those with higher inventory can afford to do more price search before making a purchase. I also find that all else equal, consumers will reduce consumption following a purchase made during high prices; that consumers with lower inventory have a higher probability of purchasing; and that duration from previous purchase is shorter for purchases made during low prices and longer during high prices. The second essay examines competition in a dynamic setting between Wal-Mart and Target in the context of location choices and expansion strategies. Studying this topic sheds light on how an industry evolves and how the market structure is shaped by decisions such as when to enter and exit and where to locate new stores as well as the driving force behind different expansion strategies. One of the early papers by Bresnahan and Reiss (1991) study entry of retail and professional services into isolated markets in a one-shot game. In their model, firms are allowed to enter once and open one store. Collard-Wexler (2014) estimates a model of investment and entry in the ready-mix concrete industry. Again, each firm is assumed to own a single plant in the model. In my paper, I build a structural model in which firms can open multiple stores over a period of time. This setting is closer to reality as competition between firms lasts over many periods with firms making regular entry decisions and often opening multiple stores in the same market. I estimate how entry decisions are affected by competitor's presence and market characteristics and learn about the evolution of market structure and expansion strategies of the firms. The firms are forward-looking and engage in Markov perfect equilibrium (MPE) strategies. The results show that firm profits are affected asymmetrically by the competitor's presence. First, Wal-Mart is the dominant firm with higher profits regardless of Target's presence. On the other hand, Target's profits depend a lot on Wal-Mart's presence. It must have more stores than Wal-Mart (called store advantage) to profit. I also find asymmetry in the expansion strategies of the two firms. Wal-Mart tends to explore new and smaller markets by being the first and often the only firm to enter, while Target tends to focus on major markets with high population and GDP and strives to maintain store advantage over Wal-Mart by matching or outdoing Wal-Mart's decision to open new stores.

Price Guarantees, Consumer Search, and Hassle Costs

Author : Pio Baake
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)

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Book Synopsis Price Guarantees, Consumer Search, and Hassle Costs by : Pio Baake

Download or read book Price Guarantees, Consumer Search, and Hassle Costs written by Pio Baake and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Price Dynamics and Consumer Search

Author : Matthew Stephen Lewis
Publisher :
ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.:/5 (34 download)

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Book Synopsis Essays on Price Dynamics and Consumer Search by : Matthew Stephen Lewis

Download or read book Essays on Price Dynamics and Consumer Search written by Matthew Stephen Lewis and published by . This book was released on 2004 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Market Response to Changes in Costs and Price Transparency

Author : Anna Olga Smolnik
Publisher : Cuvillier Verlag
ISBN 13 : 3736984669
Total Pages : 124 pages
Book Rating : 4.7/5 (369 download)

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Book Synopsis Essays on Market Response to Changes in Costs and Price Transparency by : Anna Olga Smolnik

Download or read book Essays on Market Response to Changes in Costs and Price Transparency written by Anna Olga Smolnik and published by Cuvillier Verlag. This book was released on 2017-01-25 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of three empirical studies and takes a closer look at price fluctuations using German gasoline prices as an example for a homogenous good. It analyzes consumers’ reaction to price fluctuations and respectively the pricing behavior of firms. The first paper, which was developed with co-authorship, explores consumers’ online price search effects on the pricing behavior of firms (gasoline price level and price dispersion). As regulators have recently implemented a mechanism for reporting all price changes to a central data base, the core assumption of this price reporting scheme is that the increase in price transparency will lead to a decline in the price level and a reduction in price dispersion. The second study addresses the question whether German gas stations adjust their retail prices asymmetrically in response to crude oil price changes, i.e., whether gas stations react quicker to crude oil price increases than to crude oil price decreases. The third study aims to analyze whether consumers react more strongly to gasoline price increases or to price decreases when considering buying a new vehicle.

Handbook of the Economics of Marketing

Author :
Publisher : North Holland
ISBN 13 : 0444637591
Total Pages : 632 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis Handbook of the Economics of Marketing by :

Download or read book Handbook of the Economics of Marketing written by and published by North Holland. This book was released on 2019-09-15 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of the Economics of Marketing, Volume One: Marketing and Economics mixes empirical work in industrial organization with quantitative marketing tools, presenting tactics that help researchers tackle problems with a balance of intuition and skepticism. It offers critical perspectives on theoretical work within economics, delivering a comprehensive, critical, up-to-date, and accessible review of the field that has always been missing. This literature summary of research at the intersection of economics and marketing is written by, and for, economists, and the book's authors share a belief in analytical and integrated approaches to marketing, emphasizing data-driven, result-oriented, pragmatic strategies. Helps academic and non-academic economists understand recent, rapid changes in the economics of marketing Designed for economists already convinced of the benefits of applying economics tools to marketing Written for those who wish to become quickly acquainted with the integration of marketing and economics

Teaching & Research Aptitude Solved Papers

Author : YCT Expert Team
Publisher : YOUTH COMPETITION TIMES
ISBN 13 :
Total Pages : 814 pages
Book Rating : 4./5 ( download)

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Book Synopsis Teaching & Research Aptitude Solved Papers by : YCT Expert Team

Download or read book Teaching & Research Aptitude Solved Papers written by YCT Expert Team and published by YOUTH COMPETITION TIMES. This book was released on with total page 814 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2023-24 NTA UGC-NET/JRF Teaching & Research Aptitude 82 Sets

The Conflict of Price Differentiation and Price Fairness

Author : Luisa Domanska
Publisher : GRIN Verlag
ISBN 13 : 3668863830
Total Pages : 105 pages
Book Rating : 4.6/5 (688 download)

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Book Synopsis The Conflict of Price Differentiation and Price Fairness by : Luisa Domanska

Download or read book The Conflict of Price Differentiation and Price Fairness written by Luisa Domanska and published by GRIN Verlag. This book was released on 2019-01-11 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2018 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, Cologne Business School Köln, language: English, abstract: The thesis describes the conflict of price differentiation strategies and the consumers' perception of price fairness in different manners. By that, the role of a price is explained in detail in the role of marketing, as well as it's role in behavioral economics regarding price fairness. Different examples, being a highly discussed topic in the current state of the art, are brought together to demonstrate the variety of this price policy. Uber, the haircutting industry as well as typical gender-based pricing or emergency situations represent crucial practices that are discussed in regard of moral and ethical limitations in terms of price fairness. Finally, the work aims to understand the limitations on price differentiation in the context of price fairness and tries to answer questions as: When is price differentiation acceptable for consumers and when should firms reconsider differential price strategies due to a perceived abuse of trust, anger or similar emotions of targeted customers? For that, an empirical social research is considered to bring first and secondary data together, and to enable the defintion of those limitations to become a little clearer.

Firms' Strategies for Reducing the Effectiveness of Consumer Price Search

Author : Norman J. Ireland
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (594 download)

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Book Synopsis Firms' Strategies for Reducing the Effectiveness of Consumer Price Search by : Norman J. Ireland

Download or read book Firms' Strategies for Reducing the Effectiveness of Consumer Price Search written by Norman J. Ireland and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Firm Pricing with Consumer Search

Author : Simon P. Anderson
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (967 download)

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Book Synopsis Firm Pricing with Consumer Search by : Simon P. Anderson

Download or read book Firm Pricing with Consumer Search written by Simon P. Anderson and published by . This book was released on 2016 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists could not properly capture the impact of internet on markets without a proper theory of consumer search. As a result, this theory has been rediscovered and developed further since the early 2000s. It can address such critical questions as the impact of reduced search cost on prices, variety, and product choice as well as advertising practices (such as search advertising). This theoretical development has also fed into a rich empirical literature exploiting the wealth of data that is now available regarding both consumers' and firms' online activity. The goal of this chapter is to present the basic concepts underpinning the theory of imperfectly competitive markets with consumer search. We stress that appropriate theoretical frameworks should involve sufficient heterogeneity among agents on both sides of the market. We also explain why the analysis of ordered search constitutes an essential ingredient for modeling recent search environments.