Handbook of the economics of marketing: Volume 1
Gespeichert in:
| Weitere beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Amsterdam
Elsevier, North-Holland
[2019]
|
| Schriftenreihe: | Handbooks in Economics
|
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030874696&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | xix, 611 Seiten Diagramme |
| ISBN: | 9780444637598 |
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| 245 | 1 | 0 | |a Handbook of the economics of marketing |n Volume 1 |c edited by Jean-Pierre Dubé (Sigmund E. Edelstone Professor of Marketing University of Chicago Booth School of Business and N.B.E.R. Chicago, IL, United States), Peter E. Rossi (Anderson School of Management University of California, Los Angeles Los Angeles, CA, United States) |
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents Contributors............................................................................................................. Preface...................................................................................................................... xiii xv CHAPTER 1 Microeconometric models of consumer demand... і Jean-Pi erre Dube Introduction................................................................................... Empirical regularities in shopping behavior: The CPG laboratory ..................................................................................... The neoclassical derivation of an empirical model of individual consumer demand..................................................... 3.1 The neoclassical model of demand with binding, non-negativity constraints ................................................. 3.2 The discrete/continuous product choice restriction in the neoclassical model..................................... 3.3 Indivisibility and the pure discrete choice restriction in the neoclassical model........................................................ Some extensions to the typical neoclassical specifications ... 4.1 Income effects..................................................................... 4.2 Complementary goods....................................................... 4.3 Discrete package sizes and non-linear pricing.................. Moving beyond the basic neoclassical framework .................. 5.1 Stock-piling, purchase incidence, and dynamic behavior 5.2 The endogeneity of marketing variables..........................
5.3 Behavioral economics ....................................................... Conclusions................................................................................... References..................................................................................... 25 31 31 33 41 44 44 50 57 61 62 CHAPTER 2 Inference for marketing decisions ........................... 69 1 2 3 4 5 6 2 6 8 8 20 Greg M. Alienby, Peter E. Rossi 1 Introduction................................................................................... 2 Frameworks for inference .......................................................... 2.1 2.2 2.3 2.4 2.5 A brief review of statistical properties of estimators .... Distributional assumptions................................................. Likelihood and the MLE................................................... Bayesian approaches .......................................................... Inference based on stochastic search vs. gradient-based optimization ........................................................................ 2.6 Decision theory................................................................... 2.7 Non-likelihood-based approaches...................................... 2.8 Evaluating models............................................................... 70 72 74 76 77 79 84 85 88 92 V
VI Contents 3 4 5 6 Heterogeneity .............................................................................. 3.1 Fixed and random effects................................................... 3.2 Bayesian approach and hierarchical models.................... 3.3 Big data and hierarchical models...................................... 3.4 ML and hierarchical models............................................... Causal inference and experimentation ...................................... 4.1 The problem of observational data................................... 4.2 The fundamental problem of causal inference.................. 4.3 Randomized experimentation............................................ 4.4 Further limitations of randomized experiments............... 4.5 Other control methods....................................................... 4.6 Regression discontinuity designs...................................... 4.7 Randomized experimentation vs. control strategies......... 4.8 Moving beyond average effects ........................................ Instruments and endogeneity..................................................... 5.1 The omitted variables interpretation of “endogeneity” bias...................................................................................... 5.2 Endogeneity and omitted variable bias............................. 5.3 IV methods ......................................................................... 5.4 Control functions as a general approach........................... 5.5 Sampling
distributions....................................................... 5.6 Instrument validity.............................................................. 5.7 The weak instruments problem ........................................ 5.8 Conclusions regarding the statistical properties of IV estimators ........................................................................... 5.9 Endogeneity in models of consumer demand.................. 5.10 Advertising, promotion, and other non-price variables .. 5.11 Model evaluation................................................................ Conclusions.................................................................................. References.................................................................................... 93 94 98 107 107 108 109 Ill 113 115 118 121 122 122 123 124 126 127 129 131 133 135 141 141 144 144 145 146 CHAPTER 3 Economic foundations of conjoint analysis ........... ш Greg M. Allenby, Nino Hardt, Peter E. Rossi 1 2 3 Introduction.................................................................................. Conjoint analysis......................................................................... 2.1 Discrete choices.................................................................. 2.2 Volumetric choices ............................................................ 2.3 Computing expected demand............................................ 2.4 Heterogeneity ..................................................................... 2.5 Market-level predictions ...................................................
2.6 Indirect utility function ..................................................... Measures of economic value ..................................................... 3.1 Willingness to pay (WTP) ................................................. 3.2 Willingness to buy (WTB)................................................. 152 154 154 156 158 159 160 160 161 161 163
Contents 4 5 6 7 3.3 Economic price premium (EPP)....................................... Considerations in conjoint study design.................................... 4.1 Demographic and screening questions............................. 4.2 Behavioral correlates.......................................................... 4.3 Establishing representativeness ........................................ 4.4 Glossary .............................................................................. 4.5 Choice tasks ....................................................................... 4.6 Timing data......................................................................... 4.7 Sample size......................................................................... Practices that compromise statistical and economic validity .. 5.1 Statistical validity .............................................................. 5.2 Economic validity .............................................................. Comparing conjoint and transaction data................................. 6.1 Preference estimates ......................................................... 6.2 Marketplace predictions..................................................... 6.3 Comparison of willingness-to-pay (WTP) ...................... Concluding remarks..................................................................... Technical appendix: Computing expected demand for volumetric conjoint.....................................................................
References..................................................................................... 164 165 166 167 168 170 171 173 174 175 175 177 179 180 184 186 188 189 190 CHAPTER 4 Empirical search and considerationsets ............ ա Elisabeth Honka, Ali Hortaçsu, Matthijs Wildenbeest 1 2 3 4 5 6 Introduction.................................................................................. Theoretical framework................................................................ 2.1 Set-up.................................................................................. 2.2 Search method..................................................................... Early empirical literature............................................................ 3.1 Consideration set literature ............................................... 3.2 Consumer search literature................................................. Recent advances: Search and consideration sets...................... 4.1 Searching for prices............................................................ 4.2 Searching for match values ............................................... Testing between search methods ............................................... 5.1 De los Santos et al. (2012)................................................. 5.2 Honka and Chintagunta (2017) ........................................ Current directions ....................................................................... 6.1 Search and learning............................................................ 6.2 Search for multiple
attributes............................................. 6.3 Advertising and search....................................................... 6.4 Search and rankings............................................................ 6.5 Information provision ....................................................... 6.6 Granular search data .......................................................... 6.7 Search duration................................................................... 194 197 197 199 204 204 208 217 217 229 238 239 241 243 243 245 246 247 248 249 250 vii
viii Contents 6.8 Dynamic search................................................................... 251 7 Conclusions.................................................................................... 252 References..................................................................................... 253 CHAPTER 5 Digital marketing................................................................ 259 Avi Goldfarb, Catherine Tucker 1 Reduction in consumer search costs and marketing ................ 1.1 Pricing: Are prices and price dispersion lower online? .. 1.2 Placement: How do low search costs affect channel relationships? ..................................................................... 1.3 Product: How do low search costs affect product assortment?.......................................................................... 1.4 Promotion: How do low search costs affect advertising? . 2 The replication costs of digital goods is zero ........................... 2.1 Pricing: How can non-rival digital goods be priced profitably?........................................ 2.2 Placement: How do digital channels - some of which are illegal ֊ affect the ability of information good producers to distribute profitably? ..................................................... 2.3 Product: What are the motivations for providing digital products given their non-excludability? ........................... 2.4 Promotion: What is the role of aggregators in promoting digital goods? ..................................................................... 3 Lower transportation
costs.......................................................... 3.1 Placement: Does channel structure still matter if transportation costs are near zero?.................................... 3.2 Product: How do low transportation costs affect product variety?................................................................................ 3.3 Pricing: Does pricing flexibility increase because transportation costs are near zero?.................................... 3.4 Promotion: What is the role of location in online promotion? ......................................................................... 4 Lower tracking costs .................................................................. 4.1 Promotion: How do low tracking costs affect advertising? 4.2 Pricing: Do lower tracking costs enable novel forms of price discrimination?.......................................................... 4.3 Product: How do markets where the customer’s data is the ‘product’ lead to privacy concerns?........... ................. 4.4 Placement: How do lower tracking costs affect channel management? ..................................................................... 5 Reduction in verification costs................................................... 5.1 Pricing: How willingness to pay is bolstered by reputation mechanisms ..................................................... 5.2 Product: Is a product’s ‘rating’ now an integral product feature?................................................................................ 261 261 263 264 265 267 267 268 268 269 269 270 271 272 272 273 273 276 277
278 278 278 279
Contents 5.3 Placement: How can channels reduce reputation system failures?................................................................................ 5.4 Promotion: Can verification lead to discrimination in how goods are promoted?.......................................................... 6 Conclusions................................................................................... References..................................................................................... 280 280 281 282 CHAPTER 6 The economics of brands and branding.................. 291 Bart J. Bronnenberg, Jean-Pierre Dubé, Sridhar Moorthy 1 2 3 4 5 6 Introduction.................................................................................. Brand equity and consumer demand.......................................... 2.1 Consumer brand equity as a product characteristic......... 2.2 Brand awareness, consideration, and consumer search .. Consumer brand loyalty.............................................................. 3.1 A general model of brand loyalty...................................... 3.2 Evidence of brand choice inertia ...................................... 3.3 Brand choice inertia, switching costs, and loyalty........... 3.4 Learning from experience ................................................. 3.5 Brand advertising goodwill ............................................... Brand value to firms..................................................................... 4.1 Brands and market structure............................................... 4.2 Measuring brand
value........................................................ Branding and firm strategy.......................................................... 5.1 Brand as a product characteristic...................................... 5.2 Brands and reputation ........................................................ 5.3 Branding as a signal............................................................ 5.4 Umbrella branding.............................................................. 5.5 Brand loyalty and equilibrium pricing ............................. 5.6 Brand loyalty and early-mover advantage........................ Conclusions.................................................................................. References..................................................................................... 292 293 293 299 307 307 308 311 314 318 319 319 321 327 328 331 335 338 344 345 347 349 CHAPTER 7 Diffusion and pricing over theproduct life cycle .. 359 1 2 3 Harikesh S. Nair Introduction................................................................................... The first wave: Models of new product diffusion as way to capture the PLC............................................................................ 2.1 Models of “external” influence.......................................... 2.2 Models of “internal” influence.......................................... 2.3 Bass’s model....................................................................... 2.4 What was missing in the first wave? ............................... The second wave: Life cycle pricingwith diffusion models .
. 3.1 Price paths under separable diffusion specifications .... 3.2 Price paths under market potential specifications ........... 360 366 367 368 369 369 371 372 372 IX
x Contents 4 5 6 3.3 Extensions to individual-level models ............................. 373 3.4 Discussion............................................................................ 374 3.5 What was missing in the second wave? ........................... 376 The third wave: Life cycle pricing from micro-foundations of dynamic demand.......................................................................... 379 4.1 Dynamic life-cycle pricing problem overview ................ 380 4.2 Monopoly problem ............................................................ 381 4.3 Oligopoly problem.............................................................. 386 4.4 Discussion............................................................................ 392 4.5 Additional considerations related to durability................ 398 4.6 Summary.............................................................................. 413 Goods with repeat purchase........................................................ 413 5.1 Theoretical motivations...................................................... 413 5.2 Empirical dynamic pricing................................................. 415 5.3 Summary.............................................................................. 420 Open areas where more work will be welcome......................... 420 6.1 Life-cycle pricing while learning an unknown demand curve..................................................................................... 420 6.2 Joint price and advertising overthe life-cycle................... 422 6.3 Product introduction and
exit............................................... 425 6.4 Long term impact of marketingstrategies on behavior .. 426 6.5 Linking to micro-foundations............................................ 426 References.................................................................................... 427 CHAPTER 8 Selling and sales management ................................... 441 Sanjog Misra 1 2 3 4 5 Selling, marketing, and economics............................................ 1.1 Selling and the economy ................................................... 1.2 What exactly is selling?..................................................... 1.3 Isn’t selling the same as advertising? ............................... 1.4 The role of selling in economicmodels ............................ 1.5 What this chapter is and is not.......................................... 1.6 Organization of the chapter .............................................. Selling effort................................... 2.1 Characterizing selling effort.............................................. Estimating demand using proxies for effort ............................. 3.1 Salesforce size as effort..................................................... 3.2 Calls, visits, and detailing as selling effort...................... Models of effort........................................................................... 4.1 Effort and compensation ................................................... 4.2 Effort and nonlinear contracts ..................................... 4.3 Structural
models................................................................ 4.4 Remarks ............................................................................. Selling and marketing ................................................................ 442 442 444 444 446 448 449 450 450 455 455 459 467 469 469 471 478 478
Contents 6 7 CHAPTER 9 5.1 Product................................................................................ 5.2 Pricing................................................................................... 5.3 Advertising and promotions.............................................. Topics in salesforce management............................................... 6.1 Understanding salespeople................................................. 6.2 Organizing the salesforce................................................... 6.3 Compensating and motivating the salesforce .................. Some other thoughts .................................................................. 7.1 Regulation and selling....................................................... 7.2 Selling in the new world ................................................... 7.3 Concluding remarks............................................................ References..................................................................................... 479 480 481 483 483 484 487 489 489 490 491 491 How price promotions work: A review of practice and theory ................................................................. 497 Eric T. Anderson, Edward J. Fox 1 2 Introduction.................................................................................. Theories of price promotion....................................................... 2.1 Macroeconomics................................................................ 2.2 Price discrimination............................................................ 2.3 Demand
uncertainty and price promotions...................... . 2.4 Consumer stockpiling of inventory................................... 2.5 Habit formation: Buying on promotion............................. 2.6 Retail market power............................................................ 2.7 Discussion........................................................................... 3 The practice of price promotion................................................. 3.1 Overview of trade promotion process............................... 3.2 Empirical example of trade rates ...................................... 3.3 Forms of trade spend......................................................... 3.4 Some implications of trade promotions .......................... 3.5 Trade promotion trends ..................................................... 3.6 Planning and tracking: Trade promotion management systems................................................................................ 4 Empirical literature on price promotions ................................. 4.1 Empirical research - an update.......................................... 4.2 Empirical research - newer topics .................................... 4.3 Macroeconomics and price promotions ........................... 4.4 Promotion profitability....................................................... 5 Getting practical ......................................................................... 5.1 Budgets and trade promotion adjustments ...................... 5.2 Retailer vs. manufacturer goals and issues...................... 5.3 When
decisions happen: Promotion timing and adjustments......................................................................... 5.4 Promoted price: Pass-through............................................ 498 502 502 503 508 510 511 512 513 513 514 515 518 522 522 523 526 526 531 536 537 537 538 539 541 542 xi
XII Contents 6 5.5 Durable goods price promotion ........................................ 5.6 Private label price promotions ........................................... 5.7 Price pass through............................................................... Summary........................................................................... References..................................................................................... 543 544 545 545 545 CHAPTER 10 Marketing and public policy.................................. 553 Rachel Griffith, Aviv Nevo 1 2 3 4 5 Introduction................................................................................... The impact of academic research on policy ............................. Competition policy ..................................................................... 3.1 Market definition and structural analysis ......................... 3.2 Economic analysis of competitive effects......................... 3.3 A few recent examples........................................................ 3.4 Looking forward ................................................................. Nutrition policy............................................................................ 4.1 Objectives of nutrition policy............................................. 4.2 Nutrient taxes ..................................................................... 4.3 Restrictions to advertising................................................. 4.4 Labeling .............................................................................. 4.5 Looking forward
................................................................ Concluding comments................................................................ References.................................................................................... 553 556 558 559 561 564 572 573 573 577 583 588 589 589 589 Index ........................................................................................................................ 597
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| id | DE-604.BV045489794 |
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| indexdate | 2024-12-20T18:28:24Z |
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| isbn | 9780444637598 |
| language | English |
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| spellingShingle | Handbook of the economics of marketing |
| title | Handbook of the economics of marketing |
| title_auth | Handbook of the economics of marketing |
| title_exact_search | Handbook of the economics of marketing |
| title_full | Handbook of the economics of marketing Volume 1 edited by Jean-Pierre Dubé (Sigmund E. Edelstone Professor of Marketing University of Chicago Booth School of Business and N.B.E.R. Chicago, IL, United States), Peter E. Rossi (Anderson School of Management University of California, Los Angeles Los Angeles, CA, United States) |
| title_fullStr | Handbook of the economics of marketing Volume 1 edited by Jean-Pierre Dubé (Sigmund E. Edelstone Professor of Marketing University of Chicago Booth School of Business and N.B.E.R. Chicago, IL, United States), Peter E. Rossi (Anderson School of Management University of California, Los Angeles Los Angeles, CA, United States) |
| title_full_unstemmed | Handbook of the economics of marketing Volume 1 edited by Jean-Pierre Dubé (Sigmund E. Edelstone Professor of Marketing University of Chicago Booth School of Business and N.B.E.R. Chicago, IL, United States), Peter E. Rossi (Anderson School of Management University of California, Los Angeles Los Angeles, CA, United States) |
| title_short | Handbook of the economics of marketing |
| title_sort | handbook of the economics of marketing |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030874696&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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