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  • Belief, L13 - Oligopoly and Other Imperfect Markets, L81 - Retail and Wholesale Trade  (2)
  • Oxford University Press  (2)
  • American Geophysical Union (AGU)
  • 1
    Publication Date: 2016-04-24
    Description: The existence of price thresholds in grocery retailing is well-documented. Most authors explain the existence of price thresholds using Assimilation-Contrast Theory, Adaptation Level Theory, or Prospect Theory. However, each of these theories is untenable if consumers are believed to behave rationally. We offer a theoretical explanation grounded in Real Options Theory (ROT) and economic hysteresis. We test the ROT hypothesis against three plausible alternatives using a maximum likelihood friction model that we augment for unobserved heterogeneity. Our findings support the ROT hypothesis, and suggest that the existence of price thresholds in aggregate data are driven by a common recognition of real option values, which do not disappear with the inclusion of consumer heterogeneity.
    Keywords: D12 - Consumer Economics: Empirical Analysis, D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief, L13 - Oligopoly and Other Imperfect Markets, L81 - Retail and Wholesale Trade ; e-Commerce
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 2
    Publication Date: 2017-01-05
    Description: Online retailing has created an empirical opportunity to examine consumer search behavior using click stream data. In this article we examine the implications of greater variety online for consumer search intensity, and equilibrium prices. We test our hypothesis using consumer data on online search and purchase behavior from the comScore Web Behavior Panel. We find that search intensity systematically decreases in categories with broader product ranges, and equilibrium prices rise. Our findings suggests that broader product ranges in online retail markets can produce anti-competitive effects that are mediated through equilibrium responses in consumer search behavior.
    Keywords: D12 - Consumer Economics: Empirical Analysis, D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief, L13 - Oligopoly and Other Imperfect Markets, L81 - Retail and Wholesale Trade ; e-Commerce
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
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