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A Flexible Demand Model for Complements Using Household Production Theory 基于家庭生产理论的补品柔性需求模型
Wharton School: Marketing (Topic) Pub Date : 2018-10-16 DOI: 10.2139/ssrn.3024480
Ludovic Stourm, R. Iyengar, Eric T. Bradlow
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引用次数: 1
Brand Capital and Firm Value 品牌资本与企业价值
Wharton School: Marketing (Topic) Pub Date : 2012-03-15 DOI: 10.2139/ssrn.1805124
Xiaoji Lin, F. Belo, Maria Ana Vitorino
{"title":"Brand Capital and Firm Value","authors":"Xiaoji Lin, F. Belo, Maria Ana Vitorino","doi":"10.2139/ssrn.1805124","DOIUrl":"https://doi.org/10.2139/ssrn.1805124","url":null,"abstract":"We study the role of brand capital -- a primary form of intangible capital -- for firm valuation and risk in the cross section of publicly traded firms. Using a empirical measure of brand capital stock constructed from advertising expenditures accounting data, we show that: (i) firms with low brand capital investment rates have higher average stock returns than firms with high brand capital investment rates, a difference of 5.2% per annum; (ii) more brand capital intensive firms have higher average stock returns than less brand capital intensive firms, a difference of 5.1% per annum; and (iii) investment in both brand capital and physical capital is volatile and procyclical. A neoclassical investment-based model in which brand capital is a factor of production subject to adjustment costs matches the data well. The model also provides a novel explanation for the empirical links between advertising expenditures and stock returns around seasoned equity offerings (SEO) documented in previous studies. (Copyright: Elsevier)","PeriodicalId":244087,"journal":{"name":"Wharton School: Marketing (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131641097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 130
Variety, Vice, and Virtue: How Assortment Size Influences Option Choice 品种、缺点和优点:分类大小如何影响期权选择
Wharton School: Marketing (Topic) Pub Date : 2008-06-24 DOI: 10.1086/593692
A. Sela, Jonah A. Berger, Wendy Liu
{"title":"Variety, Vice, and Virtue: How Assortment Size Influences Option Choice","authors":"A. Sela, Jonah A. Berger, Wendy Liu","doi":"10.1086/593692","DOIUrl":"https://doi.org/10.1086/593692","url":null,"abstract":"Assortment size has been shown to influence whether consumers make a choice, but could it also influence what they choose? Five studies demonstrate that because choosing from larger assortments is often more difficult, it leads people to select options that are easier to justify. Virtues and utilitarian necessities are generally easier to justify than indulgences; consequently, choosing from larger assortments often shifts choice from vices to virtues and from hedonic to utilitarian options. These effects reverse, however, when situational factors provide accessible reasons to indulge, underscoring the role of justification. Implications for choice difficulty and justification processes are discussed.","PeriodicalId":244087,"journal":{"name":"Wharton School: Marketing (Topic)","volume":"350 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124322529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 239
Statistical Significance Tests are Unnecessary Even When Properly Done and Properly Interpreted: Reply to Commentaries 统计显著性测试是不必要的，即使正确地做和正确地解释:回复评论
Wharton School: Marketing (Topic) Pub Date : 2007-05-25 DOI: 10.2139/ssrn.1153121
J. Armstrong
{"title":"Statistical Significance Tests are Unnecessary Even When Properly Done and Properly Interpreted: Reply to Commentaries","authors":"J. Armstrong","doi":"10.2139/ssrn.1153121","DOIUrl":"https://doi.org/10.2139/ssrn.1153121","url":null,"abstract":"The three commentators on my paper agree that statistical tests are often improperly used by researchers and that even when properly used, readers misinterpret them. These points have been well established by empirical studies. However, two of the commentators do not agree with my major point that significance tests are unnecessary even when properly used and interpreted.","PeriodicalId":244087,"journal":{"name":"Wharton School: Marketing (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134609570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 40
Category Pricing with State Dependent Utility 基于状态依赖效用的类别定价
Wharton School: Marketing (Topic) Pub Date : 2006-12-01 DOI: 10.2139/ssrn.875125
Jean-Pierre Dubé, Günter J. Hitsch, Peter E. Rossi, Maria Ana Vitorino
{"title":"Category Pricing with State Dependent Utility","authors":"Jean-Pierre Dubé, Günter J. Hitsch, Peter E. Rossi, Maria Ana Vitorino","doi":"10.2139/ssrn.875125","DOIUrl":"https://doi.org/10.2139/ssrn.875125","url":null,"abstract":"There is a substantial literature that documents the presence of state dependent utility with packaged goods data. Typically, a form of brand loyalty is detected whereby there is a higher probability of purchasing the same brand as has been purchased in the recent past. The economic significance of the measured loyalty remains an open question. We consider the category pricing problem in the presence of loyalty and demonstrate that a retailer has an incentive to invest in building brand loyalty to maximize the present value of category profits and that this materially affects optimal pricing. Given the well-known problems with the confounding of state dependence and consumer heterogeneity, loyalty must be measured in a model which allows for an unknown and possibly highly non-normal distribution of heterogeneity. We implement a highly flexible model of heterogeneity using multivariate mixtures of normals in a hierarchical choice model. We find important deviations from the standard one component normal mixture.","PeriodicalId":244087,"journal":{"name":"Wharton School: Marketing (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129343534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Influence of Product Variety on Brand Perception and Choice 产品种类对品牌认知和选择的影响
Wharton School: Marketing (Topic) Pub Date : 2006-05-01 DOI: 10.2139/ssrn.907115
Jonah A. Berger, M. Draganska, Itamar Simonson
{"title":"The Influence of Product Variety on Brand Perception and Choice","authors":"Jonah A. Berger, M. Draganska, Itamar Simonson","doi":"10.2139/ssrn.907115","DOIUrl":"https://doi.org/10.2139/ssrn.907115","url":null,"abstract":"We propose that the variety a brand offers often serves as a quality cue and thus influences which brand consumers choose. Specifically, brands that offer a greater variety of options that appear compatible and require similar skills tend to be perceived as having greater category expertise or core competency in the category, which, in turn, enhances their perceived quality and purchase likelihood. Six studies support this proposition and demonstrate that compared to brands which offer fewer products, a brands which offer increased compatible variety are perceived as having higher quality; b this effect is mediated by product variety's impact on perceived expertise; c the higher perceived quality produces a greater choice share of the higher variety brand, even among consumers who select options that multiple brands offer and d product variety also impacts post-experience perceptions of taste. The findings suggest that in addition to directly affecting brand choice share through influencing the fit with consumer preferences, product line length can also indirectly affect brand choice through influencing perceived brand quality.","PeriodicalId":244087,"journal":{"name":"Wharton School: Marketing (Topic)","volume":"130 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116111880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 263
Modeling Loss Aversion and Reference Dependence Effects on Brand Choice 损失厌恶与参考依赖模型对品牌选择的影响
Wharton School: Marketing (Topic) Pub Date : 1993-11-01 DOI: 10.1287/MKSC.12.4.378
Bruce G. S. Hardie, Eric J. Johnson, P. Fader
{"title":"Modeling Loss Aversion and Reference Dependence Effects on Brand Choice","authors":"Bruce G. S. Hardie, Eric J. Johnson, P. Fader","doi":"10.1287/MKSC.12.4.378","DOIUrl":"https://doi.org/10.1287/MKSC.12.4.378","url":null,"abstract":"Based upon a recently developed multiattribute generalization of prospect theory's value function Tversky and Kahneman 1991, we argue that consumer choice is influenced by the position of brands relative to multiattribute reference points, and that consumers weigh losses from a reference point more than equivalent sized gains loss aversion. We sketch implications of this model for understanding brand choice. \u0000 \u0000We develop a multinomial logit formulation of a reference-dependent choice model, calibrating it using scanner data. In addition to providing better fit in both estimation and forecast periods than a standard multinomial logit model, the model's coefficients demonstrate significant loss aversion, as hypothesized. \u0000 \u0000We also discuss the implications of a reference-dependent view of consumer choice for modeling brand choice, demonstrate that loss aversion can account for asymmetric responses to changes in product characteristics, and examine other implications for competitive strategy.","PeriodicalId":244087,"journal":{"name":"Wharton School: Marketing (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133125673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 868
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