ERN: Consumption最新文献_第2页

Risk Preferences and Efficiency of Household Portfolios 家庭投资组合的风险偏好与效率

ERN: Consumption Pub Date : 2020-10-26 DOI: 10.2139/ssrn.3719559

Zhaoyu Zhang, A. Capponi

引用次数: 0

Pareto Distribution of Consumption Values as an Origin of Utility Functions over Wealth with Constant Elasticity 消费价值的帕累托分布作为财富上具有恒定弹性的效用函数的原点

ERN: Consumption Pub Date : 2020-09-17 DOI: 10.2139/ssrn.3694202

C. Furukawa

引用次数: 0

The Effects of COVID-19 on U.S. Small Businesses: Evidence from Owners, Managers, and Employees COVID-19对美国小企业的影响:来自业主、经理和员工的证据

ERN: Consumption Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3692733

Georgij Alekseev, Safaa Amer, Manasa Gopal, Theresa Kuchler, JW Schneider, J. Stroebel, Nils Wernerfelt

{"title":"The Effects of COVID-19 on U.S. Small Businesses: Evidence from Owners, Managers, and Employees","authors":"Georgij Alekseev, Safaa Amer, Manasa Gopal, Theresa Kuchler, JW Schneider, J. Stroebel, Nils Wernerfelt","doi":"10.2139/ssrn.3692733","DOIUrl":"https://doi.org/10.2139/ssrn.3692733","url":null,"abstract":"We analyze a large-scale survey of small business owners, managers, and employees in the United States to understand the effects of the COVID-19 pandemic on those businesses. We explore two waves of the survey that were fielded on Facebook in April 2020 and December 2020. We document five facts about the impact of the pandemic on small businesses. (1) Larger firms, older firms, and male-owned firms were more likely to remain open during the early stages of the pandemic with many of these heterogeneities persisting through the end of 2020. (2) At businesses that remained open, concerns about demand shocks outweighed concerns about supply shocks though the relative importance of supply shocks grew over time. (3) In response to the pandemic, almost a quarter of the firms reduced their prices with price reductions concentrated among businesses facing financial constraints and demand shocks; almost no firms raised prices. (4) Only a quarter of small businesses had access to formal sources of financing at the start of the pandemic, and access to formal financing affected how firms responded to the pandemic. (5) Increased household responsibilities affected the ability of managers and employees to focus on their work, whereas increased business responsibilities impacted their ability to take care of their household members. This effect persisted through December 2020 and was particularly strong for women and parents of school-aged children. We discuss how these facts inform our understanding of the economic effects of the COVID-19 pandemic and how they can help design policy responses to similar shocks. This paper was accepted by Tomasz Piskorski, finance.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127075443","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: 53

'Big Bang' in Micro Consumption and Its Implications for Asset Pricing 微观消费的“大爆炸”及其对资产定价的影响

ERN: Consumption Pub Date : 2020-08-30 DOI: 10.2139/ssrn.3683356

Gaosheng Ju, Qi Li

引用次数: 0

Do Social Capital Affect In-Role and Extra-Role Consumer Behavior in Pakistan: The Mediatory Role of Consumer-Company Identification and Brand Image 巴基斯坦社会资本是否影响角色内和角色外消费者行为:消费者-公司认同和品牌形象的中介作用

ERN: Consumption Pub Date : 2020-08-28 DOI: 10.2139/ssrn.3682795

Nousheen Munawar, D. Siddiqui

{"title":"Do Social Capital Affect In-Role and Extra-Role Consumer Behavior in Pakistan: The Mediatory Role of Consumer-Company Identification and Brand Image","authors":"Nousheen Munawar, D. Siddiqui","doi":"10.2139/ssrn.3682795","DOIUrl":"https://doi.org/10.2139/ssrn.3682795","url":null,"abstract":"Consumers are no longer merely passive recipients of brand-related information, but rather, act as dynamic participants and co-creators of value, and of brand meaning. Hence the success of a brand is linked in its social capital making social capital and consumer behavior mutually reinforcing. The purpose of this paper is to study the effect of social capital on consumer attitudinal evaluations. We propose a theoretical framework thereby applying Sun & Lii (2018) mediation framework because of social capital. We hypothesized that social capital would enhance the brand image as well as consumer-company identification, these would in turn make favorable in-role and extra-role consumer Behavior towards the brand. Empirical validity was established by conducting a survey using a close-ended questionnaire. Data was collected from 425 respondents mainly students from Karachi and analyzed using confirmatory factor analysis and structured equation modeling. The results showed that social capital had a positive and significant relationship with consumer Extra role behavior, as well as with two mediators i.e. brand image and consumer company identification. Moreover, both mediators also have a significant impact on both in-role and extra-role behavior. However, the direct effect of social capital on in-role behavior is not substantiated. This research would help companies in gaining a competitive edge by giving a little more focus on social capital in order to enhance the image of their brands as well as their relationship with their customers.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114834684","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: 0

The Economics of Sharing Macro-longevity Risk 宏观长寿风险分担的经济学

ERN: Consumption Pub Date : 2020-08-26 DOI: 10.2139/ssrn.3311420

Dirk Broeders, R. Mehlkopf, Annick van Ool

引用次数: 6

Operations Management under Consumer Choice Models with Multiple Purchases 多重购买的消费者选择模式下的运营管理

ERN: Consumption Pub Date : 2020-08-01 DOI: 10.2139/ssrn.3679699

Shujie Luan, Ruxian Wang, Xiaolin Xu, Weili Xue

{"title":"Operations Management under Consumer Choice Models with Multiple Purchases","authors":"Shujie Luan, Ruxian Wang, Xiaolin Xu, Weili Xue","doi":"10.2139/ssrn.3679699","DOIUrl":"https://doi.org/10.2139/ssrn.3679699","url":null,"abstract":"This paper investigates the effects of multiple purchases that arise in the retailing of consumer goods, in which the product choice and consumer surplus depend not only on what to purchase but also on how many units to purchase. We incorporate the multiple purchases into consumer choice behavior and study a series of associated operational problems. Most of the discrete choice models in the current literature often assume that a customer chooses exactly one unit of a product. The assumption of “one purchase” is too restrictive in some practical scenarios (e.g., consumer goods) because customers often purchase multiple units of a product. We take the widely-used multinomial logit (MNL) model as a showcase and incorporate the effects of multiple purchases into the classic discrete choice model. In the new choice framework, consumers first form a consideration set, then select one product from consideration set and determine the purchase quantity of the selected product. In the absence of fixed cost, we characterize the structure of the optimal policy for the assortment optimization problem; whereas in the presence of product-differentiated fixed costs, the assortment problem becomes NP-complete, so we propose an efficient heuristic. We further develop a polynomial time algorithm for the assortment problem with identical fixed cost for each product. For the joint assortment and pricing problem, we show it can be decoupled into multiple multi-product pricing problems with different assortment sizes, each of which can be transformed into a single-variable problem. For the price competition problem, we characterize the existence and uniqueness of the Nash equilibrium. We combine the alternating optimization algorithm with the expectation maximization algorithm to overcome the non-concavity and missing data issues in estimation. An empirical study on JD.com data shows that incorporating the effects of multiple purchases into discrete choice models can improve model fitting and prediction accuracy, while ignoring the effects of multiple purchases may lead substantial losses.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126907523","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: 2

Revenue-Sharing Allocation Strategies for Two-Sided Media Platforms: Pro-Rata versus User-Centric 双边媒体平台的收益共享分配策略:按比例分配还是以用户为中心

ERN: Consumption Pub Date : 2020-07-07 DOI: 10.2139/ssrn.3645521

S. Alaei, A. Makhdoumi, Azarakhsh Malekian, S. Pekec

{"title":"Revenue-Sharing Allocation Strategies for Two-Sided Media Platforms: Pro-Rata versus User-Centric","authors":"S. Alaei, A. Makhdoumi, Azarakhsh Malekian, S. Pekec","doi":"10.2139/ssrn.3645521","DOIUrl":"https://doi.org/10.2139/ssrn.3645521","url":null,"abstract":"We consider a two-sided streaming service platform which generates revenues by charging users a subscription fee for unlimited access to the content, and compensates content providers (artists) through a revenue-sharing allocation rule. Platform users are heterogeneous in both their overall consumption and the distribution of their consumption over different artists. In addition to determining the platform optimal revenue allocation rule, we study two primary revenue allocation rules used by market-leading music streaming platforms — pro-rata and user centric. In the pro-rata rule artists are paid proportionally to their share in the overall streaming volume, while in the user-centric rule each user’s subscription fee is divided proportionally among artists based on the consumption of that user. We characterize when these two allocation rules can sustain a set of artists on the platform and compare them from both the platform and artists perspectives. In particular, we show that, despite the cross-subsidization between low and high streaming volume users, pro-rata rule can be preferred by both the platform and the artists. We further show that the platform's problem of selecting an optimal portfolio of artists is NP-complete. However, building on duality theory, we develop a polynomial time algorithm which outputs a set of artists so that the platform profit is within a single artist revenue from the optimal profit. Furthermore, for a platform that uses pro-rata or user-centric rules, by establishing connections to Knapsack problem, we develop a Polynomial Time Approximation Scheme (PTAS) for the optimal platform profit.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124945772","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: 7

Thy Neighbor’s Misfortune: Peer Effect on Consumption 邻居的不幸:消费的同伴效应

ERN: Consumption Pub Date : 2020-06-18 DOI: 10.2139/ssrn.2780764

Sumit Agarwal, Wenlan Qian, Xin Zou

引用次数: 38

Shopping Activity at Warehouse Club Stores and Its Competitive and Network-Density Implications 仓储俱乐部商店的购物活动及其竞争和网络密度影响

ERN: Consumption Pub Date : 2020-05-13 DOI: 10.1111/poms.13226

S. Lim, E. Rabinovich, Sungho Park, M. Hwang

{"title":"Shopping Activity at Warehouse Club Stores and Its Competitive and Network-Density Implications","authors":"S. Lim, E. Rabinovich, Sungho Park, M. Hwang","doi":"10.1111/poms.13226","DOIUrl":"https://doi.org/10.1111/poms.13226","url":null,"abstract":"Warehouse club (WC) retailers have typically expanded to new markets using stand-alone stores, rather than pursuing dense store networks as other (non-WC) retailers have in the past. While this strategy generates operating efficiencies, it also imposes high travel costs on households to shop, which calls into question WC stores’ resilience to spatial competition from stores operating other formats. We examine this phenomenon by using data on households’ shopping activity across markets served by Costco Wholesale stores. Specifically, we evaluate these stores’ resilience to spatial competition by estimating the share of households’ expenditures relative to travel costs to shop at the stores and comparing this estimate with that for non-WC stores. Controlling for households’ travel costs across Costco and non-WC stores, we find that households’ share of expenditures at Costco stores exceeds the share at non-WC stores by 61%. This suggests that Costco stores have an advantage over non-WC stores when serving market areas with sparse store networks. Nevertheless, we also find that this advantage diminishes with the distance between Costco stores and households and that there is a finite distance beyond which this advantage disappears. We show that this distance (approximately 21 miles) is an important reference point for the evaluation of spatial competition between Costco stores and other stores and the examination of demand saturation at Costco stores.","PeriodicalId":431230,"journal":{"name":"ERN: Consumption","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114232144","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: 5