The Influence of Consumers’ Cognitive and Psychographic Traits on Perceived Deception: A Comparison Between Online and Offline Retailing Contexts

In this article, we examine the role of several consumers’ cognitive and psychographic traits in their perceptions of retailers’ deceptive practices (perceived deception) and the different effects on perceived deception associated with online vis-à-vis in-store shopping. Building on theoretical models of persuasion in consumer behavior, we hypothesize that the antecedents of perceived deception in traditional settings are the same as those on the Internet, while the intensity of the impact of these antecedents differs between the online and the offline environment. Results suggest that the effects of individual’s cognitive traits (Internet-based information search and perceived Internet usefulness) and risk aversion on perceived deception are more relevant when consumers shop online than when they purchase from traditional stores. Conversely, psychographic traits (shopping enjoyment and materialism) play a more important role in explaining perceived deception in the traditional shopping context as compared to the online channel. Several theoretical and managerial implications are derived from these findings.     

风险喜好型零售商主导的双渠道定价策略研究

一个由生产商和零售商组成的供应链中决策的顺序为:零售商率先根据自己掌握的市场信息公布最大潜在订单数量,生产商根据最大订单数量来调整其批发价格和直销渠道价格,最后零售商才确定其最优订货数量。研究表明,在一个由风险喜好型的零售商和一个风险规避型的供应商组成的供应链中,零售商风险偏好系数超过某一特定值时,随着需求方差的增加,零售渠道最优定价会越来越高;而对于风险规避型供应商,则是随着需求方差和(或)供应商风险规避程度的增加,会选择较低的产品售价以期获得稳定的收入。     

引入运费险参数的电商利润优化模型分析

在网购盛行的同时,网购行为中更为常见的退货行为也给电商的利润带来了较大的不利影响。运费险诞生后,基于运费险的电商最优决策成为运营管理中的热点问题之一。将退货率及退货运费险引入经典报童模型当中,基于报童模型给出考虑退货运费的电商利润预测模型。基于商家是否购买运费险的决策,推导出不同情境下,商家的最优订货量及对应利润。通过具体算例,给出了电商利润的数值模拟。结果表明,商家在决策是否购置运费险时,应当考虑商品性价比、原有销量和利润、退货率、退货处理成本等因素。在对采购策略进行决策时,应当考虑最优订购量、进货成本。     

期权模型在财产保险偿付能力研究中的应用

期权模型已广泛应用于金融保险业。本文将期权定价模型运用于财产保险的偿付能力分析。在保险被视为公司的负债且保险的需求函数与偿付能力不足风险成反比的假设下,可通过选择偿付能力不足风险的水平来实现保险人的利润最大化。     

An investigation of consumers' self-control mechanisms when confronted with repeated purchase temptations: Evidence from online private sales

This article explores the control mechanisms that consumers use when confronted with repeated temptations in an online private sales context. Do consumers feel the need to control themselves when they are aware of the risk of being exposed to purchase temptations? Are they able to do so? Using qualitative research methods, this study differentiates four segments of consumers, according to their reactions to repeated purchase temptations: myopic, self-regulated, hyperopic, and dispassionate. It also isolates the mechanism that consumers use to resist temptations. Previous literature has focused on control mechanisms implemented in isolated temptation situations; this article extends that approach by examining online private sales, in which setting consumers receive frequent solicitations. Thus, it addresses in detail how control evolves when consumers confront repeated temptations.     

中小投资者的风险态度与市场环境

按照期望效用理论所揭示的风险厌恶、风险中性和风险追逐的3种风险态度的划分以及前景理论中投资者损失规避风险态度的特征,我们对我国A股市场投资者的风险偏好进行研究,发现在我国A股市场中小投资者风险态度受获得收益的显著影响,当投资者获得正收益时,总体呈现风险追逐,收益越高风险追逐的倾向越明显;当投资者获得负收益时,总体呈现风险中性,收益率与后市判断没有明显关系。我国中小投资者的风险态度不符合损失规避的特征。牛市环境下中小投资者总体呈现风险追逐,熊市环境下中小投资者总体风险中性。     

Consumer responsiveness to price differentials: A case for insurance industry deregulation

Proponents of deregulation have suggested that several industries should lose their antitrust exemptions and operate within a competitive atmosphere. An important assumption underlying deregulation arguments is that consumers will respond to price differentials in a manner that encourages price competition among supplier firms. This assumption is of special concern in the regulated fields of property and liability insurance. The intangibility of these products, the relatively long-term purchase commitments, and the intimate relationships between insurance and consumers' perceptions of risk raise substantial questions concerning individuals' reactions to price competition. In this study the amount of annual premium savings required to switch companies and the relationships between consumer characteristics and intended switching behavior were examined. The results suggest that a substantial segment of insurance buyers would change firms given modest price reductions. The size of this segment, along with the attitudinal and demographic characteristics of this group, indicates that price competition is a viable strategy in a deregulated insurance industry.     

风险态度、金融教育与家庭金融资产选择

文章基于中国城市居民消费金融调查数据,研究了风险态度、金融教育对家庭金融资产选择和家庭金融市场参与的影响。结果发现,风险态度显著影响家庭金融资产组合分散化程度,风险厌恶程度越高,金融资产组合分散化程度越低。风险态度对家庭正规金融市场参与有显著影响,风险厌恶程度的提高会显著降低家庭在股票、基金、债券、储蓄性保险市场的参与概率,风险厌恶程度增加一单位,家庭参与股票市场的可能性会降低10.5%。风险厌恶程度对股票、基金、债券、储蓄性保险资产在家庭金融资产中的比例具有显著的负向影响。家庭的金融教育投入对风险资产持有比重条件分布的影响上,呈先上升后下降趋势,中间分位的要大于两端。文章相应的政策含义是,政府及金融管理部门需要普及金融教育知识,提高居民的金融风险认知水平,从而优化家庭金融资产选择,改善居民金融福利。     

我国中小企业融资与保险支持研究

近年来,随着我国中小企业的进一步发展,其自身积累已无法满足对资金的需求,必须通过各种渠道进行融资。目前,商业银行仍是中小企业信贷的主力军,虽然大部分商业银行成立了专门为中小企业融资的贷款机构,但在贷款条件方面依然不比大型企业宽松,融资难问题仍制约着中小企业的发展。针对这一问题,保险介入成为中小企业融资的需要以及商业银行降低风险的需要。应积极推进保险业相关法制建设,加大政府支持力度,科学组建承保机构,加强产品研发,强化风险控制,促进保险支持中小企业融资。     

Life Insurance in Nigeria: An Application of the Theory of Reasoned Action to Consumers' Attitudes and Purchase Intention

This paper is concerned with consumers' attitudes towards purchase of life insurance in Nigeria. There is considerable unexploited potential for the life insurance market in Nigeria. However, due to lack of confidence based on continuous negative experiences, consumers tend not to buy. Data was gathered from 240 non-users of life insurance at Abuja, the federal capital city, using structured questionnaires based on the Theory of Reasoned Action; and questions were related to issues of non-consumption of life insurance. The findings show that increased level of consumer consciousness and lack of welfare benefits are encouraging growth factors for the life insurance market in Nigeria. Since the purchase intention towards life insurance is determined by normative factors, the recommendation is that the initial point of contact for marketing communications regarding the purchase of life insurance should be family and friends.     

A theoretical model of medical malpractice and the quality of care

The role of care to the physician is two-fold. First, it is an income-generating part of the phydician's service; second, it is a form of self-protection against medical-malpractice litigation. The availability of medical-malpractice insurance lessens the role of care as a form of self-protection. This paper considers the relationship between practicing with care and purchasing malpractice insurance. Given tort-law modifications that increase the propensity to litigate, it is shown that, contrary to the purpose of these legal changes, a possible physician response is to substitute insurance for care, yielding a lower care level. Effects of physician risk aversion are also examined.     

2008北京奥运食品冷链物流需求预测分析

本文认为,对奥运食品冷链物流需求进行预测分析,可在一定程度上减少冷链物流在实际运作中的不确定性,为奥运食品冷链物流的系统规划和实际运作提供参考。冷链物流需求预测主要预测居住在奥运村的各类人员和国内外观众(需求主体)对冷冻冷藏食品(需求客体)的需求所引发的冷链物流需求量。文章首先预测需求主体数量,然后结合人均食品消耗量预测冷冻冷藏食品的总需求量,最后根据单位设施设备的能力,预测食品冷链物流需求量。预测结果表明,奥运会期间食品冷链物流的需求量将成倍增加,而目前多数生产企业自有冷藏车数量较少,不足以应对奥运会带来的对冷藏车需求的增加。因此,北京市及相关奥运餐饮服务提供商应考虑是购买冷藏车还是与第三方物流公司合作进行配送。同时鉴于奥运需求只是短时间内的需求,政府和企业既要考虑到奥运会期间的需求,更要考虑到奥运会之后的经济效益。     

Return freight strategies and selling formats in e-commerce supply chain: The perspective of consumer fairness concerns and online shopping returns

Returns and consumer fairness concerns put a huge pressure on manufacturers who sell their products online. The optimal selling format and return freight strategy become particularly important for manufacturers in an e-commerce supply chain. Therefore, we build game models for the following scenarios under different selling formats: the seller bearing the return freight costs or the return-freight insurance premiums, consumers buying insurance for themselves, and no one buying insurance. By comparing the optimal solutions of the game models under reselling and agency formats, several conclusions are derived. In the agency format, if the return-freight insurance premium is higher than a particular threshold, then the optimal strategy of the manufacturer is to decrease the selling price to encourage consumers to purchase the insurance, otherwise, the manufacturer should purchase the insurance. As the level of consumer fairness concerns and platform commission rates increase, the manufacturer should gradually move from the agency to reselling format. In the reselling format, if the return-freight insurance premium is lower than a particular threshold, then consumers will purchase insurance and this will make the platform more profitable, and conversely, the platform should bear the return freight costs.     

保险公司工程保险风险——效益评价指标体系研究

由于工程项目保险具有保险金额大,风险高的特点,从保险公司的视角研究保险公司风险成本的构成,构建保险公司工程保险风险——效益评价的指标体系,通过对工程项目风险——效益评价,进行工程保险决策,使保险公司在面对复杂的工程保险市场时具有较强的抗风险能力,开发出满足客户需求的、定制的“个性化保单”去占领工程保险市场,以赢得竞争的优势。     

Disappointment aversion equilibrium in a futures market

This article examines the effect of disappointment aversion on the equilibrium in a commodity futures market. Consider a commodity market with a producer and a speculator. We show that the equilibrium price is positively related to either agent's risk or disappointment aversion, and to the market volatility. The market trading volume is positively related to the producer's risk or disappointment aversion, but negatively related to the speculator's risk or disappointment aversion. The producer lowers his or her reference point in response to an increase in the risk aversion or disappointment aversion of either agent, and to an increase in spot price volatility. The speculator raises his or her reference point when the producer becomes more risk averse or disappointment averse, or when the spot price becomes more volatile. A more disappointment‐averse speculator will lower his or her reference point. However, a more risk‐averse speculator raises (lowers) the reference point if he or she is less (more) risk averse than the producer. Numerical examples are provided to further support the above analytical results. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:135–150, 2003     

消费者行为决策误区带给营销领域的启示

本文通过对营销过程中消费者的决策心理分析,发现消费者在做消费决策时存在许多心理误区如联合评估效应、定位调整偏见、损失规避效应、合算交易偏见和易评价线索偏差。这些心理误区会直接影响到消费者的消费倾向。本文以通俗易懂的论述方式,探讨企业如何在渠道选择、商品定价、产品组合及促销等方面利用人们的这些决策误区,达到更好的营销效果,提出了一些具体的解决方案。     

Bounds on Derivative Prices in an Intertemporal Setting with Proportional Transaction Costs and Multiple Securities

The observed discrepancies of derivative prices from their theoretical, arbitrage-free values are examined in the presence of transaction costs. Analytic upper and lower bounds on the reservation write and purchase prices, respectively, are obtained when an investor's preferences exhibit constant relative risk aversion between zero and one. The economy consists of multiple primary securities with stationary returns, a constant rate of interest, and any number of American or European derivatives with, possibly, path-dependent arbitrary payoffs.     

Entrepreneurship as a utility maximizing response

Research on entrepreneurship has investigated what entrepreneurs do, what happens when they act as entrepreneurs, and why they act as entrepreneurs. This paper contributes to the latter investigation, and specifically asks why some people choose to be entrepreneurs, while others choose to be employees. Responding to prior literature recognizing the lack of a coherent theory of entrepreneurship and calling for a rigorous examination of the decision to become an entrepreneur, this paper presents an economic model of the career decision. We postulate that the individual chooses an entrepreneurial career path, or a career as an employee, or some combination of the two, according to which career path promises maximal utility (or psychic satisfaction).We assume that the individual's utility from any particular occupation, whether self-employed or employed, depends on income (which depends in turn on ability), as well as working conditions such as decision-making control, risk exposure, work effort required, and other working conditions (net perquisites) associated with that occupation. Individuals will exhibit either preference or aversion towards each of the specified working conditions, and it is the degree of that preference or aversion, in conjunction with the quantum of each working condition, which determines the total utility that the individual will derive from each particular occupation.We show that all employees will have an incentive to be self-employed (if they could assemble the same resources as their employer). Also, the greater their managerial and entrepreneurial ability, the greater will be their incentive to be self-employed, other things being equal. Next, we show that a more positive attitude to work (i.e., a lesser aversion to work effort required) provides a greater incentive to be self-employed.The individual's degree of risk aversion also influences the choice to be an entrepreneur. The more tolerant one is of risk bearing, the greater the incentive to be self-employed. Similarly, the greater the preference for independence, or decision-making control, the greater the incentive to be self-employed. Finally, it is noted that perquisites (and avoidance of irksome elements) can potentially be controlled to a greater degree when self-employed, so the individual will consider the differences in these other working conditions when contemplating a career choice.But it is the sum of the utility and disutility from these sources which determines the career decision. Thus, we demonstrate that positive attitudes toward risk, work, and independence are neither necessary nor sufficient conditions for a person to want to be an entrepreneur. Entrepreneurial abilities and attitudes are desirable in employment situations, therefore, an employer may choose to bribe an entrepreneurial individual to be an employee by offering more income and greater independence, for example.We demonstrate that firms recruiting employees, or venture capitalists considering funding an entrepreneur, should in their own best interests investigate the person's attitudes toward income, risk, work, and independence as well as their abilities, as these attitudes underpin the person's worth as an employee and their incentive to be self-employed. Management educators should design programs which enhance the entrepreneurial abilities and attitudes of individuals, and the individuals themselves should consider their `attitudinal' make-up before committing to entrepreneurship.     

Just moseying around and happening upon it versus a master plan: Minimizing regret in impulse versus planned sales promotion purchases

This article proposes and tests a model of regret minimization in the consumer decision‐making context of sales promotions. The work examines how regret is minimized in a risk‐avoiding planned purchase by conducting information search and primarily rejoicing afterwards. For risk‐seeking impulse purchases, the model proposes a one‐or two‐pronged strategy for minimizing the regret over lost opportunities to experience immediate pleasures of an impulse purchase. The one‐pronged strategy is characterized by a rapid impulse purchase without prior intent, and the two‐pronged strategy involves moseying around and deliberate placement in harm's way of an impulse purchase followed by the rapid conclusion of the impulsepurchase transaction. Results from three studies indicate that regret is minimized before and after planned and impulsive purchases in different ways. The results also indicate that, consistent with the idea of defending self‐image by emulating a master plan where there was none, consumers will confess to moseying around and deliberate placement in the presence of a potential impulse purchase more readily when they actually conclude the purchase as opposed to walk away from the impulsive purchase. © 2006 Wiley Periodicals, Inc.     

The end of the world as we know it? The influence of online channels on the luxury customer experience

Luxury brands claim to offer consumers pleasure and prestige and deliver high profits to retailers. While the global demand for luxury goods is increasing, consumers expect that the purchasing process these goods will accommodate their preferences on how, where, and when they want to purchase them. The changing nature of luxury markets and customers' purchasing behavior makes it necessary to understand why customers would choose an online channel to purchase luxury offerings. What are the features that make so appealing, attracting consumers towards them? Our study explores customers' motivations, the benefits and the experiences they are expecting and perceiving from the Online Luxury Experience (OLX). We examine the OLX and establish three corresponding luxury customer segments using online channels to purchase their luxury goods and services: the purists, opportunists, and e-lux. We highlight the differences between the segment's customer journeys and the implications for theory and luxury customer experience management.