Effect of Buyer and Seller Experience on Buy It Now Pricing

ABSTRACT

Although auctions have been around for centuries, online auctions are still a relatively new phenomenon. This paper examines the phenomenon of online auctions, specifically on a pricing option known as “Buy It Now.” With this option, a buyer can purchase merchandise immediately at a stated price and truncate the auction process. Auction items sold with a Buy It Now price tend to be at a higher price than the high bid price for an identical item sold through an ascending-bid auction. In addition, Buy It Now prices tend to attract risk averse bidders while high bidders of ascending-bid auctions tend to be less risk averse or risk neutral bidders. On the other hand, we found more experienced sellers sell their items with a Buy It Now price while less experienced sellers sell their items through an ascending-bid process. Thus, experience and risk are factors in choosing a Buy It Now price for the seller and buyer.     

地价推动下的房价上涨逻辑与影响

中国目前房价过高、上涨过快的问题,从作为二线城市的哈尔滨近年来房价异常的走势也能够得到印证。形成高房价及房价泡沫的根本原因在于地方政府基于"土地财政"利益的幕后推手,并由此形成了地价推动下的房价内生上涨机制。高房价的负面影响很严重,尤其在民生和潜在政治危害等方面。彻底治理高房价及其泡沫的出路是改革现行土地出让金分配方式,由中央财政统筹安排。     

Acceptance of New Food Products: Reference Prices and Psychological Moderators of Heterogeneous Price Effects

This paper emphasizes a consumer-centered perspective to understand new food product success. It pursues two central objectives by showing that consumers are more likely to interpret new product prices as offering gains or losses depending on their individual purchase histories, and consumer psychographics are demonstrated to affect new product adoption directly, and/or moderate effects of prices and promotions as well as quality signalling product attributes. Several hypotheses are generated based on explanations of underlying psychological mechanisms. For data analysis a cross-classified random effects model is applied to household panel data on yoghurt and sausages that includes four crossed random factors. The findings confirm that inclusion of consumer-specific price information is beneficial for understanding new food products’ adoption behavior. Monetary losses as well as gains negatively affect adoption. Purchase habits also hinder adoption while consumer innovativeness is an important driver. Price consciousness and purchase habits moderate price and promotion effects. While price consciousness reinforces negative effects of prices and positive effects of promotions, habits hinder positive effects of promotions. This implies that introductory promotions are an inappropriate strategy for attracting habitual consumers, and managers should identify appropriate target groups in order to improve the efficiency of introductory promotions.     

房地产价格与货币供应量的波动溢出效应

基于VAR模型和GARCH模型对中国房地产价格与货币供应量的波动溢出效应进行实证研究,发现货币供应量与房地产价格之间不存在显著的动态相关性,也不存在明显的波动溢出效应,中央银行没有必要用货币政策去直接调控房地产价格。     

石油价格对初级产品价格的影响研究

本文分析考察了石油与14种初级品价格的长期互动关系。通过研究本文认为,石油价格与相关初级农产品价格间存在较强的长期均衡性关系,与初级金属品关系次之。然而并不能完全认定近年来石油价格的上升是引发各类初级品价格上涨的主要原因,其中可能存在更为复杂的作用机制。这种互动影响的传递渠道及方式也为干预初级品价格提供了可能。     

The Effect of Social Cues on Sniping Behavior in Internet Auctions: Field Evidence and a Lab Experiment

This research explores how social cues presented in an online auction affect sniping behavior. Sniping is a strategy of placing a bid on an item in the very ending stages of an auction with a pre-determined ending time in an attempt to win the auction. Such a strategy conceals the intentions of the bidder until the last moments of the auction and minimizes the possibility of other opposing bidders submitting higher bids due to the short period of time left to respond. The research includes two field studies and a lab experiment indicating that sniping appears to be influenced by social factors, that is, when there are a greater number of bidders in the auction or the auction site provides social information about the bidders, the relative use of sniping increases. This research supports the perspective that bidders rely on others' bidding behavior and characteristics as an indication of the true value of the item on sale, and is one of the first studies in the literature which takes this perspective.     

统一股价指数的必要性及绩效分析

股票指数是投资者分析股市动态,拟定投资策略的重要参考依据,同时也是研究和分析一国政治、经济等情况的重要指标。在我国同时存在沪深两个证券交易所,人为地造成了股票市场的分割,难以形成统一的股票价格指数体系,应尽快编制出全国统一的股价指数,促进我国证券市场的健康发展。     

The Impact of Price-Based and New Product Promotions on Fast Food Restaurant Sales and Stock Prices

A key tool used in demand or revenue management marketing strategies is the application of pricing tactics based on anticipated demand to enhance both customer utility and maximize firm performance (Wirtz et al., 2003). In the restaurant segment, particularly in quick-service restaurants (QSR), organizations focus on two main promotion formats to attract customers: price-based promotions and new product promotions. The purpose of this article is to explore how the number of price-based promotions and new product promotions influence firm sales growth or decline and change in stock prices. Results suggest that new product promotions can have a significant and positive effect on same store sales, whereas price-based promotions tend to results in lower same-store sales changes and changes in stock price. As an additional control for these results, the study controls for economic and seasonal conditions effects.     

Transmission of Rice Prices from Thailand into West African Markets: The Case of Benin,Mali, and Senegal

ABSTRACT

The integration of West African rice market to the world market is assessed in order to derive the implication for food security. To this end, the transmission of rice price changes on the world market to selected markets in West Africa was examined to test for the presence of transaction costs. Using the two-regime threshold cointegration procedure on monthly price data, evidence in support of the hypothesis of asymmetric price transmission was found between Thailand and some West African markets. Price increases on the world market were more quickly transmitted to domestic price than were price decreases in Benin and Mali, suggesting short-run dynamic inefficiencies and the presence of transaction costs. In Senegal, the adjustment was linear, suggesting greater integration with the world rice market. The results suggest that West African governments should design and implement adequate policies to develop the domestic rice sector, improve market infrastructures in order to reduce their country dependency to international markets and ensure food security.     

Product Regulation and Stock Prices: The Case of the US Food and Drug Administration

This study focuses on the stock market effects associated with the announcements of product approvals, denials and recalls by the US Food and Drug Administration (FDA), and the impact of product approvals on research and development expenditures (R&D) and forecasts of earnings by Value Line. When the FDA announces approvals, the shareholder wealth of affected firms increases significantly. The announcements of denials and recalls by the FDA are associated with stock price declines. The stock price impact of recalls is dependent on whether the firm voluntarily withdraws a product or if the withdrawal is mandated by the FDA. Specifically, voluntary recalls are not associated with a change in stockholder wealth, while FDA mandated recalls are associated with decreases in stock price. In addition, we find that partial product recalls have a smaller impact than total recalls. An examination of the effects on competitors' stock price reveals losses when the FDA announces an approval or a recall, but no imt for a d. An analysis of changes in risk around FDA decisions suggests that, on average, betas do not change around approvals, recalls or denials. In addition, our results suggest that announcement period stock price behavior is unrelated to risk changes except for approvals where returns are positive and significant for firms with either increasing risk or no change in risk. We also find that approvals are associated with increases in R&D and forecasts of earnings for the sample firms, with returns to stockholders upon announcement of the approval being related to the increases in R&D and short-term earnings forecasts.     

It's Not All Relative: The Effects of Mental and Physical Positioning of Comparative Prices on Absolute versus Relative Discount Assessment

In the context of three experiments, the authors examine the manner in which consumers compare a sale price to an explicit reference value. They find that a comparison of sale price to regular price may be more likely to involve an absolute (dollar amount) assessment, whereas a comparison of sale price to a competitor's price may be more likely to involve a relative (percent) assessment. The authors also find that vertical (i.e., columnar) placement of prices may result in a greater tendency to estimate discounts in relative terms. Conversely, horizontal (i.e., side-by-side) placement may result in a greater tendency to compute absolute numerical difference. The results provide important implications for retail managers in terms of framing and communicating price discounts.     

物价对城乡恩格尔系数的影响分析

从经济学角度来讲,物价的变动会引起居民消费需求的变化。考察居民生活消费物价指数和食品消费价格指数对恩格尔系数的影响作用,通过建立关于物价与恩格尔系数的城乡计量经济模型,对比分析了我国城乡居民食品消费行为的共性与差异性。     

Sovereign Ratings and Oil‐Exporting Countries: The Effect of High Oil Prices on Ratings

We investigate how high and rising oil prices in the 2003–2008 period affected the sovereign ratings of oil‐exporting countries, after controlling for fundamentals. Based on a large dataset of countries from Standard and Poor's and Moody's, we find strong statistical evidence of a large ratings premium – nearly two notches – for those oil‐exporting countries with a large share of net oil revenue to gross domestic product, relative to countries with similar economic fundamentals. We have some limited forecast information from the rating agencies and the effect increases when we include this information, providing further evidence that this ratings premium is not driven by expected improvements in fundamentals. This finding has implications for asset prices in oil‐exporting countries and highlights the risk that in the event of a sharp unanticipated drop in oil prices, sovereign rating downgrades of oil‐exporting countries could be sharper than the deterioration in their economic fundamentals.     

The making of the modern retail market: economic theory,business interests and economic policy in the passage of the 1964 Resale Prices Act

This article makes a critical examination of the economic case made for the prohibition of individual resale price maintenance (IRPM) in 1964. The Resale Prices Act had major implications for the future structure of British retailing and was lobbied for by multiple grocery retailers. This article demonstrates how a government enquiry which preceded the legislation privileged one side of the debate and marginalised other – arguably more rigorous – analysis. The article endorses a central role for the Institute of Economic Affairs (IEA) and is a case study of the role of economic theory in business–government relations and the development of economic policy.     

The Effect of Cross-Channel Price Dis/parity on Ethicality Evaluations and Purchase Intent: The Moderating Role of Price Frame

Using a scenario-based survey with a factorial between-subject experimental design, this study examines the effect of price dis/parity across multiple channels of distribution on customers' ethicality evaluations and purchase intent, with the focus on the moderating role of price frame. Results show that when the varying prices of the disparity policy were all lower than or equal to the uniform price of the parity policy, consumers did not evaluate the disparity policy as significantly less ethical than the parity policy, and were more likely to purchase from the firm with the disparity policy. However, when at least one of the varying prices of the disparity policy was higher than the uniform price of the parity policy, they evaluated the disparity policy as less ethical, and, therefore, were more likely to purchase from the firm with the parity policy, despite price incentives offered by the disparity policy. This finding suggests that the success of a cross-channel price disparity policy depends on the price frame.     

鱼与熊掌兼得：平台经济二元监管框架及其福利效应

基于平台型企业“社会人”与“经济人”的双重角色,提出了一种平台自我监管与政府公共监管相协同的二元监管框架,并从理论和案例层面探讨了该框架的福利效应。研究发现：首先,从平台场域内部看,平台自我监管的实质是平台型企业将自身商业行为嵌入社会责任的一种功能,集中体现了平台的“社会人” 角色,而其掌握的大数据优势能为这种自我监管功能的实现提供技术支撑。其次,从平台场域外部看,平台型企业之间也在为争夺用户而相互竞争,表现为典型的“经济人”角色,其商业化动机偏差将削弱平台自我监管功能,需要政府公共监管必要的介入。最后,平台自我监管与政府公共监管组成的二元监管框架,在功能目标、技术手段和法律效力三个层面存在既互补又制衡的协同关系,对生产者福利和消费者福利均具有增进作用。上述发现对于“十四五”时期加快推进数字中国建设具有重要的政策启示意义。     

The Effect of Perceived Value and Switching Barriers on Customer Price Tolerance in Industrial Energy Markets

Purpose: This article analyzes the effects of perceived value, satisfaction, and switching barriers on price tolerance. It also examines the moderating effect of switching barriers.

Methodology/Approach: Empirical research was conducted by collecting information from a sample of 326 major gas and electricity consumers in a newly liberalized industrial market with a high concentration of suppliers.

Findings: Switching barriers are the main antecedent to price tolerance. Price tolerance of industrial customers depends directly on switching barriers more than on satisfaction. The customer satisfaction construct is a necessary but not sufficient predictor of price tolerance. While satisfaction has an effect on price tolerance, the effect of perceived value on price tolerance is only indirect through satisfaction, even though it may produce positive direct effects when there are high switching barriers.

Originality/Value/Contribution: For the first time in a B2B framework, the moderating effects of switching barriers on the relationship between perceived value, satisfaction, and price tolerance have been analyzed.     

Price Consciousness and Purchase Intentions for New Food Products: The Moderating Effect of Product Category Knowledge when Price Is Unknown

This study examines the degree to which consumers' price consciousness affects their purchase intentions for a newly introduced product when the price of the product is unknown. Based on data from 186 consumers exposed to a new product offering, the results show that price consciousness indeed has a negative effect on purchase intentions, but only for consumers with a high level of product category knowledge. Although perceived risk and perceived value are significantly related to purchase intentions in general, price consciousness seems to affect only those consumers who make inferences about price based on their knowledge of the product category. Both theoretical and managerial implications of the findings are offered.     

The Effect of Availability,Point of Purchase Advertising,and Sampling on Children's First Independent Food Purchases

The dramatic rise in childhood obesity has triggered great concern among parents, health providers and researchers, public policy makers and politicians. In a controlled experiment with 166 primary school children in Australia, this study investigates the effects of availability, point-of-purchase advertising and sampling on children's food preferences and their first independent food purchases. The results indicate that availability and point of purchase advertising has a significant effect on changing children's preferences. The effects of sampling, in the presence of other forms of promotion, are less clear. The implications of these findings for marketers and public-policy makers are discussed.     

微观经济行为的物价总水平上涨效应分析——货币政策失效与治理原理

在纸币体系中,存在"纸币的被动性膨胀"、绝对价格"向下刚性"和"向上看齐"等三个重要经济现象。因此,任何相对价格调整(变化)的微观经济行为,都会导致单向的"棘轮效应",不断震荡,促使物价总水平持续上涨。这就是纸币体系中微观经济行为的物价总水平效应,有三种具体形式。对此,紧缩性货币政策的作用不仅是有限的,而且会导致经济增长速度减缓。为了在保持物价总水平基本稳定的同时,保持经济平稳较快发展,就需要对症下药,针对这些微观经济行为采取相应的对策。