吉利数字偏好、尾数定价与价格粘性——来自互联网的证据

本文运用来自"天猫商城"的商品价格数据,对中国商品市场吉利数字偏好存在性、尾数定价模式及其对价格粘性的影响进行研究。结果表明:(1)中国商品市场尾数定价模式主要有三种:8尾数定价、9尾数定价和方便定价,其中最受到偏好的是8尾数定价,同时回避4尾数定价,吉利数字偏好对尾数定价模式具有显著影响。(2)马尔科夫转移动态分析发现,8尾数的稳定性最强,且当期的非8尾数在下期转向8尾数的概率较高。(3)与非8尾数价格相比,8尾数价格的调整更为缓慢,平均调整幅度更大。(4)基于Logit模型的分析表明,8尾数对商品价格粘性具有显著正向影响,"吉利价格"粘性强。相对于9尾数定价和方便定价,8尾数定价模式对价格粘性程度的贡献更大。节日期间零售商注重回避不吉利数字,进一步表明文化背景对商品市场价格粘性的影响。本文的研究为价格粘性来源提供了新的经验证据。     

信息化如何促进国内市场整合：减少黏性信息的视角

数字信息技术能够使市场主体以较低的成本获得及时、准确、充分的商品供求与价格信息，减少跨地区交易中的黏性信息，这为促进国内市场整合提供了新途径。文章采用2015-2017年近100个地级市的“数字中国”指数及大样本产品价格数据，使用基于时间序列的动态方法计算地区间市场分割度，并构建有调节的中介效应模型考察数字信息技术对国内市场整合的作用及机制。结果发现：提升信息化水平能够推动国内市场整合，其中促进地区间价格联动调整具有部分中介作用，而信息化水平差距和空间地理距离则具有负面的调节作用。因此，改善信息条件、提升交易效率，构建更为高效、灵敏的地区间供求与价格联动机制，应成为当前促进国内市场整合的必要之举。     

技术创新、市场分割与收入不平等——基于中国省级面板数据的分析

基于1998—2017年中国省级面板数据，分析了省级层面收入不平等程度及其影响因素，重点研究了技术创新和市场分割对收入不平等的作用。研究结果显示，样本期内基尼系数总体水平较高，呈现出了先上升后下降的走势。地区收入差距与技术创新之间存在U型关系，当前“知识溢出”效应超过了“技能溢价”效应，创新水平的提高将有助于缩小地区收入差距；市场分割不仅会加剧地区收入不平等，还会通过阻碍技术创新间接弱化创新对收入差距的缓解作用。地区收入不平等与经济发展水平之间存在倒U型关系，贸易依存度、人均受教育年限和人均社会保障支出的提高有助于缩小地区收入差距，工业化率的提高则会加剧地区收入差距，财政支出对地区收入差距的作用不明显；动态面板模型的研究结果表明，地区收入差距具有惯性特征。最后，基于研究结论，给出了有针对性的政策建议。     

Internet市场遵循“一价定律”吗？——来自天猫商城的证据

根据搜寻理论,线上市场由于极大地降低了消费者搜寻成本,应当实现“一价定律”,然而大量的证据表明线上市场存在显著的价格离散现象。文章选取了中国最大B2C电子商务平台天猫商城上高度同质化、标准化的虚拟产品——手机充值卡作为研究对象,发现确实存在价格离散现象。然后,利用固定效应向量分解模型和蒙德拉克模型,检验了哪些因素会影响价格离散程度,发现零售商异质性越大、商家数量越多,价格离散程度越大;商品越是畅销、商品价值越大,其价格离散程度越小。文章在数据上有较大创新,对已有文献形成有益补充;结论有助于增进对中国线上市场效率的认识,能够为Internet市场“效率悖论”提供一些线索和启示。     

统一大市场建设背景下的数字贸易驱动消费升级研究

立足于建设全国统一大市场的背景，研究不同市场一体化阶段数字贸易发展对消费升级的驱动作用。从机理上看，数字贸易通过创新供给和创新需求，驱动消费升级。将市场一体化的作用分为市场范围效应和价格稳定效应，通过构建数字贸易发展指标体系和面板门槛模型实证研究发现：数字贸易对消费升级的驱动具有门槛效应和非线性特征。随着市场一体化的市场范围效应提高,数字贸易对消费升级的驱动效应呈现“U” 型变化趋势；随着市场一体化的价格稳定效应提高，数字贸易对消费升级的驱动效应逐渐增强。中西部地区的驱动效应大于东部地区，内陆地区的驱动效应大于沿海地区。只有在市场一体化达到一定水平时，数字贸易对消费升级的驱动作用才能充分发挥。基于此，提出加快发展数字贸易和推进市场一体化建设等建议。     

产业政策扶持对企业金融资产配置——基于“五年规划”变更的自然实验

以产业政策“五年规划”的变更构建双重差分与中介效应检验，分析了政策扶持对企业“主观投资意愿”和“客观投资机会”的双重影响，以及在两种影响的共振作用下，如何进一步影响企业金融资产配置决策的微观逻辑。研究发现：产业政策扶持对企业金融资产配置具有显著促进作用。一方面，产业政策扶持不仅会通过融资约束缓解效应提升企业投资意愿，还会通过庇护效应提高企业风险容忍度、强化风险承担，从而进一步提升“主观投资意愿”。另一方面，政策扶持引发投资潮涌会恶化市场竞争、政策前瞻性及其社会价值性，又对企业短期经济价值产生抑制，从而导致企业“客观投资机会”下滑。最终，企业在客观投资不确定性加剧而主观投资意愿上升的共振作用下选择转向具有替代性的金融资产投资。异质性方面，主业投资机会、主业经营收益率和主业经营风险越高的企业增加金融资产投资的意愿更弱，说明企业进行金融资产配置更像是锦上添花，而非根本上的“脱实向虚”。     

城市互联网发展对出口企业市场势力的影响研究

基于城市互联网基础设施、网民规模及互联网应用能力，综合构建了城市互联网发展指数，并利用2013-2018年959家中国A股制造业出口企业数据，匹配并测度了161个城市的互联网发展水平。研究表明，城市互联网发展通过“创新效应”、“成本效应”及两者的共同作用，显著提升了我国出口企业以价格加成衡量的市场势力，其中“创新效应”发挥的作用更大，进而开展了企业要素密集类型、所有制和所在地区的异质性检验。文章推进了对新型网络基础设施建设经济效应的理解，也为出口企业实现外贸高质量发展、加强互联网融合应用带来了启发。     

“数字丝绸之路”国际规则体系逻辑架构——以实体化“一带一路”实践为鉴

“数字丝绸之路”是数字经济赋能下“一带一路”国际合作领域的延伸和拓展。在“一带一路”建设由项目导向到规则导向的转变下，进一步健全国际规则体系已成为“数字丝绸 之路”建设的主要目标。对此，以守正思维和创新思维回溯实体化“一带一路”法治实践经验将具有重要的理论价值和现实意义。一方面,承继实体化“一带一路”的法治价值、治理原则、路径选 择；另一方面，更新适应数字贸易模式、维护网络空间安全、处理数字经济纠纷的规则。鉴于实体 化“一带一路”规则法治实践经验，“数字丝绸之路”国际规则体系可以从三个方面建立架构：完善以自由贸易协定和数字经济专项协定为主要载体的数字经济合作体系；加强打击网络犯罪和 网络恐怖主义、ICT 供应链风险管理、跨境数据保护等安全保障体系；构建适应数字纠纷特点的权利保障和争端解决机制。     

进口“近邻”与集群创新：成本追逐还是质量竞争？

中国经济长期“外循环”发展模式导致中间品严重依赖进口,对于制造业产业集群,微观企业创新动力无法转化为集群整体创新合力。以集群内部“行业内企业间” 研究视角切入,采用“近邻效应”模型深入探求邻居企业进口中间品行为对群内同行企业创新传导路径,结论发现：邻居进口对同群企业创新影响存在“成本追逐效应” 和“ 质量竞争效应”,中间品进口质量高低影响企业模仿创新和原始创新能力;“质量竞争效应” 的创新溢出可通过一般贸易渠道、人力资本渠道与市场规模渠道实现;有为政府持续创新激励和市场化导向制度改革有助于实现产业链与创新链“双链融合”及创新“量质齐飞”。     

互联网发展、流通专业化与居民消费扩张

探究居民消费扩张的影响因素对于理解“双循环”战略布局具有重要的理论意义和现实紧迫性。文章从供给侧视角出发，分析互联网发展对于居民消费的影响，并分析传统供需体系的中间环节--流通产业的发展水平对于二者关系的调节作用。研究结论表明，互联网对于居民消费具有显著的正向促进作用，其中，以“互联网通过增加商品供应的多样性推动居民消费”的直接效应最为明显，还存在“通过降低价格水平促进消费”的价格间接效应以及“通过增加企业吸引力从而推动当地消费水平提升”的收入间接效应。同时，研究发现本地流通业专业化水平对于互联网的居民消费扩张作用主要表现为负向调节效应，这一定程度上反映出传统产业与新兴产业在双向融合过程中的转型阵痛。研究进一步指出，互联网的发展显著降低了地区之间消费不平等的问题，互联网普及率提高对于中部地区和西部地区的经济拉动最为显著。因此，要重视互联网等现代信息技术因素在推动消费市场扩张中的作用，尤其是欠发达地区要充分把握“新基建”的发展机遇，弥补本地传统流通体系阻塞的劣势。     

Pricing behavior in the online DVD market

Using a data set with of 5508 observations collected in the online DVD market, we compare the pricing behavior between online branches of multi-channel retailers (MCRs) and online-only retailers. We find that (1) prices by online-only retailers are lower than prices by online MCRs by an average of $1.51 or 6.8 percent; (2) the price dispersion for the popular titles is sharply lower among online-only retailers than that among MCRs online; and (3) online-only retailers change prices more often than online MCRs although price changes by both types are few. The evidence suggests that the pricing efficiency diminishes as the multi-channel retailing format dominates the online retailing market.     

Uniform or spatially differentiated? Pricing Strategies for Information Goods under simultaneous and sequential decision-making in multi-market context

Product pricing has been one of the central issues in the field of marketing and consumer services for managers and researchers alike. However, pricing of information goods has not been paid much attention in literature. For information goods the marginal costs of production and transportation of information goods (online movies, video games, etc.) is almost zero. Hence, the pricing decisions need to be thought of purely in competitive profit maximizing terms. This paper proposes mechanisms for managers to evaluate and base their pricing decisions on rational frameworks that takes into account various situations when they enter a new market and when they are incumbent in a new market. This paper addresses the research gap of spatially differentiated pricing strategy for information goods that has not been studied in literature so far. We create stylized theoretical models under both, sequential and simultaneous decision-making conditions. We determine the equilibrium price and the equilibrium profit for the two firms for each of the four possible scenarios based on their pricing strategies. Our analysis reveals that the dominance of one pricing strategy over the other depends on product differentiation factor capturing joint effect of the product substitutability and consumer's price sensitivity under sequential decision making and the market size along with consumer's price sensitivity for simultaneous decision making. As an extension, we propose a generalized model demonstrating the uniform and spatially differentiated pricing strategies of the firms under simultaneous and sequential selection for multiple domestic and international markets.     

Currency Substitution and Price Endings: Right Digit Effect

ABSTRACT

The strategic manipulation of prices. rightmost digits has been a tactic used by retailers in the western world for decades. By studying the internationalization of pricing tactics in a global economy, our research adds a much needed contribution to the literature of price endings and pricing tactics in global markets. We find that at lower price levels, consumers exposed to a 99 ending price in a currency substitution market are more likely to purchase the product compared to consumers in the US market. At higher price levels, on the other hand, consumers in either market situation exhibit no change in purchase intentions. Thus, the 99 ending tactic has no effect on consumers when the product is expensive. The use of the right digit effect by managers in a currency substitution/ dollarized economy as a way of persuading consumers to buy is still likely to be more successful compared to the USA market. As such, firms in a dollarized economy should structure their pricing strategies while taking into consideration the type of product they are offering and the consumer market they are dealing with.     

Too close to be similar: Product and price competition in retail gasoline markets

We examine how product and pricing decisions of retail gasoline stations depend on local market demographics and the degree of competitive intensity in the market. We are able to shed light on the observed empirical phenomenon that proximate gasoline stations price very similarly in some markets, but very differently in other markets. Our analysis of product design and price competition between firms integrates two critical dimensions of heterogeneity across consumers: Consumers differ in their locations and in their travel costs, as in models of horizontal differentiation. They also differ in their relative preference or valuations for product quality dimensions, in terms of the offered station services (such as pay-at-pump, number of service bays or other added services), as in models of vertical differentiation. We find that the degree of local competitive intensity and the dispersion in consumer incomes are sufficient to explain variations in the product and pricing choices of competing firms. Closely located retailers who face sufficient income dispersion across consumers in a local market may differentiate on product design and pricing strategies. In contrast, retailers that are farther apart from each other may adopt similar product design and pricing strategies if the market is relatively homogeneous on income. Using empirical survey data on prices and station characteristics gathered across 724 gasoline stations in the St. Louis metropolitan area, and employing a multivariate logit model that predicts the joint probability of stations within a local market differentiating on product design and pricing strategies as a function of market demographics and local competitive intensity, we find strong support for the central implications of the theory.

我国商业银行中间业务发展水平偏低问题研究

本文用银行间古诺博弈、斯威齐和柠檬市场三个模型,从国有商业银行通过将有较大定价自由的中间业务产品与没有定价权的存贷款产品做成打包产品,以获得事实上的产品定价权的方式实现其规模偏好,中间业务产品市场具有斯威齐模型特征,其他商业银行将会跟随国有商业银行的做法,以及我国商业银行与客户间存在严重的信息不对称导致客户降低消费意愿,分析了我国商业银行中间业务产品发展水平偏低的重要原因.商业银行中间业务产品的成本收益数据及数据包络分析与参数估计得出的经验证据支持了本文的论述.     

基于在线评论的网络零售定价模型研究

在线评论的出现深刻改变着消费者的经济行为模式、企业的赢利性及其定价策略。文章以消费者效用理论为理论基础,以网络零售两阶段销售为背景,建立了一个与在线评论相关的产品定价模型。通过数值模拟发现,在线评论数量越大,则第一阶段产品最优价格越低,第二阶段产品最优价格越高,网络零售商的总利润也越大;第一阶段消费者对产品价值的预期越高,则第一阶段产品最优价格越高,第二阶段产品最优价格越低,而只有当在线评论数量较小时,网络零售商的总利润才随第一阶段消费者对产品价值的预期增加而增加,否则,网络零售商的总利润将随第一阶段消费者对产品价值的预期增加而减少。     

“同品不同价”:价值感知与定价差异——基于当当网自营与入驻商家的比较

平台经济发展日益加剧网络零售市场竞争和价格离散,商家间同商品定价差异背后的理论逻辑亟待厘清。由于消费者对商品各价值特征存在差异偏好,从而产生不同程度的溢价意愿。研究表明:商家在质量、服务、评论反馈方面所代表的价值感知差异对不同商家商品定价差异的传导机制有显著影响。其中,商家间的服务体验价值差异对网络商品定价的提升影响效用明显,评论反馈所代表的信息价值在初次购买后的影响力减弱。面对价格分档,市场上价格敏感者更看重功能价值,追求物美价廉;中高价位商品的消费者更注重增值服务的体验价值感知。互联网零售商要有针对性地制定相关价值感知提升策略;相关管理部门要防范"感知过度"式哄抬物价以维护市场竞争秩序。     

How online reviews and coupons affect sales and pricing: An empirical study based on e-commerce platform

With rapid economic growth largely fueled by digital technologies, online reviews are among the new wave of technologies that still make a significant contribution to this new digital economy. However, there is scarce academic research in promoting or responding online reviews using reduction coupons with threshold issued by sellers and pricing decisions. We employ a three-stage least squares (3SLS) model to estimate the effects of online reviews and coupons on online product sales and price. We also extend our research using the data of two product categories. Our results mainly include: (1) Negative impact of negative online reviews on sales is moderated by price, and consumers are more tolerant of negative reviews of high-priced products. (2) Consumers' perceived usefulness of online coupons helps promote more sales and weaken the relationship between negative reviews and sales. (3) Positive online reviews weaken the negative relationship between online negative reviews and the price of product. (4) Consumers’ increased perceived usefulness of online coupons will encourage sellers to set a higher price and weaken the negative relationship between negative reviews and the price of product. (5) Compared with the search product, sellers regard negative reviews from the product with experience attributes as less helpful and apply less effective coupon promotion to response to negative reviews. Our study clarifies the interaction between online reviews and online coupons on e-commerce platforms under the operation scenario. We also provide empirical support for accurate promotion and higher sales revenue through reasonable pricing decisions and specified reduction coupons.