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Measuring the Implications of Sales and Consumer Inventory Behavior
Open accessAbstract
Temporary price reductions (sales) are common for many goods and naturally result in large increases in the quantity sold.Demand estimation based on temporary price reductions may mismeasure the long run responsiveness to prices.In this paper we quantify the extent of the problem and assess its economic implications.We structurally estimate a dynamic model of consumer choice using two years of scanner data on the purchasing behavior of a panel of households.The results suggest that static demand estimates, which neglect dynamics: (i) overestimate own price elasticities by 30 percent; (ii) underestimate cross-price elasticities to other products by up to a factor of 5; and(iii) overestimate the substitution to the no purchase, or outside option, by over 200 percent.
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Cites
Brand and Quantity Choice Dynamics Under Price Uncertainty
Erdem, T., Imai, S., & Keane, M. P. (2003) · Quantitative Marketing and Economics · doi:10.1023/a:1023536326497 · Cited by 331
Cited by
A Dynamic Model of Brand Choice When Price and Advertising Signal Product Quality
Erdem, T., Keane, M. P., & Sun, B. (2008) · Marketing Science · doi:10.1287/mksc.1080.0362 · Cited by 332
Are Consumers Strategic? Structural Estimation from the Air-Travel Industry
Li, J., Granados, N., & Netessine, S. (2014) · Management Science · doi:10.1287/mnsc.2013.1860 · Cited by 281
Dynamic Online Pricing with Incomplete Information Using Multiarmed Bandit Experiments
Misra, K., Schwartz, E. M., & Abernethy, J. (2019) · Marketing Science · doi:10.1287/mksc.2018.1129 · Cited by 183
Ciliberto, F., & Williams, J. W. (2014) · The RAND Journal of Economics · doi:10.1111/1756-2171.12070 · Cited by 186
The Money Pump as a Measure of Revealed Preference Violations
Echenique, F., Lee, S., & Shum, M. (2011) · Journal of Political Economy · doi:10.1086/665011 · Cited by 160
Metadata
- Authors
- Hendel, I., & Nevo, A.
- Venue
- Econometrica
- Publisher
- The Econometric Society
- Published
- 2006-11
- Volume
- 74
- Issue
- 6
- Pages
- 1637-1673
- ISSN
- 0012-9682 (ISSN-L)
- 1468-0262
- OpenAlex
- W2155014080
- Cited by
- 620
- References
- 1
- FWCI
- 63.58
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
