Segmentation of Consumer Markets in the US: What Do Intercity Price Differences Tell Us?
Segmentation of Consumer Markets in the US: What Do Intercity Price Differences Tell Us?
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美国消费市场细分：城际价格差异告诉我们什么？
DOI：
10.1111/caje.12277
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Jyh Lin Wu
中科院分区：
文献类型：
--
作者：
C. Choi;A. Murphy;Jyh Lin Wu
我们量化了美国消费者市场细分的程度，并使用1985年至2009年美国48个城市45种产品的季度零售价格面板，探索了这种细分背后的潜在因素。在线性自回归(AR)和非线性门限自回归(TAR)模型的框架内，使用城市对价格差异来估计市场分割的程度。我们发现，不同产品的市场细分程度不同，但每种产品的城市对之间的细分程度更大。与普遍的看法相反，与可贸易商品相比，非贸易服务在美国国内的市场分割不一定更大。我们通过将市场细分的跨城市和跨产品变化与特定地点和特定产品的特征相关联，确定了市场细分的潜在驱动因素，包括距离、相对城市规模、工资和租金的差异、产品类型和市场邻近程度。即使在控制了一系列其他潜在因素后，距离也是最显著的因素，它不仅反映了运输成本，而且还是最显著的因素。然而，距离的影响在不同的产品中有很大的不同，易腐烂的产品和当地生产的产品对市场细分的距离效应更大。我们发现，在样本期间，市场分割的幅度在一定程度上是稳定的，但在许多被研究的产品中，城市间的价格差异随着时间的推移对距离变得更加敏感。
We quantify the magnitude of market segmentation in US consumer market and explore the underlying factors behind this segmentation, using a quarterly panel of retail prices for 45 products in 48 US cities from 1985 to 2009. The extent of market segmentation is estimated using city-pair price differences within the framework of both linear autoregressive (AR) and nonlinear threshold autoregressive (TAR) models. We find that the magnitude of market segmentation varies from one product to another, but even more across city pairs in each product. Contrary to a widespread perception, market segmentation within the US is not necessarily larger for non-tradable services compared to tradable goods. We identify potential drivers of market segmentation by relating the cross-city and cross-product variations of market segmentation to location-specific and product-specific characteristicsdistance, relative city sizes, differences in wage and rent, type of product and proximity to marketplace. Distance, which captures more than transport costs, turns out to be the most salient factor even after controlling for a range of other potential factors. The effect of distance, however, varies substantially across products, with perishable products and locally produced products showing larger distance effect on market segmentation. We find that the magnitude of market segmentation has been somewhat stable during the sample period, but intercity price differences have become more sensitive to distance over time in many products under study.