Pennies for Your Thoughts: Costly Product Consideration and Purchase Quantity Thresholds
Pennies for Your Thoughts: Costly Product Consideration and Purchase Quantity Thresholds
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您的想法一分钱一分货：昂贵的产品考虑因素和购买数量阈值
DOI：
10.2139/ssrn.2697075
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Bart J. Bronnenberg
中科院分区：
文献类型：
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作者：
Yufeng Huang;Bart J. Bronnenberg
为什么消费者对小的价格折扣反应迟钝？本文提出，即使有充分的信息，考虑购买产品也是昂贵的。因此，消费者理性地不会考虑产品（因此不会购买），直到价格变得有利，在这一点上，她将购买足够的数量，证明固定成本的考虑。在本文中，我们通过在这些“边际”价格购买数量的不连续性来确定对价成本。然后，我们构建了一个爱的需求模型，明确建模的考虑集的选择。使用酸奶类别的数据估计该模型，我们发现，考虑到每种酸奶产品的成本为1.37美元，对于熟悉该产品的消费者，不熟悉该产品的消费者为4倍。如果一个喜欢多样化口味的新消费者熟悉所有产品，她会购买50%以上的品种。最后，根据我们的估计，更大的考虑成本增加了新消费者的价格敏感度。
Why are consumers unresponsive to small price discounts? This paper proposes that it is costly to consider the purchase of a product, even given full information. As a result, a consumer will rationally not consider a product (and thus will not purchase) until the price becomes favorable, at which point she will buy enough quantity that justifies the fixed cost of consideration. In this paper, we identify consideration cost through discontinuities in the purchase quantity at these “marginal” prices. We then construct a love-of-variety model of demand, explicitly modeling the choice of consideration set. Estimating this model using data from the yogurt category, we find that considering each yogurt product costs $1.37 for consumers familiar with the product, against a 4 fold for consumers unfamiliar with it. Such mental cost discourages allocating expenditure across many products. A new consumer with love-of-variety tastes would purchase 50% more varieties if she were familiar with all the products. Finally, at our estimates, larger costs of consideration increase price sensitivity of new consumers.