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Estimating demand for differentiated...

McMillan, Robert Stanton.

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Estimating demand for differentiated products with continuous choice and variety-seeking: An application to the puzzle of uniform pricing.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Estimating demand for differentiated products with continuous choice and variety-seeking: An application to the puzzle of uniform pricing./
Author:	McMillan, Robert Stanton.
Description:	149 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-01, Section: A, page: 0269.
Contained By:	Dissertation Abstracts International66-01A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3162358
ISBN:	049696349X

Estimating demand for differentiated products with continuous choice and variety-seeking: An application to the puzzle of uniform pricing.
McMillan, Robert Stanton.

Estimating demand for differentiated products with continuous choice and variety-seeking: An application to the puzzle of uniform pricing. - 149 p.

Source: Dissertation Abstracts International, Volume: 66-01, Section: A, page: 0269.

Thesis (Ph.D.)--Stanford University, 2005.

6.56 (1992 dollars) in average weekly profits by charging non-uniform prices. This corresponds to roughly a three percent difference in profits, and suggests that when a retail store faces even a relatively small cost to determine the optimal set of non-uniform prices, it may be optimal to charge the same price for many products.Retailers typically sell many different products from the same manufacturer at the same price. I consider retailer-based explanations for this uniform pricing puzzle, estimating the counterfactual profits that would be lost by a retailer switching from a non-uniform to a uniform pricing regime in the carbonated soft drink category. In order to calculate this profit difference, I develop a new structural model of demand that improves on existing work by more closely matching several key features of the data. These key features include the fact that households may be variety-seeking, that they make continuous choices, and that they choose from a large number of products. Using household-level panel data on purchases of carbonated soft drinks, I estimate that the retail store I observe earned an additional

ISBN: 049696349XSubjects--Topical Terms:

1017424
Economics, General.

Estimating demand for differentiated products with continuous choice and variety-seeking: An application to the puzzle of uniform pricing.
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245 1 0 $a Estimating demand for differentiated products with continuous choice and variety-seeking: An application to the puzzle of uniform pricing.
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500 $a Source: Dissertation Abstracts International, Volume: 66-01, Section: A, page: 0269.
500 $a Advisers: Peter Reiss; Frank Wolak.
502 $a Thesis (Ph.D.)--Stanford University, 2005.
520 $a Retailers typically sell many different products from the same manufacturer at the same price. I consider retailer-based explanations for this uniform pricing puzzle, estimating the counterfactual profits that would be lost by a retailer switching from a non-uniform to a uniform pricing regime in the carbonated soft drink category. In order to calculate this profit difference, I develop a new structural model of demand that improves on existing work by more closely matching several key features of the data. These key features include the fact that households may be variety-seeking, that they make continuous choices, and that they choose from a large number of products. Using household-level panel data on purchases of carbonated soft drinks, I estimate that the retail store I observe earned an additional $3 6.56 (1992 dollars) in average weekly profits by charging non-uniform prices. This corresponds to roughly a three percent difference in profits, and suggests that when a retail store faces even a relatively small cost to determine the optimal set of non-uniform prices, it may be optimal to charge the same price for many products.
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650 4 $a Economics, General. $3 1017424
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