Всего статей в данном разделе : 36
Advertising as information [статья]
Опубликовано на портале: 31-03-2003P. Nelson Journal of Political Economy. 1974. Vol. 82. No. 4. P. 729-754.
This paper tries to show how the major features of the behavior of advertising can be explained by advertising's information function. For search qualities advertising provides direct information about the characteristics of a brand. For experience qualities the most important information conveyed by advertising is simply that the brand advertises. This contrast in advertising by these qualities leads to significant differences in its behavior. How does advertising provide information to the consumer? The producer in his advertising is not interested directly in providing information for consumers. He is interested in selling more of his product. Subject to a few constraints, the advertising message says anything the seller of a brand wishes. A mechanism is required to make the selling job of advertising generate information to the consumer. [Авторский текст]
A New Approach to Consumer Theory [статья]
Опубликовано на портале: 19-11-2005Kelvin J. Lancaster Journal of Political Economy. 1966. Vol. 74. No. 2. P. 132-157.
The theory of consumer behavior in deterministic situations as set out by, say, Debreu (1959, 1960) or Uzawa (1960) is a thing of great aesthetic beauty, a jewel set in a glass case. The product of a long process of refinement from the nineteenth-century utility theorists through Slutsky and Hicks-Allen to the economists of the last twenty-five years, it has been shorn of all irrelevant postulates so that it now stands as an example of how to extract the minimum of results from the minimum of assumptions. In this model we have extended into consumption theory activity analysis, which has proved so penetrating in its application to production theory. The crucial assumption in making this application has been the assumption that goods possess, or gire rise to, multiple characteristics in fixed proportions and that it is these characteristics, not goods themselves, on which the consumer's preferences are exercised. The result, as this brief survey of the possibilities has shown, is a model very many rimes richer in heuristic explanatory and predictive power than the con- ventional model of consumer behavior and one that deals easily with those many common-sense characteristics of actual behavior that have found no place in traditional exposition. This paper is nothing more than a condensed presentation of some of the great number of possible ways in which the model can be used. It is hoped that a door has been opened to a new, rich treasure house of ideas for the future development of the most refined and least powerful branch of economic theory, the theory of the consumer himself. [Авторский текст]
Опубликовано на портале: 02-11-2007Andrew B. Abel American Economic Review. 1990. Vol. 80. No. 2. P. 38-42.
This paper introduces a utility function that nests three classes of utility functions: (1) time-separable utility functions; (2) "catching up with the Joneses" utility functions that depend on the consumer's level of consumption relative to the lagged cross-sectional average level of consumption; and (3) utility functions that display habit formation. Closed-form solutions for equilibrium asset prices are derived under the assumption that consumption growth is i.i.d. The equity premia under catching up with the Joneses and under habit formation are, for some parameter values, as large as the historically observed equity premium in the United States
Опубликовано на портале: 02-11-2007John Y. Campbell, John H. Cochrane Journal of Political Economy. 1999. Vol. 107. No. 2. P. 205-251.
We present a consumption-based model that explains the procyclical variation of stock prices, the long-horizon predictability of excess stock returns, and the countercyclical variation of stock market volatility. Our model has an i.i.d. consumption growth driving process, and adds a slow-moving external habit to the standard power utility function. The latter feature produces cyclical variation in risk aversion, and hence in the prices of risky assets Our model also predicts many of the difficulties that beset the standard power utility model, including Euler equation rejections, no correlation between mean consumption growth and interest rates, very high estimates of risk aversion, and pricing errors that are larger than those of the static CAPM. Our model captures much of the history of stock prices, given only consumption data. Since our model captures the equity premium, it implies that fluctuations have important welfare costs. Unlike many habit-persistence models, our model does not necessarily produce cyclical variation in the risk free interest rate, nor does it produce an extremely skewed distribution or negative realizations of the marginal rate of substitution
Опубликовано на портале: 17-12-2007Joanna Stavins New England Economic Review. 2002. Q 3 . P. 19-31.
Predictions about a cashless and checkless society have been made for many years, but retail payments transactions made with electronic payment instruments still constitute only a small fraction of all payments made in the United States. This is the case despite differences in cost and despite marketing and educational campaigns conducted by the Federal Reserve and other institutions. One of the reasons the cost differences have little effect is that the differences in cost among payment instruments typically are not evident to consumers, who are charged the same amount regardless of how they pay. This article explores the possibility that consumer characteristics may affect the adoption of electronic payment instruments. Using data from the 1998 Survey of Consumer Finances, the author estimates the effect of several demographic characteristics on the probability of using electronic payments. She finds strong effects of demographic characteristics and of location on consumers’ choices. She suggests that the importance of location may indicate demand-related network effects, although further analysis of the supply side would be needed to test that hypothesis.
Опубликовано на портале: 31-03-2003Gerard R. Buttlers Review of Economic Studies. 1977. Vol. 44. No. 138. P. 465-491.
Focuses on the formulation of equilibrium distributions of sales and advertising prices. Development of a model in which sellers have constant average cost curves; Approach to prove assumptions on consumer preferences; Description of the basic model of consumer pricing. (Из Ebsco)
Опубликовано на портале: 07-02-2003Bernard Dumas, Michael Adler Journal of Finance. 1983. Vol. 38. No. 3. P. 925-984.
Focuses on international portfolio choice and corporation finance. Micro-theory of individual portfolio choice; Equilibrium pricing relationships and risk-return tradeoffs; Objectives for value maximizing firms. (Из Ebsco)
Опубликовано на портале: 18-05-2004Richard H. Thaler Marketing Science. 1985. Vol. 4. No. 3. P. 199-215.
В статье профессора экономики Ричарда Тейлера представлена модель потребительского поведения, основанная на комбинации когнитивной психологии и микроэкономики. В основе этой модели лежит психологическая теория принятия решений в условиях риска ( «Prospect Theory»), разработанная психологами Кахнеманом и Тверским (в 2002 г. Даниэль Кахнеман за разработку теории поведения в условиях риска получил Нобелевскую премию по экономике; интересный факт – его работы финансировались министерством обороны США, и, конкретно, тем же ведомством, что финансировало первоначальные оборонные разработки Интернета). Построение модели начинается с концепции ментального подсчета выгод и издержек с помощью функции ценности (value function), заимствованной из теории принятия решений в условиях риска. Оценка потребителями покупки моделируется с помощью функции «трансакционной полезности» (transaction utility). Завершает модель ментальных расчетов «процесс семейного бюджетирования». Исходя из своей модели потребительского поведения, автор разрабатывает рекомендации для маркетинга, в частности, в области ценообразования.
Опубликовано на портале: 02-11-2007Christopher D. Carroll, Jody Overkand, David N. Weil American Economic Review. 2000. Vol. 90. No. 3. P. 341-55.
Saving and growth are strongly positively correlated across countries. Recent empirical evidence suggests that this correlation holds largely because high growth leads to high saving, not the other way around. This evidence is difficult to reconcile with standard growth models, since forward-looking consumers with standard utility should save less in a fast-growing economy because they know they will be richer in the future than they are today. We show that if utility depends partly on how consumption compares to a ‘habit stock’ determined by past consumption, an otherwise-standard growth model can imply that increases in growth can cause increased saving
Опубликовано на портале: 12-02-2007Wolfgang Pesendorfer, Faruk Gul Econometrica. 2004. Vol. 72. No. 1. P. 119-158.
To study the behavior of agents who are susceptible to temptation in infinite horizon consumption problems under uncertainty, we define and characterize dynamic self-control (DSC) preferences. DSC preferences are recursive and separable. In economies with DSC agents, equilibria exist but may be inefficient; in such equilibria, steady state consumption is independent of initial endowments and increases in self-control. Increasing the preference for commitment while keeping self-control constant increases the equity premium. Removing nonbinding constraints changes equilibrium allocations and prices. Debt contracts can be sustained even if the only feasible punishment for default is the termination of the contract.
Опубликовано на портале: 07-02-2003B. Cornell Journal of Financial Economics. 1981. Vol. 9. No. 1. P. 103-8.
Examines the role of consumption in asset pricing. Collapse of a multi-beta capital asset pricing model into a single-beta model where betas are computed with respect to aggregate consumption; Role of consumption betas; Derivation of a single-beta pricing equation; Stationarity of the consumption betas; Inclusion of the covariance of the asset's return with aggregate real consumption. (Из Ebsco)
The economic aspects of advertising [статья]
Опубликовано на портале: 19-03-2003Nicholas Kaldor Review of Economic Studies. 1950. Vol. 18. No. 1. P. 1-27.
Оценивается влияние рекламы на общественное благосостояние и распределение ресурсов между различными сферами использования. Реклама рассматривается как антиконкурентная, по своей сути, практика, в частности из-за того, что она снижает ценовую эластичность спроса и служит определенным барьером для входа в отрасль потенциальных конкурентов.
Опубликовано на портале: 31-03-2003William S. Comanor, Thomas A. Wilson Journal of Economic Literature. 1979. Vol. 17. No. 2. P. 453-476.
The publication of Lester G. Telser's 1964 paper  was the starting point for much of the recent literature on advertising and competition. The major finding of that paper was that "there is little empirical support for an inverse association between advertising and competition, despite some plausible theorizing to the contrary" This review does not deal with the question of whether advertising is excessive, nor with the related issues of the welfare economics of advertising or product differentiation. Rather, it focuses on those papers which examine the impact of advertising on barriers to entry and on the extent of price competition. Advertising expenditures are designed to influence consumer demand for the firm's products. They may affect both direct and cross-elasticities of demand. Those who argue that advertising may limit competition maintain that the relevant demand curves are more inelastic and that cross-elasticities are lower as a result, while those who dispute this contention suggest that advertising has no such influence or even that it leads to more elastic demands and higher cross-elasticities. Much controversy has therefore turned on the direction of the effects of advertising on demand elasticities. [Авторский текст]
Опубликовано на портале: 08-12-2005Lee Benham Journal of Law and Economics. 1972. Vol. 15. No. 2. P. 337-352.
Focuses on the effect of advertising on the price of eyeglasses in the United States. Restrictions of advertising in the market for eyeglasses; Price differentials associated with advertising restrictions; Influence of advertising on consumer's knowledge. (Из Ebsco)
The Law of Demand and Risk Aversion [статья]
Опубликовано на портале: 25-11-2004John K.H. Quah Econometrica. 2003. Vol. 71. No. 2. P. 713-721.
This note proposes a necessary and sufficient condition on a preference to guarantee that the demand function it generates satisfies the law of demand. It shows that the law of demand may be succinctly characterized by differences in an agent`s level of risk aversion when she is confronted with different lotteries composed of commodity budnles.