Related papers: Retail Price Ripples
The rise of "big data" has led to the frequent need to process and store datasets containing large numbers of high dimensional observations. Due to storage restrictions, these observations might be recorded in a lossy-but-sparse manner,…
Much of economic theory is built on observations of aggregate, rather than individual, behavior. Here, we present novel findings on human shopping patterns at the resolution of a single purchase. Our results suggest that much of our…
It is standard practice in online retail to run pricing experiments by randomizing at the article-level, i.e. by changing prices of different products to identify treatment effects. Due to customers' cross-price substitution behavior, such…
Fashion merchandising is one of the most complicated problems in forecasting, given the transient nature of trends in colours, prints, cuts, patterns, and materials in fashion, the economies of scale achievable only in bulk production, as…
The paper proposes a framework for modeling and analysis of the dynamics of supply, demand, and clearing prices in power system with real-time retail pricing and information asymmetry. Real-time retail pricing is characterized by passing on…
Increases in national concentration have been a salient feature of industry dynamics in the U.S. and have contributed to concerns about increasing market power. Yet, local trends may be more informative about market power, particularly in…
Accurate demand forecasting in the retail industry is a critical determinant of financial performance and supply chain efficiency. As global markets become increasingly interconnected, businesses are turning towards advanced prediction…
Background: Transitions towards healthier, more environmentally sustainable diets would require large shifts in consumption patterns. Cost and affordability can be barriers to consuming healthy, sustainable diets. Objective: This study…
Do price regulations lead to inefficiencies and trade loss? The answer depends on the type of regulation, monetary and non-monetary factors influencing demand, technological factors affecting supply elasticities, difference between…
Climate (change) affects the prices of goods and services in different countries or regions differently. Simply relying on aggregate measures or summary statistics, such as the impact of average country temperature changes on HICP headline…
An important goal of online comparison shopping services is to "convert" a viewer from general product category pages (for example product groups such as "smartphones" or "air-conditioners") to detailed product pages and ultimately to order…
In the last four years, daily deals have emerged from nowhere to become a multi-billion dollar industry world-wide. Daily deal sites such as Groupon and Livingsocial offer products and services at deep discounts to consumers via email and…
The price impact for a single trade is estimated by the immediate response on an event time scale, i.e., the immediate change of midpoint prices before and after a trade. We work out the price impacts across a correlated financial market.…
The common wisdom argues that, in general, large trades cause large price changes, while small trades cause small price changes. However, for extremely large price changes, the trade size and news play a minor role, while the liquidity…
Consumers value keeping some information about them private from potential marketers. E-commerce dramatically increases the potential for marketers to accumulate otherwise private information about potential customers. Online marketers…
To choose between two discrete goods, a consumer pays attention to only those with prices below a threshold. From these, she chooses her most preferred good. We assume consumers in a population have the same preference but may have…
The continuous growth of electronic commerce has stimulated great interest in studying online consumer behavior. Given the significant growth in online shopping, better understanding of customers allows better marketing strategies to be…
We consider situations where consumers are aware that a statistical model determines the price of a product based on their observed behavior. Using a novel experiment varying the context similarity between participant data and a product, we…
This paper shows that in suitable markets, even with out-of-equilibrium trade allowed, a simple price update rule leads to rapid convergence toward the equilibrium. In particular, this paper considers a Fisher market repeated over an…
We consider a scenario where a retailer can set different prices for different consumers in a smart grid. The retailer's objective is to maximize the revenue, minimize the operating cost, and maximize the consumer's welfare. The retailer…