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Economic Choice Models in Marketing
Greg M. Allenby 한국마케팅관리학회 2014 마케팅관리연구 Vol.19 No.4
Choice is the one of the most important behaviors for practitioners and key variables that has been popularly studied in the marketing literature. Choice in marketing differs from other domains in that the choicec on text is typically very complex, and researchers' desire knowledge of the variables that ultimately lead to demand in marketplace. The premise in the economic choice models is that the choice decision is made based on constrained utility maximization process. In marketing, the academic filed has undergone significant progress in development of models for near-perfect substitutes mostly represented by logit or probit models. The choice literature also expands to the area such as multiple-discreteness, complements, multiple-constraints, andsoon. We examine recent developments in the modeling of choice for marketing and use economic theory to provide the foundation from which future trends are discussed.
Perceived Marginal Cost in Demand
Taegyu Hur,Jaehwan Kim,Greg M. Allenby 한국마케팅관리학회 2023 한국마케팅관리학회 학술대회 Vol.2023 No.04
Consumers often face monetary and non-monetary costs when purchasing goods. Experience goods, for example, require consumers to invest time and money to acquire and use a product, and time requirements may not be fully known proir to making a purchase. Unlike monetary costs, non-monetary costs are often not explictily stated and are therefore subjectively evaluated by consumers, suggesting that consumers’ perceived costs and the costs assumed by researchers may not coincide. We propose a model that allows for consumer’s subjective evaluation of marginal time costs through perception parameters and provide solutions to estimate the model. We apply the proposed model to three online course datasets o f volumetric demand and floor cleaning service data of discrete choice. The proposed model fits the data better, improves predictions, and leads to different managerial implications. Implication for Product line design.
LOCALLY-RATIONAL DEMAND MODELS
Sanghak Lee,Taegyu Hur,Greg M. Allenby 글로벌지식마케팅경영학회 2023 Global Marketing Conference Vol.2023 No.07
The assumption that more-is-better doesn’t hold when consumers want to limit the amount they consume. High calorie meals frustrate dieting plans, food with high salt content may lead to bad health outcomes and large quantity purchases may not fit within available storage spaces. The assumption in economics that marginal utility is always positive may not apply in situations when purchase quantities take on a wide range and when consumers have ideal points and unobserved constraints on their choices. In this paper we develop a model and estimator for locally-rational demand that identifies un- observed constraints on choice by allowing marginal utility to be negative. The model is applied to conjoint data of buy-one-get-one (BOGO) promotions and a scanner panel dataset of milk purchases where the e?ect of locally-rational demand is prevalent.