Measuring the Implications of Sales and Consumer Inventory Behavior
促销与消费者库存行为的影响测度AI 解读 ↓
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AI 根据所提供的论文材料归类:摘要明确结构估计动态消费者选择模型,并比较需求弹性及不购买选项替代。
促销与消费者库存行为的影响测度AI 解读 ↓
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Temporary price reductions (sales) are common for many goods and naturally result in large increases in the quantity sold.Demand estimation based on temporary price reductions may mismeasure the long run responsiveness to prices.In this paper we quantify the extent of the problem and assess its economic implications.We structurally estimate a dynamic model of consumer choice using two years of scanner data on the purchasing behavior of a panel of households.The results suggest that static demand estimates, which neglect dynamics: (i) overestimate own price elasticities by 30 percent; (ii) underestimate cross-price elasticities to other products by up to a factor of 5; and(iii) overestimate the substitution to the no purchase, or outside option, by over 200 percent.