nep-mkt New Economics Papers
on Marketing
Issue of 2016‒02‒17
ten papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. Mobile User Experience: Der Einfluss von kognitivem Entertainment auf die Nutzung mobiler Anwendungen By Zeiler, Vanessa
  2. Fuel Prices and Station Heterogeneity on Retail Gasoline Markets By Siekmann, Manuel; Haucap, Justus; Heimeshoff, Ulrich
  3. Search, Differentiated Products, and Obfuscation By Gamp, Tobias
  4. Price setting in online markets: Basic facts, international comparisons, and cross-border integration By Talavera, Oleksandr; Gorodnichenko, Yuriy
  5. Shrouding add-on information: an experimental study By Wenzel, Tobias; Normann, Hans-Theo
  6. Advertising, Attention, and Financial Markets By Focke, Florens; Ruenzi, Stefan; Ungeheuer, Michael
  7. Consumer Social Responsibility By Rockenbach, Bettina; Pigors, Mark
  8. The platformization of digital markets: Comments on the public consultation of the European Commission on the regulatory environment for platforms, online intermediaries, data and cloud computing and the collaborative economy By Demary, Vera
  9. Are Consumer Expectations Theory-Consistent? The Role of Macroeconomic Determinants and Central Bank Communication By Lamla, Michael; Dräger, Lena; Pfajfar, Damjan
  10. Forty years of oil price fluctuations: Why the price of oil may still surprise us By Baumeister, Christiane; Kilian, Lutz

  1. By: Zeiler, Vanessa
    Abstract: Die wachsende Verbreitung und Nutzung des Smartphones erhöht die Relevanz von mobilen Inhalten für Konsumenten und Unternehmen. Innerhalb der Markenkommunikation bietet das mobile Medium die Möglichkeit, den Kunden direkt, personalisiert, überall und zu jederzeit mit der jeweiligen Botschaft zu erreichen. Die Interaktionsmöglichkeiten und die multi-sensuelle Ansprache erhöhen zudem die Bedeutung von Mobile Marketing für die Erzeugung von Markenerlebnissen. Aktuelle Studien im Bereich Mobile Marketing bestätigen die generelle Akzeptanz von mobilen Inhalten und identifizieren den wahrgenommene Unterhaltungsnutzen und das wahrgenommene Vergnügen als die wichtigsten akzeptanzfördernden Faktoren. Basierend auf diesen Akzeptanzforschungsstudien und Erkenntnissen der Sozialpsychologie, vor allem des Flow Erlebens, untersucht diese empirische Studie die Relevanz von Vergnügen und Unterhaltung für das positive subjektive Gesamterlebnis bei mobilen Anwendungen und identifiziert wichtige Einflussfaktoren. Es wird zunächst ein übergeordnetes Flow Konstrukt als optimales Erlebnis definiert (Kognitives Entertainment). Das Flow-Erleben gilt als optimales Erlebnis und ist bereits mehrfach zur Erklärung der Mensch-Computer Interaktion angewendet und empirisch belegt worden. Anschließend werden Hypothesen formuliert und ein Strukturmodell definiert, welches mit Hilfe einer empirischen Online-Studie getestet und anschließend statistisch verifiziert wird. Die Ergebnisse bestätigen kognitives Entertainment als wichtige Bedingung für die kontinuierliche Nutzung von mobilen Anwendungen. Emotionale Nutzen wie Freude und visuelles Design, sowie kognitive, wie Kontrolle, beeinflussen das Kognitive Entertainment dabei positiv. Die Erkenntnisse ermöglichen theoretische und praktische Implikationen für die Gestaltung relevanter mobiler Markeninhalte, welche die kontinuierlichen Nutzung unterstützen und aufgrund der positiven Erlebniserfahrung zudem ermöglichen, Mobile Marketing verstärkt zur Markenbildung einzusetzen.
    Keywords: Mobile User Experience,Flow-Erleben,Mobile Marketing,Kognitives Entertainment,Wahrgenommenes Vergnügen,Mobile Anwendungen
    JEL: M31 M37
    Date: 2016
  2. By: Siekmann, Manuel; Haucap, Justus; Heimeshoff, Ulrich
    Abstract: Price levels and movements on gasoline and diesel markets are heavily debated among consumers, policy-makers, and competition authorities alike. In this paper, we empirically investigate how and why price levels differ across gasoline stations in Germany, using eight months of data from a novel panel data set including price quotes from virtually all German stations. Our analysis specifically explores the role of station heterogeneity in explaining price differences across gasoline stations. Key determinants of price levels across fuel types are found to be ex-refinery prices as key input costs, a station's location on roads or highway service areas, and brand recognition. A lower number of station-specific services implies lower fuel price levels, so does a more heterogeneous local competitive environment.
    JEL: L11 L71 L13
    Date: 2015
  3. By: Gamp, Tobias
    Abstract: Consumers buy products even if they find it too time-consuming to evaluate products carefully. I present a simple market model with sequential consumer search and differentiated products in which consumers may purchase products without evaluation. In a market with evaluation cost heterogeneity and endogenous consumer participation, market prices and profits may fall with increasing product diversity. Resulting concerns that the market may fail to provide the welfare optimal variety of products are gratuitous if product diversity is endogenized. Firms find it nonetheless individually rational to offer niche products. I endogenize evaluation costs and interpret this as the firms opportunity to aggravate the acquisition of information by obfuscation. A firm s equilibrium strategy whether to obfuscate product information is monotonic in product diversity: while obfuscation is individually rational for high product diversity, firms simplify information acquisition if product diversity is low.
    JEL: D43 D83 L13
    Date: 2015
  4. By: Talavera, Oleksandr; Gorodnichenko, Yuriy
    Abstract: We document basic facts about prices in online markets in the U.S. and Canada, a rapidly growing segment of the retail sector. Relative to prices in regular stores, prices in online markets are more flexible as well as exhibit stronger pass-through (60-75 percent) and faster convergence (half-life less than 2 months) in response to movements of the nominal exchange rate. Multiple margins of adjustment (frequency of price changes, direction of price changes, size of price changes, exit of sellers) are active in the process of responding to nominal exchange rate shocks. Furthermore, we use the richness of our dataset to show that degree of competition, stickiness of prices, synchronization of price changes, reputation of sellers, and returns to search effort are important determinants of pass-through and speed of price adjustment for international price differentials.
    JEL: E31 F41 F40
    Date: 2015
  5. By: Wenzel, Tobias; Normann, Hans-Theo
    Abstract: We explore how competition affects firms obfuscation strategies in laboratory experiments. Firms sell a base good and an add-on product. The price of the add-on may be shrouded and, if so, myopic consumers pay too much. Shrouding is an equilibrium but an unshrouding equilibrium coexists. In our experiments, competition matters in that only duopolistic markets are frequently shrouded whereas fourfirm markets are not. With repeated interaction, shrouding rates do not increase. However, the opportunities to shroud facilitate tacit collusion on the base good price for the duopolies: the unshrouding equilibrium serves as a credible punishment if deviations occur.
    JEL: L40 L41 C90
    Date: 2015
  6. By: Focke, Florens; Ruenzi, Stefan; Ungeheuer, Michael
    Abstract: We investigate the impact of product market advertising on investor attention and financial market outcomes. Using daily advertising data allows us to identify short-term effects of advertising. We measure daily investor attention based the company's number of Wikipedia page views. We show that TV and newspaper advertising positively impacts short-term investor attention. It also positively impacts turnover and liquidity, but the effects are not economically significant. Most importantly, asset prices are not influenced by advertising in the short run. These findings are different from studies using yearly advertising expenditures and suggest that attempts to temporarily inflate stock returns via short-term adjustments to advertising are ineffective.
    JEL: G10 G14 M37
    Date: 2015
  7. By: Rockenbach, Bettina; Pigors, Mark
    Abstract: We investigate the emergence of socially responsible (SR) production through consumer decisions. Our experimental treatments vary market competitiveness and consumers information on social responsibility in production. We show that irrespective of consumers information SR production reduces monopolistic supplier s profit and is therefore unlikely to emerge. With supplier competition, SR production positively influences consumers buying decisions and suppliers offering SR products achieve significantly higher profits, as long their price is not too high. Our results yield valuable insights into the possibilities and limitations of promoting SR production through consumer behavior, and provide evidence for positive effects of competition on moral behavior.
    JEL: M14 C91 A13
    Date: 2015
  8. By: Demary, Vera
    Abstract: Online platforms play an increasingly important role in the European business landscape. Guided by questions from the European Commission's consultation on this topic, the paper aims to provide insight into the characteristics of online platforms and the resulting regulatory challenges. Issues such as the transparency of platforms or the organization of the Sharing Economy are currently under debate. Generally speaking, one main concern is that online platforms do not account for their users' interests sufficiently, resulting in hardly desirable market outcomes. The paper provides economic reasoning as to why this concern is not always justified and suggests possible policy measures in cases where regulatory action is necessary. The most important aspect being currently discussed in this context is the access to and the use of data. Data are at the center of most online platforms' business models. While regulation to ensure data protection is naturally important, this aspect is the main reason to refrain from overbearing regulation and to emphasize a rule-of-reason approach. European policy-makers need to find the balance between consumer protection and fostering new innovative business models.
    JEL: L14 L41 O33
    Date: 2015
  9. By: Lamla, Michael; Dräger, Lena; Pfajfar, Damjan
    Abstract: Using the microdata of the Michigan Survey of Consumers, we evaluate whether U.S. consumers form macroeconomic expectations consistent with different economic concepts. We observe that 50\% of consumers have expectations consistent with the Income Fisher equation, 46\% with the Taylor rule and 34\% with the Phillips curve. For the Taylor rule and the Phillips curve we observe less consistency during recessions and with high inflation. Moreover, changes in the communication policy of the Fed affect consistency. The strongest positive effect comes from the introduction of the official inflation target. Finally, consumers with theory-consistent expectations have lower absolute inflation forecast errors.
    JEL: E52 D84 C25
    Date: 2015
  10. By: Baumeister, Christiane; Kilian, Lutz
    Abstract: It has been forty years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged. Drawing on this literature, we first provide an overview of the causes of all major oil price fluctuations between 1973 and 2014. We then discuss why oil price fluctuations remain difficult to predict, despite economists' improved understanding of oil markets. Unexpected oil price fluctuations are commonly referred to as oil price shocks. We document that, in practice, consumers, policymakers, financial market participants and economists may have different oil price expectations, and that, what may be surprising to some, need not be equally surprising to others.
    Keywords: oil market,oil price shock,heterogeneous price expectations,OPEC,peak oil,unconventional oil
    JEL: Q43 C53
    Date: 2015

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