Social Learning in a Competitive Market with Consumer Reviews PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Social Learning in a Competitive Market with Consumer Reviews PDF full book. Access full book title Social Learning in a Competitive Market with Consumer Reviews by Stefano Vaccari. Download full books in PDF and EPUB format.
Author: Stefano Vaccari
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
Get Book Here
Book Description
Two products of unknown qualities are simultaneously launched by two different firms in the market. An infinite population of consumers with heterogeneous preferences sequentially decide whether to purchase one of the two products or not to buy at all. Arriving consumers estimate the qualities of products based on the distribution of binary online reviews reported by prior consumers and decide accordingly, obeying a non-Bayesian rule. The goal of our work is to describe how the online review mechanism drives the spread of information in a competitive market and to provide conditions under which consumers' quality estimates converge almost surely to the true qualities of products.
Author: Stefano Vaccari
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
Get Book Here
Book Description
Two products of unknown qualities are simultaneously launched by two different firms in the market. An infinite population of consumers with heterogeneous preferences sequentially decide whether to purchase one of the two products or not to buy at all. Arriving consumers estimate the qualities of products based on the distribution of binary online reviews reported by prior consumers and decide accordingly, obeying a non-Bayesian rule. The goal of our work is to describe how the online review mechanism drives the spread of information in a competitive market and to provide conditions under which consumers' quality estimates converge almost surely to the true qualities of products.
Author: Nripendra P. Rana
Publisher: Springer Nature
ISBN: 3030243745
Category : Business & Economics
Languages : en
Pages : 337
Get Book Here
Book Description
This book examines issues and implications of digital and social media marketing for emerging markets. These markets necessitate substantial adaptations of developed theories and approaches employed in the Western world. The book investigates problems specific to emerging markets, while identifying new theoretical constructs and practical applications of digital marketing. It addresses topics such as electronic word of mouth (eWOM), demographic differences in digital marketing, mobile marketing, search engine advertising, among others. A radical increase in both temporal and geographical reach is empowering consumers to exert influence on brands, products, and services. Information and Communication Technologies (ICTs) and digital media are having a significant impact on the way people communicate and fulfil their socio-economic, emotional and material needs. These technologies are also being harnessed by businesses for various purposes including distribution and selling of goods, retailing of consumer services, customer relationship management, and influencing consumer behaviour by employing digital marketing practices. This book considers this, as it examines the practice and research related to digital and social media marketing.
Author: Pnina Feldman
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
Get Book Here
Book Description
Consumers often consult the reviews of their peers before deciding whether to purchase a new experience good; however, their initial quality expectations are typically set by the product's observable attributes. This paper focuses on the implications of social learning for a monopolist firm's choice of product design. In our model, the firm's design choice determines the product's ex ante expected quality, and designs associated with (stochastically) higher quality incur higher costs of production. Consumers are forward-looking social learners, and may choose to strategically delay their purchase in anticipation of product reviews. In this setting, we find that the firm's optimal policy differs significantly depending on the level of the ex ante quality uncertainty surrounding the product. In comparison to the case where there is no social learning, we show that (i) when the uncertainty is relatively low, the firm opts for a product of inferior design accompanied by a lower price, while (ii) when the uncertainty is high, the firm chooses a product of superior design accompanied by a higher price; interestingly, we find that the product's expected quality decreases either in the absolute sense (in the former case), or relative to the product's price (in the latter case). We further establish that, contrary to conventional knowledge, social learning can have an ex ante negative impact on the firm's profit, in particular when the consumers are sufficiently forward-looking. Conversely, we find that the presence of social learning tends to be beneficial for the consumers only provided they are sufficiently forward-looking.
Author: Guillermo Gallego
Publisher: Springer
ISBN: 1493996061
Category : Business & Economics
Languages : en
Pages : 336
Get Book Here
Book Description
“There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it." Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK.
Author: Luis C. Corchón
Publisher: Edward Elgar Publishing
ISBN: 178536328X
Category : Business & Economics
Languages : en
Pages : 567
Get Book Here
Book Description
The first volume of this wide-ranging Handbook contains original contributions by world-class specialists. It provides up-to-date surveys of the main game-theoretic tools commonly used to model industrial organization topics. The Handbook covers numerous subjects in detail including, among others, the tools of lattice programming, supermodular and aggregative games, monopolistic competition, horizontal and vertically differentiated good models, dynamic and Stackelberg games, entry games, evolutionary games with adaptive players, asymmetric information, moral hazard, learning and information sharing models.
Author: Jianping Wang
Publisher: Springer Nature
ISBN: 9819757606
Category :
Languages : en
Pages : 230
Get Book Here
Book Description
Author: Adela Coman
Publisher: Springer Nature
ISBN: 3031359151
Category : Computers
Languages : en
Pages : 655
Get Book Here
Book Description
This two-volume set LNCS 14025 and 14026 constitutes the refereed proceedings of the 15th International Conference on Social Computing and Social Media, SCSM 2023, held as part of the 25th International Conference, HCI International 2023, held in Copenhagen, Denmark in July 2023. The total of 1578 papers and 396 posters included in the HCII 2023 proceedings was carefully reviewed and selected from 7472 submissions. The SCSM 2023 conference offers a wide range of topics related to the design, development, assessment, use, and impact of social media.
Author: . Rajagopal
Publisher: Springer
ISBN: 113743497X
Category : Business & Economics
Languages : en
Pages : 269
Get Book Here
Book Description
This book provides an introduction to the concept of entrepreneurship and entrepreneurial business management. It covers many elements of the entrepreneurial management discipline including choosing a business, organizing, financing, marketing, developing an offering that the market will value, and growing the business in all its dimensions.
Author: Tommaso Bondi
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
We develop a dynamic model of naïve social learning from consumer reviews. In our model, consumers decide which of two products to buy based on both expected quality and idiosyncratic taste. Products' qualities are initially unknown, and are (mis)learned from reviews. At the heart of the model lies a dynamic feedback loop between reviews, beliefs, and choices: period t reviews influence t + 1 consumers' beliefs, and thus choices; these determine the average of t + 1 reviews, which in turn influences t + 2 beliefs, choices and reviews. We show that in the long-run (t = ∞), reviews are systematically biased, leading some consumers astray. In particular, reviews relatively advantage lower quality and more polarizing products, since these products induce stronger taste-based consumer self-selection. Thus, in stark contrast with the winner-takes-all dynamics of classic observational learning models, in which consumers learn from the choices of their predecessors, social learning from opinions generates excessive choice fragmentation. Our findings have implications for interpreting the variance of reviews; pricing in presence of reviews; the design of crowd-sourced exploration; and the short and long term effectiveness of fake reviews.
Author: Merlo, Tereza Raquel
Publisher: IGI Global
ISBN:
Category : Business & Economics
Languages : en
Pages : 347
Get Book Here
Book Description
Within information sciences and organizational management, a pressing challenge emerges; How can we harness the transformative power of artificial intelligence (AI) and data analytics? As industries grapple with a deluge of data and the imperative to make informed decisions swiftly, the gap between data collection and actionable insights widens. Professionals in various sectors are in a race to unlock AI's full potential to drive operational efficiency, enhance decision-making, and gain a competitive edge. However, navigating this intricate terrain, laden with ethical considerations and interdisciplinary complexity, has proven to be a formidable undertaking. AI and Data Analytics Applications in Organizational Management, combines rigorous scholarship with practicality. It traverses the spectrum from theoretical foundations to real-world applications, making it indispensable for those seeking to implement AI-driven data analytics in their organizations. Moreover, it delves into the ethical and societal dimensions of this revolution, ensuring that the journey toward innovation is paved with responsible considerations. For researchers, scholars, and practitioners yearning to unleash the potential of AI in organizational management, this book is the key to not only understanding the landscape but also charting a course toward transformative change.
