The Economics of a Money-back Guarantee in Retailing PDF Download
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Author: Yanhong Jin
Publisher:
ISBN:
Category :
Languages : en
Pages : 270
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Author: Yanhong Jin
Publisher:
ISBN:
Category :
Languages : en
Pages : 270
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Author: Yufei Huang
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
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Allowing consumer returns via money-back guarantees (MBGs) is a common practice among retailers to encourage consumer purchases. Although the existing literature emphasizes the usefulness of MBGs, little is known about why retailers adopt different return policies and how their bargaining power with the upstream manufacturer impacts their return policies. To gain a better understanding, we examine retailers' MBG decisions with a stylized model. In our model, two retailers with different quality levels first decide whether to implement MBGs, then simultaneously bargain for wholesale prices with a manufacturer, and finally engage in price competition in the retail market. We adopt a multilateral bargaining framework, and we characterize sufficient conditions and explain the economic rationales for all possible equilibrium MBG outcomes. We further study the impact of the retailers' bargaining power on the manufacturer's and retailers' profits, as well as consumer surplus. We find that the retailers' (a)symmetric bargaining powers can lead to (a)symmetric MBG decisions and that the retailer with high bargaining power may refuse to implement an MBG if the manufacturer's reimbursement for the returned product is not large enough. Furthermore, while the manufacturer, the low-quality retailer, and the consumers always benefit from an MBG, the high-quality retailer benefits from an MBG only when his bargaining power is high and the low-quality retailer's bargaining power is low.
Author: Paul Henry Nystrom
Publisher:
ISBN:
Category : Retail trade
Languages : en
Pages : 424
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Author: Emek Basker
Publisher: Edward Elgar Publishing
ISBN: 1783477385
Category : Business & Economics
Languages : en
Pages : 513
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Book Description
This Handbook explores and critically examines current research in economics and marketing science on key issues in retailing and distribution. Providing a rich perspective for the discussion of public policy, contributions from several disciplines and continents range from the history of chains and the impact of multinational retailers on international trade patterns to US merger policy in the retail context, the rise of the Internet, and consumer-to-consumer sales. The chapters address methodological issues such as the structural estimation of entry games between retailers, productivity measurement when both inputs and output are not fully observable, and demand estimation with variable assortment. Policy issues explored include mergers, zoning, and the regulation of buyer power, while other chapters address some of the recent exciting developments in technology, retail formats, and data availability. The book goes on to study the changes in online retailing and ‘big data’, and to examine competition in specific retail sectors including gasoline stations, automobile dealerships, supermarkets, and ‘big box’ retail. This state-of-the-art Handbook is an essential reference for students and academics of economics and marketing science, and offers an outsider’s perspective to specialists in operations research, data analytics, geography, and sociology.
Author: Bruce McWilliams
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Major retailers in the USA offer Money Back Guarantees (MBGs) under which they return money to dissatisfied customers. Some of these retailers also offer Low price Guarantees (LPGs) under which they promise to refund price differences if buyers find a lower price after purchase. Some researchers have argued that LPGs should be legally challenged because they limit price competition and contribute to higher prices. This paper shows that adding an LPG to an MBG can help improve economic efficiency as both retailer loss and customer hassle costs from excessive returns are reduced. This reduction serves as a counter argument against those who believe that LPGs should be prohibited.
Author: Roger R. Betancourt
Publisher: Edward Elgar Publishing
ISBN: 1845423364
Category : Business & Economics
Languages : en
Pages : 256
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This book should become a standard reference in the field. . . It combines rigorous modeling with sophisticated econometrics and includes telling examples to illustrate general principles. Dennis C. Mueller, University of Vienna, Austria This book provides a uniform and coherent approach to the analysis of distribution systems in general and retail systems in particular. It develops the fundamentals of retail demand and supply, and demonstrates how the provision of distribution services is a principal determinant of economic outcomes in retail exchanges for both retailers and their customers, as well as for other agents such as suppliers and franchisors. The author integrates the existing literature with new applications to provide novel insights into the multi-product nature of retailing, the service aspects of packaging, and the evolution of retail formats such as supermarkets, non-store retailers (including the Internet) and shopping centers. He illustrates how the complementarity that underlies retail activities leads to lower average prices for customers. This integrative process also brings out the role of distribution services as mechanisms to exercise economic power. This is evident not only in channels of distribution but in the evolution of Wal-Mart and the development of franchise contracts. The author also identifies the crucial differences between the retailing of goods and the retailing of services. This impressive volume skilfully integrates conceptual, theoretical and empirical research to analyse critical issues in the economics of retailing and distribution. It will be required reading for academics and professional economists interested in industrial organization, marketing, applied microeconomics and business.
Author: Paul Henry Nystrom
Publisher:
ISBN:
Category : Retail trade
Languages : en
Pages : 428
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Book Description
Author: Paul Henry Nystrom
Publisher:
ISBN:
Category : Retail trade
Languages : en
Pages : 424
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Author: OECD
Publisher: OECD Publishing
ISBN: 9264028889
Category :
Languages : en
Pages : 114
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Book Description
This volume examines the economic impacts of increasing retailer concentration on consumers, processors and farmers.
Author:
Publisher:
ISBN:
Category : Advertising
Languages : en
Pages : 1406
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