The price consideration model of brand choice

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dc.contributor.author Ching, Andrew en_US
dc.contributor.author Erdem, Tulin en_US
dc.contributor.author Keane, Michael en_US
dc.contributor.editor en_US
dc.date.accessioned 2010-05-28T09:53:19Z
dc.date.available 2010-05-28T09:53:19Z
dc.date.issued 2009 en_US
dc.identifier 2008002242 en_US
dc.identifier.citation Ching Andrew, Erdem Tulin, and Keane Michael 2009, 'The price consideration model of brand choice', John Wiley and Sons, vol. 24, no. 3, pp. 393-420. en_US
dc.identifier.issn 0883-7252 en_US
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/9989
dc.description.abstract The workhorse brand choice models in marketing are the multinomial logit (MNL) and nested multinomial logit (NMNL). These models place strong restrictions on how brand share and purchase incidence price elasticities are related. In this paper, we propose a new model of brand choice, the price consideration (PC) model, that allows more flexibility in this relationship. In the PC model, consumers do not observe prices in each period. Every week, a consumer decides whether to consider a category. Only then does he/she look at prices and decide whether and what to buy. Using scanner data, we show the PC model fits much better than MNL or NMNL. Simulations reveal the reason: the PC model provides a vastly superior fit to inter-purchase spells en_US
dc.language en_US
dc.publisher John Wiley and Sons en_US
dc.relation.isbasedon http://dx.doi.org/10.1002/jae.1053 en_US
dc.title The price consideration model of brand choice en_US
dc.parent Journal of Applied Econometrics en_US
dc.journal.volume 24 en_US
dc.journal.number 3 en_US
dc.publocation USA en_US
dc.identifier.startpage 393 en_US
dc.identifier.endpage 420 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 140302 en_US
dc.personcode 0000048877 en_US
dc.personcode 0000017748 en_US
dc.personcode 998871 en_US
dc.percentage 100 en_US
dc.classification.name Econometric and Statistical Methods en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords NA en_US
dc.staffid 998871 en_US


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