|
EconStor >
Humboldt-Universität Berlin >
Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/25076
|
| | |
| Title: | | An empirical test of theories of price valuation using a semiparametric approach, reference prices, and accounting for heterogeneity  |
| Authors: | | Boztuğ, Yasemin Hildebrandt, Lutz |
| Issue Date: | | 2005 |
| Series/Report no.: | | SFB 649 discussion paper 2005,057 |
| Abstract: | | In this paper we estimate and empirically test different behavioral theories of consumer reference price formation. Two major theories are proposed to model the reference price reaction: assimilation contrast theory and prospect theory. We assume that different consumer segments will use different reference prices. The study builds on earlier research by Kalyanaram and Little (1994); however, in contrast to their work, we use parametric and semiparametric approaches to detect the structure of the underlying data sets. The different models are tested using a program module in GAUSS that was able to account for heterogeneity. The model types were calibrated by a simulation study. The calibrated modules were then used to analyze real market data. |
| JEL: | | C14 C23 C25 D12 M31 |
| Document Type: | | Working Paper |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/25076
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|