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  • Wang, Xin (Shane)  (8)
  • Economics  (8)
  • 1
    Online Resource
    Online Resource
    Is Personalized Pricing Profitable When Firms Can Differentiate?
    Institute for Operations Research and the Management Sciences (INFORMS) ; 2023
    In:  Management Science
    Details
    In: Management Science, Institute for Operations Research and the Management Sciences (INFORMS)
    Abstract: We consider the role of personalized pricing (PP) on product differentiation when PP is costly to implement. Using a stylized yet commonly used formulation, we find that when firms decide on positioning before deciding on PP implementation, PP implementation cost affects not only the amount of differentiation firms choose in their positioning, firm profits, consumer surplus, and social welfare, but also whether firms implement PP. When PP implementation cost is low, firms cannot help but to implement PP and engage in direct price competition. Moreover, firms implementing PP reduce their differentiation, further intensifying price competition, and are worse off. When PP implementation cost is moderate, firms position to reduce their differentiation to commit to not implementing PP, again aggravating price competition. In contrast, when PP implementation cost is higher, firms increase their differentiation due to the threat of PP but do not implement PP. As a result, the availability of PP improves firm profits, even though firms do not implement PP. However, if differentiation is restricted, then PP availability cannot improve firm profits. If an information seller sets the PP implementation cost, then it sets the cost low. Consequently, firms implement PP and are worse off. We also find that when firms decide whether to implement PP before deciding on positioning, they never implement PP. This is the case when PP implementation is complex, and differentiation can be affected by short-run advertising and promotion. Finally, we show that banning PP can benefit consumers when accounting for changes in firm positioning. This paper was accepted by D. J. Wu, information systems. Funding: This work was supported by the Social Sciences and Humanities Research Council of Canada and the Hong Kong Research Grants Council [Grant 21500920]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2021.02740 .
    Type of Medium: Online Resource
    ISSN: 0025-1909 , 1526-5501
    URL: Article
    DOI: 10.1287/mnsc.2021.02740
    RVK:
    QP 300
    Language: English
    Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
    Publication Date: 2023
    detail.hit.zdb_id: 206345-1
    detail.hit.zdb_id: 2023019-9
    SSG: 3,2
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  • 2
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    Online Resource
    Artificial Intelligence in Advertising Creativity
    Informa UK Limited ; 2021
    In:  Journal of Advertising Vol. 50, No. 1 ( 2021-01-01), p. 39-51
    Details
    In: Journal of Advertising, Informa UK Limited, Vol. 50, No. 1 ( 2021-01-01), p. 39-51
    Type of Medium: Online Resource
    ISSN: 0091-3367 , 1557-7805
    URL: Article
    DOI: 10.1080/00913367.2020.1843090
    RVK:
    QA 10000
    Language: English
    Publisher: Informa UK Limited
    Publication Date: 2021
    detail.hit.zdb_id: 2067343-7
    detail.hit.zdb_id: 435192-7
    SSG: 3,2
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  • 3
    Online Resource
    Online Resource
    Do Spoilers Really Spoil? Using Topic Modeling to Measure the Effect of Spoiler Reviews on Box Office Revenue
    SAGE Publications ; 2021
    In:  Journal of Marketing Vol. 85, No. 2 ( 2021-03), p. 70-88
    Details
    In: Journal of Marketing, SAGE Publications, Vol. 85, No. 2 ( 2021-03), p. 70-88
    Abstract: A sizable portion of online movie reviews contain spoilers, defined as information that prematurely resolves plot uncertainty. In this research, the authors study the consequences of spoiler reviews using data on box office revenue and online word of mouth for movies released in the United States. To capture the degree of information in spoiler review text that reduces plot uncertainty, the authors propose a spoiler intensity metric and measure it using a correlated topic model. Using a dynamic panel model with movie fixed effects and instrumental variables, the authors find a significant and positive relationship between spoiler intensity and box office revenue with an elasticity of .06. The positive effect of spoiler intensity is greater for movies with a limited release, smaller advertising spending, and moderate user ratings, and is stronger in the earlier days after the movie’s release. Using an event study and online experiments, the authors provide further evidence that spoiler reviews can help consumers reduce their uncertainty about the quality of movies, consequently encouraging theater visits. Thus, movie studios may benefit from consumers’ access to plot-intense reviews and should actively monitor the content of spoiler reviews to better forecast box office performance.
    Type of Medium: Online Resource
    ISSN: 0022-2429 , 1547-7185
    URL: Article
    DOI: 10.1177/0022242920937703
    RVK:
    QA 10000
    Language: English
    Publisher: SAGE Publications
    Publication Date: 2021
    detail.hit.zdb_id: 2052318-X
    detail.hit.zdb_id: 218318-3
    SSG: 3,2
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  • 4
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    Online Resource
    The influence of non‐physicality of goods on disparities in seller–buyer valuations: A meta‐analysis
    Wiley ; 2023
    In:  Journal of Consumer Psychology
    Details
    In: Journal of Consumer Psychology, Wiley
    Abstract: Technological innovation is shaping products and markets to appeal to consumer enduring needs. Given the rise in non‐physicality of products and consumers' increasing participation in peer‐to‐peer markets, this research examines the relationship between non‐physicality of goods and disparities in seller–buyer valuations, a critical component of market inefficiencies. In a meta‐analysis of 598 observations across 129 articles, the authors find that non‐physical (vs. physical) goods have significantly larger seller–buyer valuation disparities (i.e., larger endowment effects). This pattern is consistent across non‐physical categories, including market and non‐market goods. The authors argue the immateriality of non‐physical goods reduces evaluability and enhances perceived complexity, leading to greater asymmetries in information processing between sellers and buyers. Congruent with construal level theory, marketing tactics associated with low categorization levels (emphasizing product features) influence consumer valuations of physical goods, but not non‐physical goods. Instead, consumer valuations of non‐physical goods are asymmetrically influenced by tactics with high categorization levels (accentuating collective identity). This research foreshadows challenges in, and provides managerial implications for, the marketing and transactions of non‐physical products.
    Type of Medium: Online Resource
    ISSN: 1057-7408 , 1532-7663
    URL: Article
    DOI: 10.1002/jcpy.1367
    RVK:
    QA 10000
    Language: English
    Publisher: Wiley
    Publication Date: 2023
    detail.hit.zdb_id: 2021876-X
    detail.hit.zdb_id: 1109529-5
    SSG: 3,2
    SSG: 5,2
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  • 5
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    Online Resource
    Does Piracy Create Online Word of Mouth? An Empirical Analysis in the Movie Industry
    Institute for Operations Research and the Management Sciences (INFORMS) ; 2020
    In:  Management Science Vol. 66, No. 5 ( 2020-05), p. 2140-2162
    Details
    In: Management Science, Institute for Operations Research and the Management Sciences (INFORMS), Vol. 66, No. 5 ( 2020-05), p. 2140-2162
    Abstract: Anecdotal evidence suggests that counterfeiting/piracy can help create online word of mouth (WOM) and through this boost demand, but how powerful is such WOM? To answer this question, we conduct a descriptive study with some attempts to establish near causality. We estimate the impact of piracy on WOM and ultimately revenue by applying a panel data method to all movies widely released in the United States from 2015 to 2017. In identifying the effects of piracy we make inventive use of Russian piracy data to construct instrument variables for piracy in the United States. This is possible because the key piracy site, The Pirate Bay, has been blocked in Russia since 2015. We find movies with prerelease piracy are associated with lower revenues despite the WOM effect. Critically, however, we show a positive correlation between postrelease piracy and WOM volume, and we extend the field by finding that the presence of postrelease piracy is associated with an approximately 3.0% increase in box office revenue. We also note the impact of a raid by the Swedish Police that temporarily took down The Pirate Bay website in December 2014. The period when the site was down experienced a decline in WOM volume and revenues, consistent with the effect of lower postrelease piracy predicted by our models. Our findings suggest approaches to target scarce antipiracy resources, such as focusing on tackling damaging prerelease piracy. This paper was accepted by Juanjuan Zhang, marketing.
    Type of Medium: Online Resource
    ISSN: 0025-1909 , 1526-5501
    URL: Article
    DOI: 10.1287/mnsc.2019.3298
    RVK:
    QP 300
    Language: English
    Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
    Publication Date: 2020
    detail.hit.zdb_id: 206345-1
    detail.hit.zdb_id: 2023019-9
    SSG: 3,2
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  • 6
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    Attribute Embedding: Learning Hierarchical Representations of Product Attributes from Consumer Reviews
    SAGE Publications ; 2022
    In:  Journal of Marketing Vol. 86, No. 6 ( 2022-11), p. 155-175
    Details
    In: Journal of Marketing, SAGE Publications, Vol. 86, No. 6 ( 2022-11), p. 155-175
    Abstract: Sales, product design, and engineering teams benefit immensely from better understanding customer perspectives. How do customers combine a product's technical specifications (i.e., engineered attributes) to form abstract product benefits (i.e., meta-attributes)? To address this question, the authors use machine learning and natural language processing to develop a methodological framework that extracts a hierarchy of product attributes based on contextual information of how attributes are expressed in consumer reviews. The attribute hierarchy reveals linkages between engineered attributes and meta-attributes within a product category, enabling flexible sentiment analysis that can identify how consumers receive meta-attributes, and which engineered attributes are main drivers. The framework can guide managers to monitor only portions of review content that are relevant to specific attributes of interest. Moreover, managers can compare products within and between brands, where different names and attribute combinations are often associated with similar benefits. The authors apply the framework to the tablet computer category to generate dashboards and perceptual maps and provide validations of the attribute hierarchy using both primary and secondary data. Resultant insights allow the exploration of substantive questions, such as how Apple improved successive generations of iPads and why Hewlett-Packard and Toshiba discontinued their tablet product lines.
    Type of Medium: Online Resource
    ISSN: 0022-2429 , 1547-7185
    URL: Article
    DOI: 10.1177/00222429211047822
    RVK:
    QA 10000
    Language: English
    Publisher: SAGE Publications
    Publication Date: 2022
    detail.hit.zdb_id: 2052318-X
    detail.hit.zdb_id: 218318-3
    SSG: 3,2
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  • 7
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    Online Resource
    Does Topic Consistency Matter? A Study of Critic and User Reviews in the Movie Industry
    SAGE Publications ; 2023
    In:  Journal of Marketing Vol. 87, No. 3 ( 2023-05), p. 428-450
    Details
    In: Journal of Marketing, SAGE Publications, Vol. 87, No. 3 ( 2023-05), p. 428-450
    Abstract: Online review platforms often present reviews from both critics and general users. In this research, the authors propose a measure called “topic consistency” to capture the degree of overlap between critic and user review content. High topic consistency suggests greater information recall due to repeated presentation of the same topics, which may increase the memorability of movie attributes and therefore positively affect movie demand. The authors measure the topic consistency between critic and user reviews using topic models and further study the financial consequences of this measure using data for movies released in the United States. Topic consistency is positively associated with subsequent box office revenue, suggesting a positive relationship between topic consistency and movie demand. Furthermore, the effect of topic consistency on demand is the greatest for movies with mediocre review ratings and when the review ratings from critics are close to those from users. Using lab experiments, the authors provide evidence of the causal link between topic consistency and consumers’ willingness to watch a movie, and support for the potential mediation through the information recall of reviews. Movie producers and advertisers should consider highlighting or inducing a central theme for critics and users to discuss, as the more the review content of critics and users overlaps, the higher a movie's revenue.
    Type of Medium: Online Resource
    ISSN: 0022-2429 , 1547-7185
    URL: Article
    DOI: 10.1177/00222429221127927
    RVK:
    QA 10000
    Language: English
    Publisher: SAGE Publications
    Publication Date: 2023
    detail.hit.zdb_id: 2052318-X
    detail.hit.zdb_id: 218318-3
    SSG: 3,2
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  • 8
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    Online Resource
    Transparency of Behavior-Based Pricing
    SAGE Publications ; 2020
    In:  Journal of Marketing Research Vol. 57, No. 1 ( 2020-02), p. 78-99
    Details
    In: Journal of Marketing Research, SAGE Publications, Vol. 57, No. 1 ( 2020-02), p. 78-99
    Abstract: Behavior-based pricing (BBP) refers to the practice in which firms collect consumers’ purchase history data, recognize repeat and new consumers from the data, and offer them different prices. This is a prevalent practice for firms and a worldwide concern for consumers. Extant research has examined BBP under the assumption that consumers observe firms’ practice of BBP. However, consumers do not know that specific firms are doing this and are often unaware of how firms collect and use their data. In this article, the authors examine (1) how firms make BBP decisions when consumers do not observe whether firms perform BBP and (2) how the transparency of firms’ BBP practice affects firms and consumers. They find that when consumers do not observe firms’ practice of BBP and the cost of implementing BBP is low, a firm indeed practices BBP, even though BBP is a dominated strategy when consumers observe it. When the cost is moderate, the firm does not use BBP; however, it must distort its first-period price downward to signal and convince consumers of its choice. A high cost of implementing BBP serves as a commitment device that the firm will forfeit BBP, thereby improving firm profit. By comparing regimes in which consumers do and do not observe a firm’s practice of BBP, the authors find that transparency of BBP increases firm profit but decreases consumer surplus and social welfare. Therefore, requiring firms to disclose collection and usage of consumer data could hurt consumers and lead to unintended consequences.
    Type of Medium: Online Resource
    ISSN: 0022-2437 , 1547-7193
    URL: Article
    DOI: 10.1177/0022243719881448
    RVK:
    QA 10000
    Language: English
    Publisher: SAGE Publications
    Publication Date: 2020
    detail.hit.zdb_id: 2066604-4
    detail.hit.zdb_id: 218319-5
    SSG: 3,2
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