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Eric Wolff - One of the best experts on this subject based on the ideXlab platform.

  • retail strategies on the web price and non price competition in the online Book Industry
    Journal of Industrial Economics, 2003
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff, Danny Fernandes
    Abstract:

    Two conflicting predictions have emerged regarding the effect of low-cost information on price. The first states that all Internet retailers will charge the same low price for mass produced goods. The second states that Internet retailers will differentiate to avoid intense price competition. Using data collected in April 1999 on the prices of 107 Books in thirteen online and two physical Bookstores, we find similar average prices online and in physical stores and substantial price dispersion online. Analysis of product differentiation yields no clear results. The substantial premium charged by Amazon provides indirect evidence of product differentiation. Copyright 2002 by Blackwell Publishing Ltd

  • retail strategies on the web price and non price competition in the online Book Industry
    2003
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff, Danny Fernandes
    Abstract:

    Two conflicting predictions have emerged regarding the effect of low-cost information on price. The first states that all Internet retailers will charge the same low price for mass produced goods. The second states that Internet retailers will differentiate to avoid intense price competition. Using data collected in April 1999 on the prices of 107 Books in thirteen online and two physical Bookstores, we find similar average prices online and in physical stores and substantial price dispersion online. Analysis of product differentiation yields no clear results. The substantial premium charged by Amazon provides indirect evidence of product differentiation.

  • prices and price dispersion on the web evidence from the online Book Industry
    Journal of Industrial Economics, 2003
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff
    Abstract:

    Using data collected between August, 1999, and January, 2000, covering 399 Books, we examine pricing by thirty-two online United States-based Bookstores. At the aggregate level, we find that both advertising and competitive structure had the predicted effects. More competition led to lower prices and to lower price dispersion. Holding competitive structure constant, more widely advertised items also had lower prices. At the firm level, we observe considerable heterogeneity in behavior. Firms had differentiated (or attempted to differentiate) on dimensions such as brand, price, and selection.

  • prices and price dispersion on the web evidence from the online Book Industry
    Research Papers in Economics, 2001
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff
    Abstract:

    Using data collected between August 1999 and January 2000 covering 399 Books, including New York Times bestsellers, computer bestsellers, and random Books, we examine pricing by thirty-two online Bookstores. One common prediction is that the reduction in search costs on the Internet relative to the physical channel would cause both price and price dispersion to fall. Over the sample period, we find no change in either price or price dispersion. Another prediction of the search literature is that the prices and price dispersion of advertised items or items that are purchased repeatedly will be lower than for unadvertised or infrequently purchased items. Prices across categories of Books appear to conform to this prediction, with New York Times bestsellers having the lowest prices as a fraction of the publisher's suggested price and random Books having the highest prices. Interestingly, price dispersion does not conform with this prediction, apparently for reasons related to stores' decisions to carry particular Books. One reason why we may not observe convergence in prices is because stores have succeeded in differentiating themselves even though they are selling a commodity product. We observe differentiation (or attempted differentiation) by a significant number of firms.

  • pricing strategies on the web evidence from the online Book Industry
    Electronic Commerce, 2000
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff
    Abstract:

    Using data collected between August 1999 and January 2000, we examine firm-level pricing strategies for thirty-two online Bookstores. The data cover 424 Books, including New York Times bestsellers, computer bestsellers, and random Books. One prediction is that the reduction in search costs on the Internet relative to the physical channel would force prices to cost and standard deviation to zero, since no firm could charge higher prices. Between August 1999 and January 2000, standard deviation of price fell somewhat, and prices for the different types of Books were flat or increasing and substantially above cost. Thus predicted price convergence has not yet occurred. Prices are, however, lower in segments with more competition, such as bestsellers, suggesting that some type of convergence may be happening in these segments. Interestingly the standard deviation of prices appears to be higher not lower in segments with more competition. Regressions to further investigate these effects suggest that increased competition as measured by an increase in the number of stores selling the Book has different effects on price and standard deviation for different categories of Books. Thus there is no clear relationship between competition and price or standard deviation. Firm level strategies vary across stores, with some specializing in certain types of Books, others using the web as advertising, and still others offering low prices. For those offering low prices, most stores focused on marginally undercutting Amazon, usually by 10 cents or less. As of November 2000, some of these stores have gone out of business or changed their business model, and the surviving ones appear to still be at risk. We would like to thank Bo-Han Chen, Yimin Yang, Danny Fernandes, and Kartik Hosanager for excellent research assistance. We would also like to thank: Y. S. Chi of Ingram Book Group for insights on the wholesale market for Books; Andy Ross of Cody Books for providing information on wholesale prices; Paul Mozak and Chris Nichols of Borders Group and John Vogus of AllBooks4Less.com for discussions of the Book Industry; and Mike Smith and seminar participants at the NBER 2000 Summer Meetings for helpful comments on the paper.

Karen Clay - One of the best experts on this subject based on the ideXlab platform.

  • retail strategies on the web price and non price competition in the online Book Industry
    Journal of Industrial Economics, 2003
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff, Danny Fernandes
    Abstract:

    Two conflicting predictions have emerged regarding the effect of low-cost information on price. The first states that all Internet retailers will charge the same low price for mass produced goods. The second states that Internet retailers will differentiate to avoid intense price competition. Using data collected in April 1999 on the prices of 107 Books in thirteen online and two physical Bookstores, we find similar average prices online and in physical stores and substantial price dispersion online. Analysis of product differentiation yields no clear results. The substantial premium charged by Amazon provides indirect evidence of product differentiation. Copyright 2002 by Blackwell Publishing Ltd

  • retail strategies on the web price and non price competition in the online Book Industry
    2003
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff, Danny Fernandes
    Abstract:

    Two conflicting predictions have emerged regarding the effect of low-cost information on price. The first states that all Internet retailers will charge the same low price for mass produced goods. The second states that Internet retailers will differentiate to avoid intense price competition. Using data collected in April 1999 on the prices of 107 Books in thirteen online and two physical Bookstores, we find similar average prices online and in physical stores and substantial price dispersion online. Analysis of product differentiation yields no clear results. The substantial premium charged by Amazon provides indirect evidence of product differentiation.

  • prices and price dispersion on the web evidence from the online Book Industry
    Journal of Industrial Economics, 2003
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff
    Abstract:

    Using data collected between August, 1999, and January, 2000, covering 399 Books, we examine pricing by thirty-two online United States-based Bookstores. At the aggregate level, we find that both advertising and competitive structure had the predicted effects. More competition led to lower prices and to lower price dispersion. Holding competitive structure constant, more widely advertised items also had lower prices. At the firm level, we observe considerable heterogeneity in behavior. Firms had differentiated (or attempted to differentiate) on dimensions such as brand, price, and selection.

  • prices and price dispersion on the web evidence from the online Book Industry
    Research Papers in Economics, 2001
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff
    Abstract:

    Using data collected between August 1999 and January 2000 covering 399 Books, including New York Times bestsellers, computer bestsellers, and random Books, we examine pricing by thirty-two online Bookstores. One common prediction is that the reduction in search costs on the Internet relative to the physical channel would cause both price and price dispersion to fall. Over the sample period, we find no change in either price or price dispersion. Another prediction of the search literature is that the prices and price dispersion of advertised items or items that are purchased repeatedly will be lower than for unadvertised or infrequently purchased items. Prices across categories of Books appear to conform to this prediction, with New York Times bestsellers having the lowest prices as a fraction of the publisher's suggested price and random Books having the highest prices. Interestingly, price dispersion does not conform with this prediction, apparently for reasons related to stores' decisions to carry particular Books. One reason why we may not observe convergence in prices is because stores have succeeded in differentiating themselves even though they are selling a commodity product. We observe differentiation (or attempted differentiation) by a significant number of firms.

  • pricing strategies on the web evidence from the online Book Industry
    Electronic Commerce, 2000
    Co-Authors: Karen Clay, Ramayya Krishnan, Eric Wolff
    Abstract:

    Using data collected between August 1999 and January 2000, we examine firm-level pricing strategies for thirty-two online Bookstores. The data cover 424 Books, including New York Times bestsellers, computer bestsellers, and random Books. One prediction is that the reduction in search costs on the Internet relative to the physical channel would force prices to cost and standard deviation to zero, since no firm could charge higher prices. Between August 1999 and January 2000, standard deviation of price fell somewhat, and prices for the different types of Books were flat or increasing and substantially above cost. Thus predicted price convergence has not yet occurred. Prices are, however, lower in segments with more competition, such as bestsellers, suggesting that some type of convergence may be happening in these segments. Interestingly the standard deviation of prices appears to be higher not lower in segments with more competition. Regressions to further investigate these effects suggest that increased competition as measured by an increase in the number of stores selling the Book has different effects on price and standard deviation for different categories of Books. Thus there is no clear relationship between competition and price or standard deviation. Firm level strategies vary across stores, with some specializing in certain types of Books, others using the web as advertising, and still others offering low prices. For those offering low prices, most stores focused on marginally undercutting Amazon, usually by 10 cents or less. As of November 2000, some of these stores have gone out of business or changed their business model, and the surviving ones appear to still be at risk. We would like to thank Bo-Han Chen, Yimin Yang, Danny Fernandes, and Kartik Hosanager for excellent research assistance. We would also like to thank: Y. S. Chi of Ingram Book Group for insights on the wholesale market for Books; Andy Ross of Cody Books for providing information on wholesale prices; Paul Mozak and Chris Nichols of Borders Group and John Vogus of AllBooks4Less.com for discussions of the Book Industry; and Mike Smith and seminar participants at the NBER 2000 Summer Meetings for helpful comments on the paper.

Sabine Jacques - One of the best experts on this subject based on the ideXlab platform.

  • from publishers to self publishing disruptive effects in the Book Industry
    International Journal of The Economics of Business, 2019
    Co-Authors: Morten Hviid, Sofia Izquierdosanchez, Sabine Jacques
    Abstract:

    This paper explores the structure of the Book publishing Industry post digitalisation, analysing the choices of the publishers and authors. The introduction of successful e-Book readers has belated...

  • from publishers to self publishing the disruptive effects of digitalisation on the Book Industry
    Social Science Research Network, 2016
    Co-Authors: Morten Hviid, Sofia Izquierdo Sanchez, Sabine Jacques
    Abstract:

    This paper explores the structure of the Book publishing Industry postdigitalisation. We argue that the introduction of successful e-Book readers has belatedly given digitalisation the characteristics of a disruptive technology by making self-publishing a serious option for authors. This has been supported by the entry of new types of intermediaries and the strengthening of others. These changes have reduced the overall complexities for an author to get a Book self-published. As a result, a larger share of the surplus from the Book Industry is likely going to authors, explaining the significant increase in the supply of Books. The potential over-supply of Books has created a new problem by making consumer search more difficult. We argue that digitalisation has shifted the potential market failure from inadequate supply of Books to asymmetric information about quality. It remains to be seen whether the market will provide appropriate intermediaries to solve the associated asymmetric information problem and, if not, what appropriate interventions should be contemplated.

Dominik Stehr - One of the best experts on this subject based on the ideXlab platform.

Hongju Liu - One of the best experts on this subject based on the ideXlab platform.

  • price dispersion and loss leader pricing evidence from the online Book Industry
    Social Science Research Network, 2012
    Co-Authors: Hongju Liu
    Abstract:

    In this paper, we develop a theoretical model to analyze the pricing strategies of competing retailers with asymmetric cross-selling capabilities when product demand changes. Our results suggest that retailers with better opportunities for cross-selling have higher incentives to adopt loss leader pricing on high demand products than retailers with low cross-selling capabilities. As a result, price dispersion of a product across retailers rises when its demand increases. The predictions of our model are consistent with the empirical evidence from the online Book retailing Industry. Using product breadth as a proxy for cross-selling capability, we find that retailers with high cross-selling capabilities reduce prices on bestsellers more aggressively than retailers with low cross-selling capabilities. As a result, price dispersion increases when a Book makes to the bestseller list, and the increase is mainly driven by the difference in pricing behavior between retailers with different cross-selling capabilities. Our empirical results are robust against a number of alternative explanations.