The Experts below are selected from a list of 1227 Experts worldwide ranked by ideXlab platform
Shantanu Dutta - One of the best experts on this subject based on the ideXlab platform.
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2002) Holiday Price Rigidity and Cost of Price Adjustment, Working Paper
2014Co-Authors: Mark Bergen, Daniel Levy, Shantanu Dutta, Georg Müller, Haipeng ChenAbstract:The Thanksgiving-Christmas holiday period is a major sales period for US retailers. Due to higher store traffic, tasks such as restocking shelves, handling customers ’ questions and inquiries, running Cash Registers, cleaning, and bagging, become more urgent during holidays. As a result, the holiday-period opportunity cost of price adjustment may increase dramatically for retail stores, which should lead to greater price rigidity during holidays. We test this prediction using weekly retail scanner price data from a major Midwestern supermarket chain. We find that indeed, prices are more rigid during holiday periods than non-holiday periods. For example, the econometric model we estimate suggests that the probability of a price change is lower during holiday periods, even after accounting for cost changes. Moreover, we find that the probability of a price change increases with the size of the cost change, during both, the holiday as well as non-holiday periods. We argue that these findings are best explained by higher price adjustment costs (menu cost) the retailers face during the holiday periods. Our data provides a natural experiment for studying variation in price rigidity because most aspects of market environment such as market structure, industry concentration, the nature of long-ter
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Holiday price rigidity and cost of price adjustment
Economica, 2010Co-Authors: Daniel Levy, Haipeng Allan Chen, Shantanu Dutta, Georg Müller, Mark BergenAbstract:The Thanksgiving–Christmas holiday period is a major sales period for US retailers. Due to higher store traffic, tasks, such as restocking shelves, handling customers’ questions and inquiries, running Cash Registers, cleaning and bagging, become more urgent during holidays. As a result, the holiday-period opportunity cost of price adjustment may increase dramatically for retail stores, which should lead to greater price rigidity during holidays. We test this prediction using weekly retail scanner price data from a major Midwestern supermarket chain. We find that, indeed, prices are more rigid during holiday periods than non-holiday periods. For example, the econometric model we estimate suggests that the probability of a price change is lower during holiday periods, even after accounting for cost changes. Moreover, we find that the probability of a price change increases with the size of the cost change, during both the holiday as well as non-holiday periods. We argue that these findings are best explained by higher price adjustment costs (menu cost) the retailers face during the holiday periods. Our data provides a natural experiment for studying variation in price rigidity because most aspects of market environment such as market structure, industry concentration, the nature of long-term relationships, contractual arrangements, etc. do not vary between holiday and non-holiday periods. We, therefore, are able to rule out these commonly used alternative explanations for the price rigidity, and conclude that the menu cost theory offers the best explanation for the holiday period price rigidity.
Daniel Levy - One of the best experts on this subject based on the ideXlab platform.
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2002) Holiday Price Rigidity and Cost of Price Adjustment, Working Paper
2014Co-Authors: Mark Bergen, Daniel Levy, Shantanu Dutta, Georg Müller, Haipeng ChenAbstract:The Thanksgiving-Christmas holiday period is a major sales period for US retailers. Due to higher store traffic, tasks such as restocking shelves, handling customers ’ questions and inquiries, running Cash Registers, cleaning, and bagging, become more urgent during holidays. As a result, the holiday-period opportunity cost of price adjustment may increase dramatically for retail stores, which should lead to greater price rigidity during holidays. We test this prediction using weekly retail scanner price data from a major Midwestern supermarket chain. We find that indeed, prices are more rigid during holiday periods than non-holiday periods. For example, the econometric model we estimate suggests that the probability of a price change is lower during holiday periods, even after accounting for cost changes. Moreover, we find that the probability of a price change increases with the size of the cost change, during both, the holiday as well as non-holiday periods. We argue that these findings are best explained by higher price adjustment costs (menu cost) the retailers face during the holiday periods. Our data provides a natural experiment for studying variation in price rigidity because most aspects of market environment such as market structure, industry concentration, the nature of long-ter
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Holiday price rigidity and cost of price adjustment
Economica, 2010Co-Authors: Daniel Levy, Haipeng Allan Chen, Shantanu Dutta, Georg Müller, Mark BergenAbstract:The Thanksgiving–Christmas holiday period is a major sales period for US retailers. Due to higher store traffic, tasks, such as restocking shelves, handling customers’ questions and inquiries, running Cash Registers, cleaning and bagging, become more urgent during holidays. As a result, the holiday-period opportunity cost of price adjustment may increase dramatically for retail stores, which should lead to greater price rigidity during holidays. We test this prediction using weekly retail scanner price data from a major Midwestern supermarket chain. We find that, indeed, prices are more rigid during holiday periods than non-holiday periods. For example, the econometric model we estimate suggests that the probability of a price change is lower during holiday periods, even after accounting for cost changes. Moreover, we find that the probability of a price change increases with the size of the cost change, during both the holiday as well as non-holiday periods. We argue that these findings are best explained by higher price adjustment costs (menu cost) the retailers face during the holiday periods. Our data provides a natural experiment for studying variation in price rigidity because most aspects of market environment such as market structure, industry concentration, the nature of long-term relationships, contractual arrangements, etc. do not vary between holiday and non-holiday periods. We, therefore, are able to rule out these commonly used alternative explanations for the price rigidity, and conclude that the menu cost theory offers the best explanation for the holiday period price rigidity.
Mark Bergen - One of the best experts on this subject based on the ideXlab platform.
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2002) Holiday Price Rigidity and Cost of Price Adjustment, Working Paper
2014Co-Authors: Mark Bergen, Daniel Levy, Shantanu Dutta, Georg Müller, Haipeng ChenAbstract:The Thanksgiving-Christmas holiday period is a major sales period for US retailers. Due to higher store traffic, tasks such as restocking shelves, handling customers ’ questions and inquiries, running Cash Registers, cleaning, and bagging, become more urgent during holidays. As a result, the holiday-period opportunity cost of price adjustment may increase dramatically for retail stores, which should lead to greater price rigidity during holidays. We test this prediction using weekly retail scanner price data from a major Midwestern supermarket chain. We find that indeed, prices are more rigid during holiday periods than non-holiday periods. For example, the econometric model we estimate suggests that the probability of a price change is lower during holiday periods, even after accounting for cost changes. Moreover, we find that the probability of a price change increases with the size of the cost change, during both, the holiday as well as non-holiday periods. We argue that these findings are best explained by higher price adjustment costs (menu cost) the retailers face during the holiday periods. Our data provides a natural experiment for studying variation in price rigidity because most aspects of market environment such as market structure, industry concentration, the nature of long-ter
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Holiday price rigidity and cost of price adjustment
Economica, 2010Co-Authors: Daniel Levy, Haipeng Allan Chen, Shantanu Dutta, Georg Müller, Mark BergenAbstract:The Thanksgiving–Christmas holiday period is a major sales period for US retailers. Due to higher store traffic, tasks, such as restocking shelves, handling customers’ questions and inquiries, running Cash Registers, cleaning and bagging, become more urgent during holidays. As a result, the holiday-period opportunity cost of price adjustment may increase dramatically for retail stores, which should lead to greater price rigidity during holidays. We test this prediction using weekly retail scanner price data from a major Midwestern supermarket chain. We find that, indeed, prices are more rigid during holiday periods than non-holiday periods. For example, the econometric model we estimate suggests that the probability of a price change is lower during holiday periods, even after accounting for cost changes. Moreover, we find that the probability of a price change increases with the size of the cost change, during both the holiday as well as non-holiday periods. We argue that these findings are best explained by higher price adjustment costs (menu cost) the retailers face during the holiday periods. Our data provides a natural experiment for studying variation in price rigidity because most aspects of market environment such as market structure, industry concentration, the nature of long-term relationships, contractual arrangements, etc. do not vary between holiday and non-holiday periods. We, therefore, are able to rule out these commonly used alternative explanations for the price rigidity, and conclude that the menu cost theory offers the best explanation for the holiday period price rigidity.
Tanja Planinc - One of the best experts on this subject based on the ideXlab platform.
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efficiency analysis of restaurants in a small economy after the implementation of fiscal Cash Registers the case of slovenia
Organizacija, 2018Co-Authors: Marko Kukanja, Tanja PlanincAbstract:Background and purpose: The aim is to analyse the efficiency of small and medium-sized (SMEs) restaurant enterprises in Slovenia after the government’s implementation of fiscal Cash Registers in January 2016. Strict financial supervision and the introduction of fiscal Cash Registers resulted in increased officially registered sales revenues, higher taxes, and more available and reliable financial data. No previous study has analysed restaurants’ efficiency in the country, as, due to fiscal malpractice, accounting data have not provided a reliable source for accurate efficiency evaluation. Design/Methodology/Approach: Efficiency was assessed using Data Envelopment Analysis (DEA), based on secondary-financial data provided by the national tax authorities. Data were gathered from 142 independently run restaurant SMEs in 2017. Results: The average efficiency score of Slovene restaurant SMEs is 85%, which indicates that, on average, restaurants have to increase their efficiency level by 15% in order to improve their efficiency according to the most efficient (best-performing) units under comparison. Our research results indicate a relatively successful and comparable level of efficiency performance in comparison to those found in previous international studies. The results also reveal that the patterns of conducting business operations in terms of efficient management are relatively similar across the restaurant sector. Surprisingly, in terms of determining the influence of different groups of operational variables on restaurants’ efficiency performance, the research results indicate that only operational financial variables (costs of goods sold, labour costs, and depreciation) influence efficiency performance, while managers’ demographic characteristics (gender, age, education, years of experience) and restaurants’ physical characteristics (size, number of competitors, location) have no statistically significant influence on restaurants’ efficiency in achieving net sales revenues. Conclusion: Secondary-financial data represent a valuable source of information for restaurant companies’ efficiency analysis. The use of selected variables enables an internationally comparable benchmarking process and facilitates the improvement of restaurants’ efficiency performance. It is suggested that future research include longitudinal data and focus on the systematic analysis of other variables (e.g., managers’ psychographic characteristics) that might influence restaurants’ efficiency performance. Keywords: DEA; efficiency measurement; restaurant industry; Slovenia
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Influence of managers\u27 perceptions of quality on restaurant operational profitability: Evidence from Slovenian SMEs
'Institute for Tourism', 2018Co-Authors: Marko Kukanja, Tanja PlanincAbstract:The importance of quality has been broadly recognized in the restaurant industry, because it generates revenues and has a strong impact on customer loyalty. Previous studies focusing on quality and profitability in the restaurant industry have highlighted the importance of guests\u27 perceptions of quality for restaurants\u27 financial success. However, to date, no study has examined the influence of managers\u27 perceptions of quality (the inner-perspective) on restaurant profitability. Managers\u27 perceptions of quality were analysed using a self-reported DINESERV scale, while financial success was assessed based on restaurants\u27 financial statements provided by the national tax authorities after the introduction of the new fiscal law about the use of fiscal Cash Registers (fiscal devices) in 2016. A sample of 142 valid questionnaires obtained by managers of independently run restaurant SMEs and their official financial reports were analysed. Results show that according to managers\u27 perspectives, only two quality dimensions are important for ensuring overall restaurant quality: (1) empathy and assurance and (2) tangibles. Surprisingly, in terms of determining restaurants\u27 financial success, the results indicate that the aforementioned quality dimensions have no impact on operational profit. The more surprising is the weak statistically-negative correlation between three DINESERV quality indicators (providing accurate bills, providing services in promised time, and devoting extra attention to guests\u27 special requests) and operational profit. This research has raised many questions in need of further investigation. It is suggested that future research focus on the analysis of guest and management quality perception gap and restaurant profitability
Omer Tsimhoni - One of the best experts on this subject based on the ideXlab platform.
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reducing service time at a busy fast food restaurant on campus
Winter Simulation Conference, 2005Co-Authors: Sara A Curin, Jeremy S Vosko, Eric W Chan, Omer TsimhoniAbstract:As part of an undergraduate engineering class project, a Tim Hortons restaurant on the University of Michigan campus was simulated to improve its efficiency. Using the standard simulation study steps, several service scenarios were modeled and evaluated based on customer system time. A detailed analysis of the simulation revealed that, in the current setup, the utilization of the Cash Registers is high (88%); consequently, several scenarios that decrease the load on the Cash Registers were explored. To reduce customer wait times and, therefore, serve more customers per hour, it is recommended that Tim Hortons operate with five servers. A five-person setup with three Cashiers, a soup server, and a sandwich server could reduce customer system time by over two minutes per customer. As an alternative, transferring all food preparation to the secondary service location and adding a dual-purpose server could reduce customer system time by over one half.