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Sudeshna Sen - One of the best experts on this subject based on the ideXlab platform.
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a joint model for the perfect and imperfect Substitute Goods case application to activity time use decisions
Transportation Research Part B-methodological, 2006Co-Authors: Chandra R Bhat, Sivaramakrishnan Srinivasan, Sudeshna SenAbstract:Abstract This paper formulates a model for the joint analysis of the imperfect and perfect Substitute Goods case. That is, it enables the modeling of choice situations where consumers choose multiple alternatives at the same time from a certain set of alternatives, but also choose only one alternative from among a subset of alternatives. For example, in the context of time-use in leisure activity, individuals may participate in combinations of social, out-of-home recreation, and out-of-home non-maintenance shopping pursuits. These three activity types are imperfect Substitutes in that they serve different functional needs of individuals and households. However, if an individual participates in out-of-home recreation, s/he may participate in only one of physically passive activities (for example, going to the movies), partially physically active activities (going to the beach or participating in spectator sports), or physically active activities (for example, working out at a gym) during a given time period (such as a weekday or a weekend day). To our knowledge, this paper is the first to consider a unified utility-maximizing framework for the analysis of such a joint imperfect–perfect Substitute Goods case in the economic literature. The model formulated in the paper is applied to the time-use decisions of individuals. Specifically, individual time-use in maintenance and leisure activities are modeled as a function of demographic variables, urban environment attributes, and day of week/season effects. The results from the model can be used to examine time-use choices across different segments of the population (for example, male vs. female, young vs. old, etc.), as well as to assess the potential impact of urban form policies on individual time-use decisions.
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joint model for perfect and imperfect Substitute Goods case application to activity time use decisions
Transportation Research Board 85th Annual MeetingTransportation Research Board, 2006Co-Authors: Chandra R Bhat, Sivaramakrishnan Srinivasan, Sudeshna SenAbstract:This paper formulates a model for the joint analysis of the imperfect and perfect Substitute Goods case. That is, it enables the modeling of choice situations where consumers choose multiple alternatives at the same time from a certain set of alternatives, but also choose only one alternative from among a subset of alternatives. For example, in the context of time-use in leisure activity, individuals may participate in combinations of social, out-of-home recreation, and out-of-home non-maintenance shopping pursuits. These three activity types are imperfect Substitutes in that they serve different functional needs of individuals and households. However, if an individual participates in out-of-home recreation, s/he may participate in only one of physically passive activities (for example, going to the movies), partially physically active activities (going to the beach or participating in spectator sports), or physically active activities (for example, working out at a gym) during a given time period (such as a weekday or a weekend day). To our knowledge, this paper is the first to consider a unified utility-maximizing framework for the analysis of such a joint imperfect-perfect Substitute Goods case in the economic literature. The model formulated in the paper is applied to the time-use decisions of individuals. Specifically, individual time-use in maintenance and leisure activities are modeled as a function of demographic variables, urban environment attributes, and day of week/season effects. The results from the model can be used to examine time use choices across different segments of the population (for example, male vs. female, young vs. old, etc.), as well as to assess the potential impact of urban form policies on individual time use decisions.
Joao Leao - One of the best experts on this subject based on the ideXlab platform.
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the market for surprises selling Substitute Goods through lotteries
Journal of the European Economic Association, 2021Co-Authors: Filippo Balestrieri, Sergei Izmalkov, Joao LeaoAbstract:The online travel market has recently been aected by the appearance of new …rms, such as hotwire.com and priceline.com, which sell hotel rooms, airplane tickets and car rentals through innovative lottery-like mechanisms. In this paper, we examine the use of lotteries over Substitute Goods under dierent market structures. We …rst show that a multiproduct monopolist uses lotteries over Substitute Goods to price discriminate among the consumers. We characterize the monopolist's optimal selling mechanism and we show how the probability distributions of the lotteries depend on the buyers'preferences. Then, we examine the case in which each Substitute good is produced by an independent …rm. Each …rm is oered the possibility of selling its good also through lotteries over dierent …rms'Goods. Lotteries are sold by third party intermediaries whenever more than one …rm participates. In a market with two …rms, lotteries are sold if and only if both …rms are made better o¤. With more than two …rms this is no longer true: there are equilibria in which …rms sell their Goods through lotteries even though they end up worse o¤. In this case, the sale of lotteries can shift surplus from …rms to consumers.
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the market for surprises selling Substitute Goods through lotteries
Social Science Research Network, 2015Co-Authors: Filippo Balestrieri, Sergei Izmalkov, Joao LeaoAbstract:In this paper we solve the revenue maximization problem of multi-product monopolist when the products are Substitutes. We consider a Hotelling model with two horizontally differentiated Goods located at the endpoints of the segment. Consumers are located uniformly on the segment, their valuations for each good are equal to base consumption value minus distance costs. We consider different specifications for the distance cost function: linear, concave, and convex. When base consumption value is high, the seller maximizes her expected profit by offering a menu of base and opaque Goods. A continuum of type-specific opaque Goods is optimal under convex costs, whereas a single half-half lottery over base Goods is optimal under concave and linear costs. When base consumption value is low, only base Goods are sold. Finally, when base-consumption value is intermediate, the optimal mechanism may entail the offering of lotteries with positive probability of no delivery. Our findings can explain the emergence of opaque Goods sales (e.g. hotel bookings without complete description of the hotel by hotwire.com or priceline.com) as the outcome of the industries search for the optimal selling scheme.
Chandra R Bhat - One of the best experts on this subject based on the ideXlab platform.
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a joint model for the perfect and imperfect Substitute Goods case application to activity time use decisions
Transportation Research Part B-methodological, 2006Co-Authors: Chandra R Bhat, Sivaramakrishnan Srinivasan, Sudeshna SenAbstract:Abstract This paper formulates a model for the joint analysis of the imperfect and perfect Substitute Goods case. That is, it enables the modeling of choice situations where consumers choose multiple alternatives at the same time from a certain set of alternatives, but also choose only one alternative from among a subset of alternatives. For example, in the context of time-use in leisure activity, individuals may participate in combinations of social, out-of-home recreation, and out-of-home non-maintenance shopping pursuits. These three activity types are imperfect Substitutes in that they serve different functional needs of individuals and households. However, if an individual participates in out-of-home recreation, s/he may participate in only one of physically passive activities (for example, going to the movies), partially physically active activities (going to the beach or participating in spectator sports), or physically active activities (for example, working out at a gym) during a given time period (such as a weekday or a weekend day). To our knowledge, this paper is the first to consider a unified utility-maximizing framework for the analysis of such a joint imperfect–perfect Substitute Goods case in the economic literature. The model formulated in the paper is applied to the time-use decisions of individuals. Specifically, individual time-use in maintenance and leisure activities are modeled as a function of demographic variables, urban environment attributes, and day of week/season effects. The results from the model can be used to examine time-use choices across different segments of the population (for example, male vs. female, young vs. old, etc.), as well as to assess the potential impact of urban form policies on individual time-use decisions.
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joint model for perfect and imperfect Substitute Goods case application to activity time use decisions
Transportation Research Board 85th Annual MeetingTransportation Research Board, 2006Co-Authors: Chandra R Bhat, Sivaramakrishnan Srinivasan, Sudeshna SenAbstract:This paper formulates a model for the joint analysis of the imperfect and perfect Substitute Goods case. That is, it enables the modeling of choice situations where consumers choose multiple alternatives at the same time from a certain set of alternatives, but also choose only one alternative from among a subset of alternatives. For example, in the context of time-use in leisure activity, individuals may participate in combinations of social, out-of-home recreation, and out-of-home non-maintenance shopping pursuits. These three activity types are imperfect Substitutes in that they serve different functional needs of individuals and households. However, if an individual participates in out-of-home recreation, s/he may participate in only one of physically passive activities (for example, going to the movies), partially physically active activities (going to the beach or participating in spectator sports), or physically active activities (for example, working out at a gym) during a given time period (such as a weekday or a weekend day). To our knowledge, this paper is the first to consider a unified utility-maximizing framework for the analysis of such a joint imperfect-perfect Substitute Goods case in the economic literature. The model formulated in the paper is applied to the time-use decisions of individuals. Specifically, individual time-use in maintenance and leisure activities are modeled as a function of demographic variables, urban environment attributes, and day of week/season effects. The results from the model can be used to examine time use choices across different segments of the population (for example, male vs. female, young vs. old, etc.), as well as to assess the potential impact of urban form policies on individual time use decisions.
Filippo Balestrieri - One of the best experts on this subject based on the ideXlab platform.
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the market for surprises selling Substitute Goods through lotteries
Journal of the European Economic Association, 2021Co-Authors: Filippo Balestrieri, Sergei Izmalkov, Joao LeaoAbstract:The online travel market has recently been aected by the appearance of new …rms, such as hotwire.com and priceline.com, which sell hotel rooms, airplane tickets and car rentals through innovative lottery-like mechanisms. In this paper, we examine the use of lotteries over Substitute Goods under dierent market structures. We …rst show that a multiproduct monopolist uses lotteries over Substitute Goods to price discriminate among the consumers. We characterize the monopolist's optimal selling mechanism and we show how the probability distributions of the lotteries depend on the buyers'preferences. Then, we examine the case in which each Substitute good is produced by an independent …rm. Each …rm is oered the possibility of selling its good also through lotteries over dierent …rms'Goods. Lotteries are sold by third party intermediaries whenever more than one …rm participates. In a market with two …rms, lotteries are sold if and only if both …rms are made better o¤. With more than two …rms this is no longer true: there are equilibria in which …rms sell their Goods through lotteries even though they end up worse o¤. In this case, the sale of lotteries can shift surplus from …rms to consumers.
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the market for surprises selling Substitute Goods through lotteries
Social Science Research Network, 2015Co-Authors: Filippo Balestrieri, Sergei Izmalkov, Joao LeaoAbstract:In this paper we solve the revenue maximization problem of multi-product monopolist when the products are Substitutes. We consider a Hotelling model with two horizontally differentiated Goods located at the endpoints of the segment. Consumers are located uniformly on the segment, their valuations for each good are equal to base consumption value minus distance costs. We consider different specifications for the distance cost function: linear, concave, and convex. When base consumption value is high, the seller maximizes her expected profit by offering a menu of base and opaque Goods. A continuum of type-specific opaque Goods is optimal under convex costs, whereas a single half-half lottery over base Goods is optimal under concave and linear costs. When base consumption value is low, only base Goods are sold. Finally, when base-consumption value is intermediate, the optimal mechanism may entail the offering of lotteries with positive probability of no delivery. Our findings can explain the emergence of opaque Goods sales (e.g. hotel bookings without complete description of the hotel by hotwire.com or priceline.com) as the outcome of the industries search for the optimal selling scheme.
Sivaramakrishnan Srinivasan - One of the best experts on this subject based on the ideXlab platform.
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a joint model for the perfect and imperfect Substitute Goods case application to activity time use decisions
Transportation Research Part B-methodological, 2006Co-Authors: Chandra R Bhat, Sivaramakrishnan Srinivasan, Sudeshna SenAbstract:Abstract This paper formulates a model for the joint analysis of the imperfect and perfect Substitute Goods case. That is, it enables the modeling of choice situations where consumers choose multiple alternatives at the same time from a certain set of alternatives, but also choose only one alternative from among a subset of alternatives. For example, in the context of time-use in leisure activity, individuals may participate in combinations of social, out-of-home recreation, and out-of-home non-maintenance shopping pursuits. These three activity types are imperfect Substitutes in that they serve different functional needs of individuals and households. However, if an individual participates in out-of-home recreation, s/he may participate in only one of physically passive activities (for example, going to the movies), partially physically active activities (going to the beach or participating in spectator sports), or physically active activities (for example, working out at a gym) during a given time period (such as a weekday or a weekend day). To our knowledge, this paper is the first to consider a unified utility-maximizing framework for the analysis of such a joint imperfect–perfect Substitute Goods case in the economic literature. The model formulated in the paper is applied to the time-use decisions of individuals. Specifically, individual time-use in maintenance and leisure activities are modeled as a function of demographic variables, urban environment attributes, and day of week/season effects. The results from the model can be used to examine time-use choices across different segments of the population (for example, male vs. female, young vs. old, etc.), as well as to assess the potential impact of urban form policies on individual time-use decisions.
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joint model for perfect and imperfect Substitute Goods case application to activity time use decisions
Transportation Research Board 85th Annual MeetingTransportation Research Board, 2006Co-Authors: Chandra R Bhat, Sivaramakrishnan Srinivasan, Sudeshna SenAbstract:This paper formulates a model for the joint analysis of the imperfect and perfect Substitute Goods case. That is, it enables the modeling of choice situations where consumers choose multiple alternatives at the same time from a certain set of alternatives, but also choose only one alternative from among a subset of alternatives. For example, in the context of time-use in leisure activity, individuals may participate in combinations of social, out-of-home recreation, and out-of-home non-maintenance shopping pursuits. These three activity types are imperfect Substitutes in that they serve different functional needs of individuals and households. However, if an individual participates in out-of-home recreation, s/he may participate in only one of physically passive activities (for example, going to the movies), partially physically active activities (going to the beach or participating in spectator sports), or physically active activities (for example, working out at a gym) during a given time period (such as a weekday or a weekend day). To our knowledge, this paper is the first to consider a unified utility-maximizing framework for the analysis of such a joint imperfect-perfect Substitute Goods case in the economic literature. The model formulated in the paper is applied to the time-use decisions of individuals. Specifically, individual time-use in maintenance and leisure activities are modeled as a function of demographic variables, urban environment attributes, and day of week/season effects. The results from the model can be used to examine time use choices across different segments of the population (for example, male vs. female, young vs. old, etc.), as well as to assess the potential impact of urban form policies on individual time use decisions.
