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Technical Note—A Price Vector Model of Demand for Consumer Durables: Preliminary Developments

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  • Russell S. Winer

    (Vanderbilt University)

Abstract

Although considerable research has been conducted on optimal pricing policies for manufacturers, relatively little work has been done on how price enters the consumer choice process. In this paper, a model is developed for durables purchasing which integrates both economic and behavioral research by specifying a vector of five price concepts which affect purchasing behavior. Of particular interest are variables relating to future price expectations. Due to data limitations, a revised model is estimated and the results provide preliminary support for the general model.

Suggested Citation

  • Russell S. Winer, 1985. "Technical Note—A Price Vector Model of Demand for Consumer Durables: Preliminary Developments," Marketing Science, INFORMS, vol. 4(1), pages 74-90.
    • Handle: RePEc:inm:ormksc:v:4:y:1985:i:1:p:74-90
    DOI: 10.1287/mksc.4.1.74
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    1. repec:dau:papers:123456789/14326 is not listed on IDEAS
    2. Alfred Taudes & Christian Rudloff, 2012. "Integrating inventory control and a price change in the presence of reference price effects: a two-period model," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 75(1), pages 29-65, February.
    3. Shibashish Chakraborty & Kalyan Sengupta, 2008. "Study of Relationship of Demographic Factors with Brand Choice and Brand Switching of Customers of Mobile Phone Service Providers in Kolkata," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 33(1), pages 28-52, February.
    4. Lindsay Meredith & Dennis Maki, 2001. "Product cannibalization and the role of prices," Applied Economics, Taylor & Francis Journals, vol. 33(14), pages 1785-1793.
    5. Chandrasekaran, Deepa & Arts, Joep W.C. & Tellis, Gerard J. & Frambach, Ruud T., 2013. "Pricing in the international takeoff of new products," International Journal of Research in Marketing, Elsevier, vol. 30(3), pages 249-264.
    6. Jean-Pierre Dubé, 2004. "Multiple Discreteness and Product Differentiation: Demand for Carbonated Soft Drinks," Marketing Science, INFORMS, vol. 23(1), pages 66-81, September.
    7. Shirin Aslani & Soheil Sibdari & Mohammad Modarres, 2018. "Revenue Management with Customers’ Reference Price: Are the Existing Methods Effective?," Service Science, INFORMS, vol. 10(2), pages 195-214, June.
    8. Justin Jia & Jia Li & Weixin Liu, 2023. "Expectation-based consumer purchase decisions: behavioral modeling and observations," Marketing Letters, Springer, vol. 34(3), pages 397-413, September.
    9. Zhang, Jie & Chiang, Wei-yu Kevin, 2020. "Durable goods pricing with reference price effects," Omega, Elsevier, vol. 91(C).
    10. Kuester, Sabine & Feurer, Sven & Schuhmacher, Monika C. & Reinartz, Dominik, 2015. "Comparing the incomparable? How consumers judge the price fairness of new products," International Journal of Research in Marketing, Elsevier, vol. 32(3), pages 272-283.
    11. Yasemin Boztug & Lutz Hildebrandt, 2005. "An empirical test of theories of price valuation using a semiparametric approach, reference prices, and accounting for heterogeneity," SFB 649 Discussion Papers SFB649DP2005-057, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    12. Kalyanaram, Gurumurthy & Winer, Russell S., 2022. "Behavioral response to price: Data-based insights and future research for retailing," Journal of Retailing, Elsevier, vol. 98(1), pages 46-70.
    13. Béatrice Parguel & Thierry Delécolle & Pierre Valette-Florence, 2014. "Effect of price display on brand luxury perceptions," Post-Print hal-01644820, HAL.
    14. Parguel, Béatrice & Delécolle, Thierry & Valette-Florence, Pierre, 2016. "How price display influences consumer luxury perceptions," Journal of Business Research, Elsevier, vol. 69(1), pages 341-348.
    15. Drechsler, Wenzel & Natter, Martin, 2011. "Do Price Charts Provided by Online Shopbots Influence Price Expectations and Purchase Timing Decisions?," Journal of Interactive Marketing, Elsevier, vol. 25(2), pages 95-109.
    16. Kris Johnson Ferreira & Bin Hong Alex Lee & David Simchi-Levi, 2016. "Analytics for an Online Retailer: Demand Forecasting and Price Optimization," Manufacturing & Service Operations Management, INFORMS, vol. 18(1), pages 69-88, February.

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