Search results for "Reservation price"
showing 8 items of 8 documents
Impact of reducing fat, salt and sugar in commercial foods on consumer acceptability and willingness to pay in real tasting conditions: A home experi…
2017
International audience; Decreasing obesity or cardiovascular disease can be achieved by eating healthier foods with reduced contents of fat, salt and sugar. However, these ingredients have a significant impact on the sensory quality of the food products that contain these ingredients, especially cooked sausage, chorizo, dry sausage, cheese and muffins. In this study, consumer appreciation of these five commercialized products (non reformulated versions) and their respective reformulated versions with reduced contents of salt, fat and sugar was tested. An original home experiment was performed to assess consumer appreciation in natural consumption conditions. The experiment was divided into …
A Binary Particle Swarm Optimization Algorithm for a Double Auction Market
2007
In this paper, we shall show the design of a multi-unit double auction (MDA) market. It should be enough robust, flexible and sufficiently efficient in facilitating exchanges. In a MDA market, sellers and buyers submit respectively asks and bids. A trade is made if a buyers bid exceeds a sellers ask. A sellers ask may match several buyers bids and a buyers bid may satisfy several sellers asks. The trading rule of a market defines the organization, information exchange process, trading procedure and clearance rules of the market. The mechanism is announced before the opening of the market so that every agent knows how the market will operate in advance. These autonomous agents pursue their o…
On the Influence of the Evaluation Methods in Conjoint Design — Some Empirical Results
2000
It is the goal of conjoint analysis to explain and predict preferences of customers (Schweikl 1985). Variants of predefined manifestations of attributes of various product concepts (both real and hypothetical) are created, and these are presented to test persons for evaluation. The contributions (partial benefits) the various attributes make to overall preference (overall benefit) are estimated on the basis of overall preference judgments (Green and Srinivasan 1978).
Price Impact Function of a Single Transaction
2004
Although supply and demand are perhaps the most fundamental concepts in economics, finding any general form for their behavior has proved to be elusive. Here we discuss our recent findings [1] on the price impact function empirically detected in the New York Stock Exchange (NYSE). Our study builds on earlier studies of how trading affects prices [2, 3, 4, 5, 6, 7, 8, 9, 10, 11]. In particular, we look at the short term response to a single trade. This is done by using huge amounts of data and by measuring the market activity in units of transactions rather than seconds, so that we can more naturally aggregate data for many different stocks. This allows us to find regularities in the respons…
The Relevance of Bargaining for the Licensing of a Cost-reducing Innovation*
2001
In the context of a Cournot duopoly, this paper studies the licensing of a cost-reducing innovation by means of three possible allocation mechanisms: auction, fixed fee, and direct negotiation. Once the use of an arbitrary reserve price (which is not credible) has been excluded, it is no longer true that auction always yields higher profit to the patentee than a fixed fee. However, the authors propose a direct negotiation mechanism which restores the patentee’s profit to the level of an auction with an arbitrary reserve price (which is unimplementable). Direct negotiation is superior to both an auction with a nonarbitrary reserve price and a fixed fee. From the social point of view, however…
Secret versus public reserve price in an “outcry” English procurement auction: Experimental results
2015
Abstract In a set of human experiments, we analyze the impact of the buyer׳s reserve price policy in an online open outcry reverse auction. We measure the impact of revealing or not the reserve price on the buyer׳s expected cost when suppliers may be risk-averse. Results confirm that the optimal public reserve price policy dominates for the buyer when the lowest cost supplier is weakly risk-averse but in contrast with theory, the secret reserve price policy does not dominate when he becomes very risk-averse. Analysis of strategic suppliers׳ bidding behavior shows, in conformity with theory, that they react to the secret reserve price and are more aggressive when they are more risk-averse. T…
Introduction to Price Bundling
1999
Collecting goods or services in a package and selling them at a (discounted) package price has become a widespread sales practice in many production or service oriented industries. The methodology itself is called Price Bundling and can be classified as a price differentiation tool for the price management of multiproduct/service enterprises.
Assessing the effect of information on the reservation price for Champagne: what are consumers actually paying for?
2018
AbstractTwo series of Vickrey auctions have been performed to assess the effect of packaging information (bottle and label) on the reservation prices of ordinary consumers for five brut non-vintage Champagnes. As in other studies on wine tasting, packaging information is found to explain much more of the variation in willingness to pay than sensory information. Participants are unable, or unwilling, to put different values on the Champagnes after blind tasting, but significant differences in reservation prices appear when labels are disclosed. Detailed analysis of choices reveals a large heterogeneity in individual behaviors and valuations of the Champagnes included in this study. (JEL Clas…