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Pricing strategies in the German retailing sector
Dr. Anke Möser*
- Master Seminar „Food Marketing“ -
28.11.2008
* Center for International Development and Environmental Research, Justus-Liebig University, Gießen
2
Outline
1. Background information regarding the German food retailing sector
2. Price level in Germany 3. Pricing strategies
3.1 Price actions3.2 Price rigidity3.3 Psychological pricing
4. Private labels 5. Price-quality relationship6. Summary
3
Special characteristics of the German retailing sector
High concentration; Relative absence of foreign retailing companies; Low margins; Excess capacity; Discriminating consumers („Geiz ist geil“)
4
BackgroundTrends at industry level
52.0%
70.0%
81.0%
59.0%
79.0%
90.0%
61.4%
84.2%
94.3%
62.4%
85.2%
95.1%
1992 1995 2000 2004
Year
Top 20
Top 10
Top 5
Market share of leading companies
Source: LZ (various years).
5
Background Trends at industry level
Market share of leading companies
Source: LZ (various years).
1994 1997 2000 2004 Metro 18.6 19.3 16.2 14.9 Rewe 13.1 13.6 14.6 14.2 Edeka/AVA 11.6 12.7 12.6 13.4 Aldia) 9.4 9.9 10.0 10.1 Schwarza) 4.6 5.6 6.4 9.8 Tengelmann 7.5 7.6 7.1 6.0 Spar AGa) 4.3 5.6 4.0 4.0 Globus 1.2 1.7 1.7 1.6
Wal-Mart (Germany)a), b) - 0.7 1.5 1.3 Normaa) 1.0 1.1 1.1 1.2 Coop Schleswig-Holstein 0.6 0.6 0.7 0.6 Tegut 0.6 0.5 0.5 0.5
6
BackgroundStore-types
Structure and changesa)
Year Hypermarkets/
Consumer Markets Discounters Supermarkets Remaining food Stores
1980 1,314 - 5,190 69,763 1985 1,513 - 9,845 58,015 1990 1,656 - 7,817 50,888 1995 2,038 10,630 9,635 54,100 2000 2,363 12,770 9,230 45,900 2003 2,494 13,750 8,790 39,900 2004 2,558 14,214 8,620 37,350
a) Excludes online shops and non-organised food retailing. After 1991, stores in the former German Democratic Republic are included, and
discounters are shown separately. Remaining food stores contain discounters until 1990.Source: EHI (various years).
7
BackgroundStore-types
Market shares and total revenues
Source: EHI (various years).
0
20
40
60
80
100
120
Rea
l T
ota
l R
even
ue
(bil
l. E
uro
s)
1980 1985 1990 1995 2000 2003
Year
Remaining Food Stores
Supermarkets
Discounters
Hypermarkets/Consumer Markets
20.2% 23.4% 27.8%24.3% 25.7% 25.4%
34.5%37.6%
38.3%
28.9% 26.0%
24.4%
45.3%39.0%
33.9%
17.6%14.8%
11.8%
29.2% 33.5%38.4%
8
BackgroundForeign direct investments
Outflows and Inflows to the German retailing sector
Source: Deutsche Bundesbank (various years).
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004
Year
Re
al F
DI (
bill
. Eu
ros
)
Outflow
Inflow
9
Price level in GermanyHarmonised consumer price-index for food and non-alcoholic
beverages (1996 – 2005)
90
95
100
105
110
115
120
125
130
135
140
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Year
Har
mon
ized
con
sum
er p
rice
inde
x
European Union
Germany
Greece
Italy
Netherlands
Austria
Sweden
United Kingdom
Source: Own computations using EUROSTAT-Database (2006).
10
Pricing strategiesFirst impressions – The case of coffee
Source: Möser (2002).
5
6
7
8
9
10
11
12
30.0
9.1
996
30.1
0.1
996
30.1
1.1
996
30.1
2.1
996
30.0
1.1
997
28.0
2.1
997
30.0
3.1
997
30.0
4.1
997
30.0
5.1
997
30.0
6.1
997
30.0
7.1
997
30.0
8.1
997
30.0
9.1
997
30.1
0.1
997
30.1
1.1
997
30.1
2.1
997
30.0
1.1
998
28.0
2.1
998
30.0
3.1
998
30.0
4.1
998
30.0
5.1
998
30.0
6.1
998
30.0
7.1
998
30.0
8.1
998
30.0
9.1
998
30.1
0.1
998
30.1
1.1
998
30.1
2.1
998
30.0
1.1
999
28.0
2.1
999
30.0
3.1
999
30.0
4.1
999
30.0
5.1
999
Zeit
DM
/500g
Dallmayr Prodomo, 500g (Unternehmen C) Handelsmarke Unternehmen C Mild, 500g Jacobs Krönung, 500g (Unternehmen C)
Dallmayr Prodomo, 500g (Unternehmen D) Handelsmarke Unternehmen D mild, 500g Jacobs Krönung, 500g (Unternehmen D)
Sales
Psychological pricesPrice rigidity
Price difference
11
Data base
38 German food-retailing sector stores;
20 national brands: 85,297 prices;
breakfast products in the widest sense;
144 weeks, 40/1996 to 26/1999;
data on products, EAN code, prices, sold quantities, promotion activities, selling stores.
12
Data base
Brand Description Brand Name
1 170g-bottle of coffee cream with 12% fat Baerenmarke "Feine 12", 170g
2 170g-bottle of evaporated milk with 8% fat Baerenmarke Kaffeetraum 8%, 170g
3 Nine-piece-package of frozen rolls Coppenrath & Wiese "Unsere Goldstuecke", 9 Stueck
4 500g-package of ground coffee Dallmayr Prodomo, 500g
5 Package of four bottles at 100g of a probiotic drink Danone Actimel Drink Classic, 4x100g
6 500g-package of butter toast Golden Toast Butter Toast, 500g
7 Eight-piece-package of warm up rolls Golden Toast Sonntagsbroetchen, 8 Stueck
8 200g-tin of cappuccino with 10g milk chocolate Jacob's Café Zauber Cappuccino, 200g plus 10g Milchschokolade
9 375g-package of cornflakes Kellogg's Cornflakes, 375 g
10 250g-piece of Irish butter Kerrygold Original Irische Butter, 250g
11 1l-bottle of fresh milk with 3.8% fat Landliebe Landmilch 3.8%, 1l
12 500g-package of full corn bread Lieken Urkorn "Das Vollkorn-Saftige", 500g
13 500ml-beaker of chocolate drink Muellermilch Schoko, 500ml
14 375g-package of breakfast cereals Nestlé Cini Minis, 375g
15 375g-package of muesli-like breakfast cereals Nestlé Nesquik fuer ein Knusperfruehstueck, 375g
16 400g-glass of nut-and-chocolate cream Nutella, 400g
17 500g-beaker of margarine Rama, 500g
18 450g-glass of strawberry jam Schwartau Extra Erdbeerkonfituere Extra, 450g
19 Package of 25 tea bags Teekanne Teefix, 43.75g, 25 Teebeutel
20 150g-package of crispbread with chocolate Wasa Schoko Wikinger, 150g
13
Price level: Is the law of one price confirmed?
Products Grocery-Retailing Firms A B C D E F
Dallmayr Prodomo, 500g 9.99 9.09 9.31 9.54 9.82 9.55
Kellogg`s Cornflakes, 375g 3.41 3.60 3.29 3.39 3.39 3.34
Nutella, 400g 2.77 2.65 2.61 2.63 2.55 2.79
Rama, 500g 1.95 1.77 1.82 1.83 1.86 1.85
Unweighted mean of all distributed products 3.43 3.34 3.34 3.36 3.38 3.44
Law of one price is not confirmed!
14
Price actions
Prices which remain below the normal price, by at least five percent, for four weeks or less;
After more than four weeks, such low prices are counted as normal prices;
Frequent instrument (“Hi-Lo-Pricing”);
Characteristics of products:- Loss-leader products- durable/storable (not fresh).
15
Price actionsFood retailers/ store types
German Food Retailers Statistical Measure A B C D E F
Median
Median of Sales
1.7 8.9 9.6 2.6
1.3
5.1 3.9 a)
German Store Types
Statistical Measure Discounter
s Super-
markets
Small Consumer Markets
Large Consumer Markets
Median
Median of Sales 1.0 5.1 6.0 7.5 5.6a)
a) Median of the medians, computed across firms/ store types.
Source: Herrmann/Möser/Weber (2008)
16
Price actionsFood retailers/ store types
Source: Herrmann/Möser/Weber (2005)
Median of Price Actions per Store (MACTION) Store Type/ Grocery-Retailing Firm Point Estimate
Conficence Interval (95%)
Discounters 1.0 0.3 ≤ MACTIONS ≤ 1.2
Supermarkets 5.1 3.0 ≤ MACTIONS ≤ 6.3
Small consumer markets 6.0 3.8 ≤ MACTIONS ≤ 8.0
Large consumer markets 7.5 5.2 ≤ MACTIONS ≤ 9.8
Firm A 1.7 0.8 ≤ MACTIONS ≤ 3.5
Firm B 8.9 4.1 ≤ MACTIONS ≤ 11.4
Firm C 9.6 5.0 ≤ MACTIONS ≤ 11.4
Firm D 2.6 0.6 ≤ MACTIONS ≤ 5.4
Firm E 1.3 0.0 ≤ MACTIONS ≤ 3.3
Firm F 5.1 3.9 ≤ MACTIONS ≤ 7.3
17
Price actionsDetails at the firm level
a) Median of the medians, computed across the six firms. – b) Median of the medians, computed across 20 brands. .
Source: Herrmann/Möser (2006)
Price Actions per Store in Firm Brands
A B C D E F Median
Dallmayr Prodomo,
500g
6.8 31.3 16.2 7.8 5.8 13.9 10.9
Kellogg`s Cornflakes,
375g
5.3 5.7 4.6 5.5 3.5 11.0 5.4
Nutella, 400g
3.5 17.8 2.4 4.8 0.0 5.7 4.2
Rama, 500g 9.0 24.6 8.8 9.3 0.0 11.0 9.2
Median of all brands
1.7 8.9 9.6 2.6 1.3 5.1 3.9a)/4.2b)
18
Price elasticities
Product
Dallmayr Prodomo, 500g -4.2764***
Kellogg`s Cornflakes, 375g -0.6663***
Nutella, 400g -3.4569***
Rama, 500g -3.1516***
Source: Möser (2002, pg. 174 f.)
19
Price rigidityTheoretical considerations
Pro price changes
Supply changes- seasonable effects- seller’s competition- product innovations
Cost changes
Contra price changes
Theory of menu costs
20
Definition:
Mean duration of unchanged prices (Powers and Powers, 2001)
With w number of weeks with price observations
wPCH number of weeks with price changes.
Price rigidityMeasurement
PCHw/wPRIG
21
Price rigidity Food retailers/ store types
German Food Retailers Statistical Measure A B C D E F
Median
Median of Price
rigidity 35.8 8.8 7.3 26.3 44.3 11.9 19.1
a)
German Store Types
Statistical Measure Discounters Super-
markets
Small Consumer Markets
Large Consumer Markets
Median
Median of Price
rigidity 37.5 13.2 11.1 9.0 12.2
a)
a) Median of the medians, computed across firms/ store types. Source: Herrmann/Möser/Weber (2008)
22
Median Price Rigidity by Store Type (Point Estimates and Confidence Intervals)
Discounters
Supermarkets
Smallconsumermarkets
Largeconsumermarkets
Source: Own computations
67.0
37.520.1
15.8
10.7
8.9
13.2
11.1
15.0
7.8
9.0
12.2
weeks100 20 30 40 50 60 70
23
Price rigidity Food retailers/ store types
Median Price Rigidity (MPRIG) (in weeks) Store Type/ Grocery-Retailing Firm Point Estimate Confidence Interval (95%)
Discounters 37.5 15.8 ≤ MPRIG ≤ 67.0
Supermarkets 13.2 10.7 ≤ MPRIG ≤ 20.1
Small consumer markets 11.1 8.9 ≤ MPRIG ≤ 15.0
Large consumer markets 9.0 7.8 ≤ MPRIG ≤ 12.2
Firm A 35.8 17.9 ≤ MPRIG ≤ 42.6
Firm B 8.8 5.2 ≤ MPRIG ≤ 14.9
Firm C 7.3 6.9 ≤ MPRIG ≤ 10.2
Firm D 26.3 16.8 ≤ MPRIG ≤ 59.3
Firm E 44.3 18.0 ≤ MPRIG ≤ 69.6
Firm F 11.9 9.3 ≤ MPRIG ≤ 15.2
Source: Herrmann/Möser/Weber (2005)
24
Price rigidity Details at the firm level
Average Price Rigidity (PRIG) in Six Grocery-Retailing Firmsb) Products
A B C D E F Median
Dallmayr Prodomo, 500g
16.3 2.7 7.2 11.1 18.0 9.3 10.2
Kellogg`s Cornflakes, 375g
36.6 17.9 17.7 33.6 34.0 7.4 25.8
Nutella, 400g 17.9 3.9 19.5 16.3 69.6 13.6 17.1
Rama, 500g 10.2 3.3 7.4 10.9 39.8 7.2 8.8
Median of all brands
35.8 8.8 7.3 26.3 44.3 11.9 19.1a)/18.9b
)
Correlation coefficient between price rigidity and price actions: -0.459***
a) Median of the medians, computed across the six firms. – b) Median of the medians, computed across 20 brands. .
Source: Herrmann/Möser (2006)
25
Psychological pricingTheoretical considerations (I)
(i) (i) Economic literature:Economic literature:Nominal pricing points lead to Nominal pricing points lead to
kinks in the demand curve; nominal price rigidity.
(ii)(ii) Marketing/psychology literature:Marketing/psychology literature:Consumers tend toConsumers tend to
round down prices; do left-to-right comparison of prices (Schindler/Kirby).
26
(iii) Are psychological pricing points an (iii) Are psychological pricing points an important cause of price rigidity?important cause of price rigidity?
not so much (Blinder, not so much (Blinder, et al.,et al.,1998); other factors are 1998); other factors are more important, e.g.more important, e.g.
• co-ordination failure;• non-price competition;• implicit contracts.
But: food retailing is underemphasized in the study But: food retailing is underemphasized in the study by Blinder.by Blinder.
Could be one determinant among others!Could be one determinant among others!
Psychological pricingTheoretical considerations (II)
27
(iv)(iv) More potential determinants of price More potential determinants of price
rigidity in grocery retailing do exist:rigidity in grocery retailing do exist: the sale phenomenon (Hosken/Reiffen);the sale phenomenon (Hosken/Reiffen);
strategies of firms and store types: EDLP strategies of firms and store types: EDLP versus HiLo (Owen/Trzepacz 2002).versus HiLo (Owen/Trzepacz 2002).
(v)(v) The linkages could be complicated.The linkages could be complicated.
Psychological pricingTheoretical considerations (III)
28
Psychological pricingMeasurement
Overall importance of psychological prices (PSYCH): - percentage share of the important psychological prices in all observed prices.
Concentration ratio (CR2):- for the two most important psychological prices.
29
Psychological pricingFood retailer/ store types
German Food Retailers Statistical Measure A B C D E F
Median
Median of PSYCH 98.5 95.0 90.9 96.0 99.2 96.6 96.3 a)
Median of CR2 91.1 66.1 79.8 83.1 98.3 61.2 81.5 a)
German Store Types Statistical Measure Discounter
s Super-
markets
Small Consumer Markets
Large Consumer Markets
Median
Median of PSYCH 96.4 92.6 93.2 91.2 92.9 a)
Median of CR2 85.3 66.1 68.3 69.4 68.9 a)
a) Median of the medians, computed across firms/ store types. Source: Herrmann/Möser/Weber (2008)
30
Overall Importance of Psychological Prices by Store Type
(Medians and Confidence Intervals)
Discounters
weeks
Supermarkets
Smallconsumermarkets
Largeconsumermarkets
85
Source: Own computations
93.4
89.6
90 95 100
87.6
91.2
92.4
89.6
92.6
93.2
93.2
96.4
98.9
95.0
31
Psychological pricingFood retailer/ store types
a) Median of the medians, computed across firms/ store types. Source: Herrmann/Möser/Weber (2005)
Median of the Share of Important Psychological Prices in All Prices (MPSYCH) Store Type/
Grocery-Retailing Firm Point Estimate
Confidence Interval (95%)
Discounters 96.4 93.2 ≤ MPSYCH ≤ 98.9
Supermarkets 92.6 89.6 ≤ MPSYCH ≤ 93.4
Small consumer markets 93.2 89.6 ≤ MPSYCH ≤ 95.0
Large consumer markets 91.2 87.6 ≤ MPSYCH ≤ 92.4
Firm A 98.5 96.2 ≤ MPSYCH ≤ 98.8
Firm B 95.0 90.7 ≤ MPSYCH ≤ 96.6
Firm C 90.9 89.2 ≤ MPSYCH ≤ 92.9
Firm D 96.0 93.2 ≤ MPSYCH ≤ 98.6
Firm E 99.2 97.1 ≤ MPSYCH ≤ 100.0
Firm F 96.6 90.2 ≤ MPSYCH ≤ 97.5
32
Psychological pricingExample: Wasa Schoko Wikinger
Percentage Shares of Psychological Prices in Various Grocery-retailing Firms Most Important
Psychological Prices (DM) A
(n = 497) B
(n = 1141) C
(n = 598) D
(n = 586) E
(n = 455) F
(n = 664)
2.69 12.4 2.79 83.1 53.0 54.3 100 67.0 2.85 13.4 2.98 5.5 2.99 16.5 31.5 74.9 45.4 30.4
Sum of the Psychological
Prices (%) 99.6 96.9 93.8 99.7 100 97.4
Number of Different Prices
4 14 9 4 1 4
33
Psychological pricingExample: Dallmayr Prodomo
Percentage Shares of Psychological Prices in Various Grocery-retailing Firms Most Important
Psychological Prices (DM) A
(n = 525) B
(n = 1264) C
(n = 707) D
(n = 1115) E
(n = 561) F
(n = 974)
7.99 11.4 8.49 6.3 8.79 6.9 8.97 7.2 8.99 24.4 26.6 14.9 20.7 15.5 9.49 21.1 6.3 10.9 6.5 21.4 9.98 6.8 10.5 9.99 39.0 18.5 23.5 35.5 42.3
10.49 10.0 11.6 22.7 25.8 14.3 10.79 28.0 25.8 10.99 6.5
Sum of the Psychological
Prices (%) 94.6 77.4 83.1 86.5 93.7 85.6
Number of Different Prices
17 104 30 37 13 24
34
Private labels
Manufactured or provided by one company for offer under another company's brand;Positioned as lower cost alternatives to regional, national or international brands;Wide distribution in Europe (market share of 23% in 2004); Highest market shares in Switzerland (50%) and Germany (35%) (2007); Growth rates in Germany: Beer (+17.0%); convenience cheese (10.6%); Share of sales in German food retailers (2007):Aldi 94%Lidl 61%Tengelmann 35%Rewe 27%;New trend in German food retailing: private label brands positioned as "premium" brands to compete with existing "national name" brands.
35
Private labels – Imitations of national brands
36
Private labelsAre they always cheaper?
Methodology: price relations between national brands and private labels (Walosczyk, 2008); Shopping basket of 20 food products (e.g. ice cream, honey, chocolate, spaghetti, potato chips, rice, jam); Scanner data of the German retailing sector (2000-2001); Results:- private labels are on average nearly 50% cheaper than national brands;- highest price differences: ice cream, spinach, rice, potato chips; - large consumer markets offer the lowest prices.
37
Price-quality relationshipBackground
Classical price theory: Consumers have full information regarding quality of products; price is the monetary “sacrifice”;
Reality: Due to information asymmetry the consumers are not fully informed;
Price can be used as quality indicator;
Association: Higher prices = higher quality
38
Price-quality relationshipFormer results (consumer goods)
General result: Wide variation of measured correlation indices Research questions: a) Is the price a useful quality indicator?
- Low correlation coefficients:→ prices are bad indicators for quality; - More recent studies: Prices are only indicators for objective quality.
b) Are consumer markets efficient?- Low correlation coefficients as indicators for market failure;- More recent studies: low price-relationships can be induced through:
- low quality/high prices; or
- high quality/low prices.
39
Price-quality relationshipRecent results (fruit juices)
Data base: - “Stiftung Warentest“ test reports on fruit juices
» 1992 – 2007 » twelve tests with 242 products;
- quality judgment: like school grades (1= best quality and 5= worst quality).
40
Price-quality relationshipRecent results (fruit juices)
120,0 115,3
407,1388,2
347,4
64,1 52,4
136,3 132,7104,6 92,5
368,9
225,6239,5
40,671,8
40,640,60
50
100
150
200
250
300
350
400
450
1 2 3 4 5 6
Pre
isin
dex
v
Mittelwert
Maximum
Minimum
a) Bewertungsskala vor 1999, b) Bewertungsskala ab 1999.
sehr gut a) b) gut a) b) zufriedenstellend a)
befriedigend b)
mangelhaft a)
ausreichend b)
sehr mangelhaft a)
mangelhaft b)
schwankende Qualität a)
Source: Röben (2008)
41
Price-quality relationshipRecent results (fruit juices)
Correlation analysis: - Wide variation (correlation coefficients between +
0.703 and - 0.862)Average: - 0.049;
- Frequently: positive correlation coefficients.
if consumers wish higher product quality, the price is a bad indicator
Additional hedonic analysis: - Subjective quality indicators (e.g. pulp; fair trade)
influence price.
42
Summary
High price sensitiveness of German consumers lead to:Rising market share of discounters; Widespread use of different pricing instruments (price actions, psychological pricing), but also a substantial degree of price rigidity;Price elastic responses to name brands; Rising share of private labels (also as premium brands or ecologically produced brands).
43
References
Blinder, A. S., E. R. D. Canetti, D. E. Lebow and J. B. Rudd (1998), Asking About Prices. A New Approach to Understanding Price Stickiness. New York: Russell Sage Foundation.
Deutsche Bundesbank (ed.) (various years), Kapitalverflechtung mit dem Ausland. Statistische Sonderveröffentlichung 10. Frankfurt/Main.
EHI (EuroHandelsinstitut) (various years), Handel aktuell. Köln: Verlag EHI – Eurohandelsinstitut GmbH. EUROSTAT-Database (2006). http://epp.eurostat.ec.europa.eu/portal/page?_pageid=1090,1&_dad=portal&_schema=PORTAL.Herrmann, R., A. Möser and S.A. Weber (2008): Case Study „Germany“. In Stiegert K und D Kom (eds.): International Comparison of
Food Distribution Systems: The Role and Vertical Impact of Dominant Retailing Firms. (forthcoming)Herrmann, R. and A. Möser (2006): Do Psychological Prices Contribute to Price Rigidity? Evidence from German Scanner Data on
Food Brands. Agribusiness, Vol. 22 (1): 51–67.Herrmann, R., A. Möser and S.A. Weber (2005): Price Rigidity in the German Grocery-Retailing Sector: Scanner-Data Evidence on
Magnitude and Causes. Journal of Agricultural & Food Industrial Organization, Vol. 3 (1): Article 4. http://www.bepress.com/jafio/vol3/iss1/art4.
Herrmann, R. and A. Möser (2002): Variable oder starre Preise im Lebensmitteleinzelhandel? Theorie und Evidenz aus Scannerdaten. Konjunkturpolitik, Jg. 48 (2): 199–227.
Hosken, D. and D. Reiffen (2004), Patterns of Retails Price Variation. “Rand Journal of Economics”, Vol. 35, No. 1, pp. 128-146.Hosken, D. and D. Reiffen (2001), Multiproduct Retailers and the Sale Phenomenon. “Agribusiness – An International Journal”, Vo. 17,
No. 1, pp. 115-137.LZ (Lebensmittel Zeitung) (ed.) (various years), Die marktbedeutenden Handelsunternehmen. Frankfurt/Main: Deutscher Fachverlag.Möser, A. Intertemporale Preisbildung im Lebensmitteleinzelhandel – Theorie und empirische Tests. Giessener Schriften zur Agrar- und
Ernährungswirtschaft; H. 32. Frankfurt am Main: DLG-Verlag, 2002.Powers, E. T. and N. J. Powers (2001), The Size and Frequency of Price Changes: Evidence from Grocery Stores. “Review of
Industrial Organization”, Vol. 18, No. 4, pp. 397-416.Owen, A., and D. Trzepacz., “Menu Costs, Firm Strategy, and Price Rigidity.,” Economics Letters 76(2002):345-349.Röben, A. (2008): …. Master thesis. Institute of Agricultural Policy and Market Research. University of Giessen. Schindler, R. M. and P. N. Kirby (1997), Patterns of Rightmost Digits Used in Advertised Prices: Implications for Nine-Ending Effects.
“Journal of Consumer Research”, Vol. 24, No. 2, pp. 192-201.Statistisches Bundesamt (Hrsg.) (2006), Preise in Deutschland 2006. Wiesbaden.Waloszyk, S. (2008): Wie beeinflussen Handelsmarken das Preisniveau? Eine empirische Analyse auf der Grundlage von
Scannerdaten. Master thesis. Institute of Agricultural Policy and Market Research. University of Giessen.
44
Thank you
Anke Möser
Center for International Development and Environmental Research
Justus-Liebig University, Giessen
Anke.moeser@zeu.uni-giessen.de
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