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Journal FeverSeason #1
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1. A Reference Price Theory of the Endowment Effect
2. The Effects of Traditional and Social Earned Media on Sales: A Study of a Micro-lending
Marketplace
3. When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The Impact
of Comparative Evaluation
A Reference Price Theory of the Endowment Effect
Journal: JMR, Journal of Marketing ResearchTime: 2012 OctoberAuthor: Ray Weaver (Assistant Professor of Business Administration, Harvard
Business School, Harvard University) Shane Frederick (Professor of Marketing, Yale School of Management,
Yale University)
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A Reference Price Theory of the Endowment Effect
a. You have a nice watch, now you’re asked to sell the watch, how much you would like to sell?
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b. You need a nice watch, how much would you like to pay ?
GAP
Research Story & Background Theory :
Sell as high as possible
Buy as low as possible
A Reference Price Theory of the Endowment Effect
a. You have a nice watch, now you’re asked to sell the watch, how much you would like to sell?
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Research Story & Background Theory :
Sell as high as possible
1. Kahneman and Tversky(1979): loss aversion2. Thaler (1980) terms this disparity the "endowment effect"3. Horowitz and McConnell(2002) report that selling prices
are nearly three times higher than buying prices4. A lot of endowment effect and reference price researches
have been conducted.
A Reference Price Theory of the Endowment Effect
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What’s new in this paper?
consumers evaluate potential trades with respect to their current holdings, and selling prices exceed buying prices because owners of a good regard its potential loss as more significant than non-owners regard its potential acquisition.
Reference Price
Endowment Effect
we believe that this is the first study to test a referenceprice account against other prevailing theories.
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A Reference Price Theory of the
Endowment Effect
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Result:Manipulations that reduce the gap between valuations and reference prices tend to reduce or eliminate the endowment effect.
Method: 6 main experiments & 8 additional tests
Comment:All these examples reflect a reluctance to trade on terms that are unfavorable in comparison with a reference price as much as they reflect a reluctance to part with endowments.
Misson Clear
The Effects of Traditional and Social Earned Media on Sales: A Study of a Micro-lending
Marketplace
Journal: JMR, Journal of Marketing ResearchTime: 2012 OctoberAuthor: Andrew T. Stephen (Assistant Professor of Business administration and
Katz Fellow in Marketing, Joseph M. Katz Graduate School of Business, University of Pittsburgh)
Jeff Galak (Assistant Professor of Marketing, Tepper School of Business, Carnegie Mellon University)
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Marketing Theory
Research Story & Background Theory :
The Effects of Traditional and Social Earned Media on Sales: A Study of a Micro-lending
Marketplace
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Over the past decade, the media landscape has dramatically changed….
Social Media Outlet (SMO)
Traditional Media Outlet(TMO)
Paid Media
Owned Media
Earned Media?
Technology
Marketers have adopted a typology for offline and online media activity that falls into three categories: paid media, owned media, and earned media (Corcoran 2009; Goodall 2009)
Bemoff, Pfiaum, and Bowen (2008)
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The Effects of Traditional and Social Earned Media on Sales: A
Study of a Micro-lending Marketplace
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Result:In terms of long-term sales elasticity , SMOs have much more impact than TMOs, but TMOs have greater influence on sales in the short-term
Method: Zero-Inflated Multivariate Autoregressive Double Poisson Model
Comment:The smaller influence of TMOs on sales may be due to their low target ability of high-involvement people and their incompatibility with niche topics.
Misson Clear
When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The
Impact of Comparative Evaluation
Journal: JMR, Journal of Marketing ResearchTime: 2012 FebruaryAuthor: Femke van Horen (Postdoctoral researcher, Social Psychology
Department, University of Cologne) Rik Pieters (Professor of Marketing, Marketing Department, and Fellow at
the Tilburg Institute of Behavioral and Economics Research (TIBER), Tilburg University)
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When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The
Impact of Comparative Evaluation
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Research Story & Background Theory : CopycatsScott-Morton and Zettelmeyer (2004):…half the store brands imitated a leader brand package at least in color, size, and shape
When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The
Impact of Comparative Evaluation
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Research Story & Background Theory :
…too many stories about Leader Brand versus Copycats
…what about Copycats versus Copycats ?
Moderate-similarity Copycats
High-similarity Copycats
When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The
Impact of Comparative Evaluation
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Copycats Evaluation: Experiments
Social Cognition Theory: Accessible information can cause assimilative or contrastive effect on the evaluation of target (here, the copycat)
Moderate-similarity Copycats
High-similarity Copycats
Leading Brands
Shopping environment with Leading BrandsShopping environment without Leading Brands
When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The
Impact of Comparative Evaluation
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Define the degree of similarity: A Pretest
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Result: 1. In the leader brand absent condition, high-similarity brand
will be evaluated more positively than the low- and moderate-similarity brands.
2. In the leader brand present condition, moderate brand will be evaluated more positively.
3. When evaluation is comparative, high-similarity copycats are evaluated more negatively, rather than more positively.
Comment: This research provides evidence that subtler, moderate-similaritycopycats can be more threatening than blatant, high-similarity ones.
Misson Clear
When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The
Impact of Comparative Evaluation
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Thanks for attention!